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July/​August 2023

Vol. 45 No. 4

Dear Reader,

This is the second to last issue of Cato Policy Report. Since 1979, we have brought you this comprehensive look at Cato’s wide‐ ranging research, policy work, and events. As we sunset this publication, we are excited to announce that the Cato Institute will be launching a brand-new magazine that will bring our ideas to life, update you on the latest news from Cato, keep you informed on our results, and reach new and wider audiences. Thank you for being a reader of Cato Policy Report. Be on the lookout for more updates about this exciting new publication soon!

From the Cover
Features

Bankruptcy—Gradually, Then Suddenly?

Even if the current federal government spending trajectory was affordable in the sense that Congress would simply need to raise the taxes to pay for it, the fact that most of the growth in federal spending will go toward subsidizing consumption, rather than toward productive investments, is problematic.