The Road Ahead
Weekly Lab Report – June 6, 2026
To celebrate the one-year anniversary of our charter on June 9, we spent the last two Weekly Lab Reports reviewing the progress we have made on the two parts of our mission—budgetary analysis and educating Capitol Hill on sound fiscal policy.
This week’s Lab Report focuses on the challenges that lay ahead and our strategy for achieving reform.
The Fiscal Lab’s one-year birthday fits nicely with the United States’ 250th birthday as our vision aligns strongly with the Founding Father’s. Bill Beach has regularly called attention to the “Hamiltonian norm,” the idea established by Alexander Hamilton that debt reasonably accrued during emergency periods should be paid down during normal times, so that the country’s debt convertibility or currency are not questioned. Unfortunately, in recent decades, the federal government has moved away from the Hamiltonian norm to its and the country’s peril as it accumulates alarmingly high levels of debt.
The departure from the Hamiltonian norm also goes hand in hand with Congress failing to act prudently and repeatedly ceding more authority to the executive branch and administrative agencies. Returning to this norm requires empowering both Houses of Congress with the tools they need to address our fiscal crisis. Writing as Publius in Federalist No. 51, James Madison argued, “In republican government, the legislative authority necessarily predominates.” “By getting its fiscal house in order, Congress can better reassert its Article I powers and preserve the nation’s capacity to provide for the common defense, respond to emergencies, protect vulnerable populations, and address other urgent national priorities. The Fiscal Lab’s vision is as much Madisonian as it is Hamiltonian.
The challenges before us are vast. The United States’ fiscal outlook continues to deteriorate as publicly held debt as a fraction of GDP is already above 100 percent and will worsen unless the federal government changes path (Figure 1).
Figure 1. Debt held by the public, 1906–2056
Despite these challenges, we are not deterred. The Fiscal Lab has assembled an outstanding team. We have scored over a hundred bills on issues including taxation, healthcare, trade, energy, and means-tested programs. We have conducted dozens of private meetings with staffers, as well as educational presentations for larger groups.
While we will continue this work, we will also innovate to reach new audiences. We have launched Fiscal Lab Updates, a video and podcast series on timely budgetary matters, and plan to publish educational online course content in the coming months. The Fiscal Lab will also soon launch a new endeavor, the Center for Strategic Fiscal Reform (CSFR). The CSFR will host regular meetings to discuss pressing fiscal matters and related research findings. It will be a successor to the Center for Strategic Tax Reform, expertly led by the late Ernie Christian, a brilliant tax reform advocate. We are excited for the CSFR to showcase important work and produce the kind of vibrant debate that ultimately leads to policy change.
The Fiscal Lab’s inaugural year was as challenging as it was rewarding. We look ahead to year two with confidence—and a great deal more work to do!