As the festive season approaches, with its twinkling lights and merry carols, the item topping my Christmas wish list is fiscal responsibility from Congress and the administration. If this sounds like an economist conflating policy with goodwill, remember this: In a world where holiday wishes usually lean toward “stuff”gadgets, games, and glittering jewelsmy wish would bring long-term prosperity, stability, and cheer far beyond the fleeting joy of unwrapping presents.
Here are two small steps Congress could take to jumpstart the fiscal stability process that are uncontroversial and bipartisan (or at least they should be).
However, before I begin, I’ll remind you why we shouldn’t let Congress fool us into believing fiscal responsibility is impossible. In the last four years, public debt has increased by 53 percent thanks to the massive expansion during the COVID-19 emergency. Huge gains are possible simply by eliminating temporary programs that were created.
As much as people enjoy the illusion of free money handed out by Uncle Sam, it’s been unmasked by inflation. Would it be terrible to go back to where we were before the pandemic, when the economy and wages were growing, and most Americans liked that direction?
The first step involves curtailing emergency spending loopholes. Emergency spending is intended for unforeseen, urgent expenditures arising from natural disasters, economic crises, or other unexpected serious situations. It’s typically exempt from ordinary budgetary constraints and processes. The idea is for governments to respond quickly without the delay of standard budgetary procedures.
Unfortunately, the emergency spending label has long been abused. Regular, predictable expenditures are often labelled as “emergencies” to bypass normal budgetary controls and scrutiny. This ability to spend without much oversight is awfully convenient for politicians and, as a result, makes emergency spending a significant driver of government debt. In a new study of the issue, Romina Bocca and Dominik Lett of the Cato Institute write: “Congress has designated $12 trillion in inflation-adjusted emergency and related cap-exempt spending over the last three decades. That’s 43 percent of the current public debt without including interest costs.”
There’s no way this much spending is based on unforeseen emergencies. Congress can give our children, who (as always) will probably foot the bill, quite the gift by deciding now to finally take on emergency spending reform. That would involve more transparency, stricter criteria about what constitutes an emergency, and better integration of emergency spending into the overall fiscal framework to ensure that such funds are used effectively and responsibly.
The second step is to tackle the staggering issue of improper payments made by the federal government, which soared to $236 billion in 2023. A new paper by Matt Dickerson at the Economic Policy Innovation Center (EPIC) for America notes that this number represents a 5.42 percent improper rate. This adds up to more than the combined total funding of several major government departments, even surpassing the $185 billion provided for the U.S. Army in the same year.
Since 2015, improper payments have increased by $100 billion. Over the last 20 years, the federal government reported a total of at least $2.4 trillion in improper payments. Considering less than 5 percent of improper payments were underpayments, and that the federal government barely even tries to recover overpayments, stopping this trend would make a big difference in reducing budget deficits.
I think we can all agree that improper payments that grow year after year are symptomatic of the sloppiness with which the government manages taxpayers’ hard-earned money. Putting an end to this particularly unacceptable spending should be a no-brainer that transcends bipartisan politics.
Over at the Heritage Foundation, Rachel Greszler rightfully notes that legislators “must verify that government payments are valid, hold bad administrators accountable, and minimize Americans’ reliance on federal programs.” She is correct that reducing the reliance on programs that experience the largest amounts of improper payments, either as a share of the program (Earned Income Tax Credit) or in absolute dollars (Medicaid), is essential. But also, bureaucrats themselves should be held accountable for their mistakes.
These small changes won’t fix everything. Only a reform of entitlement programs would do that. And embracing fiscal responsibility might not bring the immediate thrill of unwrapping a new toy or gadgetespecially for our kids. However, its benefits would endure. Changes could signal a commitment to a more stable and prosperous future not just for ourselves, but for generations to come. This Christmas, let’s hang our stockings with a hope for fiscal sanity, a gift that truly would keep on giving.
BOSTON — The Little Ball of Hate still feels a lot of love for Boston.
Brad Marchand struggled to hold back tears on the ice when the TD Garden crowd gave him a standing ovation Tuesday night during his first game back as a Bruins opponent. The 37-year-old forward tapped his heart, wiped his face and waved to the crowd as both teams banged their sticks against the ice and even the referee and linesmen clapped.
“I knew it was going to hit me the way it did. It was extremely touching,” Marchand said after the game, a 4-3 Panthers victory in which he had two assists. “The Bruins will always hold a very, very dear place in my heart.”
The last remaining member of Boston’s 2011 Stanley Cup-winning team, Marchand was traded from the noncontending Bruins to the Panthers last season for another chance at a title. He helped Florida complete its pursuit of back-to-back championships, while Boston plummeted to the bottom of the Eastern Conference standings.
“I left and I turned the page and I found something truly special again that I’m very, very proud and blessed to be part of. And I chose to be part of again,” said Marchand, who re-signed with the Panthers in the offseason to a six-year deal worth about $32 million.
“I built something really special with every guy on this team last year, with winning. You build a bond that will last a lifetime. So I try not to show any disrespect in that way, as if I’m not grateful, because I am.
“But I’ve been here for several months. I’ve been in Boston for 15 years,” he said. “When you go from being a kid, with a dream, and then you grow up and you have a family, you become a man and you build an entire life in a city, it’s just different. Of course, it’ll always be in my heart and always be a special place.”
Marchand got his first taste of the welcome he would receive when the crowd cheered him off the ice after the pregame warmups, as the DJ played a mashup of John Denver’s “Take Me Home, Country Roads.” The former Bruins captain responded with a stick salute as he headed off via the visitors bench.
Fans wearing Marchand’s Boston and Florida No. 63 jerseys cheered again during introductions, then booed when he drew a tripping penalty just 33 seconds into the game. “I knew it wouldn’t take long,” he said with a chuckle.
There was a mixed reaction when the Panthers scored on the power play — a goal that first appeared to be Marchand’s but was credited to Mackie Samoskevich; Marchand picked up his first assist.
But things got really emotional during the first commercial break, midway through the first period, when the scoreboard showed a highlight reel from Marchand’s time in Boston — including shots of him being anointed with the captain’s “C” that he wore for a little more than one full season. It ended with a picture of him holding the Stanley Cup and the message, “Welcome back, Marchy.”
Marchand circled in front of the Panthers bench, waving to the fans and holding his heart. His face betrayed his emotions as he took his place on the bench, still on the verge of breaking down, and the crowd chanted his name.
“Those tears are real,” Florida coach Paul Maurice said during an in-game television interview. “He just wears his heart on his sleeve. He had so many great moments here, won a Stanley Cup here. He’ll always be a Bruin at heart.”
Marchand said he was able to mostly hold it together until his kids were shown on the scoreboard.
“It kind of hit like a ton of bricks,” he said. “The careers go by fast. It doesn’t matter how long you’re in, it goes by extremely fast. And to see a snapshot of that, it brings everything back. The amount of pride that I have that I played here and was part of this organization, I just couldn’t hold it in.”
The focus soon returned to hockey, with the Panthers taking a 2-0 lead in the second period. Marchand picked up a hooking penalty, drawing cheers from the crowd, and assisted on the goal that gave Florida a 3-2 lead with 1:31 left.
The Bruins tied it again before Carter Verhaeghe put the Panthers up for good with 27 seconds to play.
But the lasting memories will be of Marchand.
“He had so many good memories in this building, and he’s been a part of this franchise for so long. So it’s just good, kind of sit back and be a part of history a little bit,” Verhaeghe said. “He’s such a great guy and we’re so lucky to have him. I can only imagine what he meant to the city and to the fans.”
A four-time All-Star who had 422 goals and 554 assists in 16 seasons in Boston, Marchand remains in the Bruins’ top 10 for goals, assists, short-handed goals, overtime goals, playoff goals and points. His 1,090 games played is fourth in team history, one spot ahead of Don Sweeney, the general manager who dealt him to Florida at the trade deadline.
Marchand did play in the TD Garden as a visitor in February when he suited up for Canada in the 4 Nations Face-Off; although he was still a member of the Bruins, the Boston fans booed him during a time of heightened geopolitical animosity between the U.S. and Canada.
He was traded to Florida a few weeks later as Boston began a rebuild. But when the Panthers visited for the Bruins’ first home game after the trade deadline, Marchand was injured and skated on the Garden ice only during practice.
EAST MEADOW, N.Y. — The New York Islanders fired goaltending coach Piero Greco, making the change at an unorthodox time just six games into his seventh season with the team and after winning three in a row.
General manager Mathieu Darche announced the abrupt decision Wednesday to part ways with Greco and promote Sergei Naumovs from Bridgeport of the American Hockey League. Naumovs, who is Latvian, has been in Bridgeport since May 2024 but has an extensive history coaching franchise goalie Ilya Sorokin going back to their time together with CSKA Moscow in the KHL from 2018 to 2020.
Sorokin’s 3.90 goals-against average is second worst and his .873 save percentage ranks fourth worst in the NHL among netminders who have appeared in at least four games.
“Piero has done a great job for the organization for the last seven years,” Darche said. “We just felt at this time it was the right timing to have a reset with our goalies.”
Darche said he did not seek input from Sorokin, who is in the second year of a $66 million contract that runs through 2032.
“It’s my decision — it’s not on the player,” Darche said. “I know he’s had success with Sergei, and that’s where we went. It’s 100% my decision, and the goalie had nothing to do with it.”
In other Islanders news, injured forward Pierre Engvall had ankle surgery and is expected to miss the entire season, or roughly five to six months, according to Darche, who said goaltender Semyon Varlamov continues to progress toward a return from knee surgery.
With some other players banged up and salary cap space at a premium, the Islanders put forward Marc Gatcomb on waivers. The 26-year-old had dressed in only one game so far this season.
Signage outside Applied Materials headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.
David Paul Morris | Bloomberg | Getty Images
Chip equipment manufacturer Applied Materials is laying off 4% of its workforce.
The company on Thursday began notifying impacted employees around the world “across all levels and groups,” it said in a filing. Applied Materials provides equipment, services and software to industries, including the semiconductor industry.
Applied Materials had approximately 36,100 full-time employees, according to an August 2025 filing. A layoff of 4% would represent about 1,444 employees.
“Automation, digitalization and geographic shifts are redefining our workforce needs and skill requirements,” the company wrote in the filing. “With this in mind, we have been focused for some time on building high-velocity, high-productivity teams, adopting new technologies and simplifying organizational structures.”
The move comes at the end of the company’s fiscal year. Earlier this month, the Applied Materials forecasted a $600 million hit to fiscal 2026 revenue after the U.S. expanded its restricted export list. That resulted in company shares to dipping 3% in extended trading.
As a result of the workforce reduction, Applied Materials expects to incur charges of approximately $160 million to $180 million, consisting primarily of severance and other one-time employment termination benefits to be paid in cash, the filing states.
The company said the cuts are a way to position itself “as a more competitive and productive organization.”
