The Abstract

> Edited by Torie Ludwin, Arnold Ventures (AV)

This week, a debate has erupted over the extent to which the One Big Beautiful Bill (OBBB), originally envisioned to achieve the laudable dual goals of making permanent pro-growth tax policy and starting us on a road to fiscal responsibility, has been loaded up with deficit-increasing pork, handouts, and special-interest giveaways. The answer is clear: There is a whole lot of pork embedded in this package.

While many provisions aim to extend key elements of the 2017 tax law, they are overshadowed by costly, special-interest giveaways that do nothing to grow our economy and even less to simplify tax filing for taxpayers. We need stronger economic growth to generate the tax revenues necessary to get our fiscal house in order, but the bill neuters the most pro-growth tax cuts — incentives for capital investment, R&D, and business financing — and redirects the money to politicians’ pet causes.

Read our analysis>

Congressional Leaders Can Cut up to $1T in Waste, Fraud, and Abuse by Addressing Overpayments to Medicare Advantage Plans and Enacting Site-Neutral Payments

Mark E. Miller, executive vice president of health care at Arnold Ventures, issued a statement on recent comments from Senate leadership.

“Today Senate leaders and the administration expressed openness to ​‘rooting’ out waste, fraud, and abuse in any government program. This sentiment comes as welcome news, as there is more than enough unnecessary and fraudulent spending across our health care system for Congress to meaningfully reduce spending without jeopardizing coverage or access to high-quality care.

“At Arnold Ventures, we have identified two areas where Congress can make targeted reforms to lower Medicare spending and rein in the abusive practices that special interests use to enrich their profits at the expense of seniors and people with disabilities: [addressing overpayments to Medicare Advantage plans and enacting site-neutral payments.]”

Read his full statement>

John Arnold on the Podcast Conversations with Tyler

How did one of the world’s most successful traders get drawn into evidence-based policy? How do Founders and Co-Chairs Laura and John Arnold complement each other in their work at Arnold Ventures? Why is it so hard to find social interventions that pass the cost-benefit test over the long term? 

John Arnold tackled these questions and more in a sprawling, multifaceted conversation with the Mercatus Center’s Tyler Cowen on the Conversations with Tyler podcast. 

This week, Cowen, who holds the Holbert L. Harris Chair in Economics at George Mason University, sat down with Arnold to discuss his background in investing, his thoughts on energy markets, and how he became involved in philanthropy. 

“When we first decided to start giving away very significant sums, we had no vision that it would turn into what it is today,” Arnold said. 

Listen to the podcast>

The Evidence and Evaluation team has launched a second round of requests for proposals (RFPs) following a set of successful responses from earlier this year. Watch our webinars for advice on applying. Letters of interest are due Friday, June 13, 2025.

What We’re Reading

Public Finance

• The Washington Post reports that Wall Street is sending warning signs that President Trump's proposed tax bill could destabilize bond markets and elevate borrowing costs. (free link)

  
  

• The Bipartisan Policy Center reports that foreign investors hold a declining share of U.S. Treasury debt, reflecting growing concerns over America's fiscal trajectory.
  

• The Committee for a Responsible Federal Budget highlights the White House's proposed $9.4 billion rescissions package as a small step toward deficit reduction.

Higher Education

• Inside Higher Education dives into the Department of Education’s FY 2026 budget, which proposes $949.7 million in discretionary funding for higher education programs, $119 billion in new federal student aid, and a reduction in the maximum Pell award.
  

• American Enterprise Institute’s Beth Akers makes the case for why accountability policy in higher education needs reform. Akers recommends increased transparency through improved data collection and reporting, enabling students to make informed decisions and federal policymakers to enforce accountability effectively.

  
  

Criminal Justice

• The Southwest Ledger reports on new efforts to reform the criminal justice system in Oklahoma, including passage of HB 1460, which reduces fees associated with a person’s interaction with the criminal justice system.

  
  

• Recently, a jail break in New Orleans captured national attention due to its brazenness. The escape was aided by severe understaffing and crumbling infrastructure at the Orleans Parish Jail, according to CNN. These conditions are not unique to Louisiana and are common in jails and prisons across the country.

What We’re Listening To

In a new episode of the Tradeoffs podcast, AV’s Executive Vice President of Criminal Justice Jennifer Doleac participates in a discussion about cognitive behavioral therapy for at-risk youth – and specifically a new study of the Choose to Change program in Chicago that shows promising crime and violence reduction effects.

Listen to the episode>

Read more about Choose to Change>

Save the Date

• On Monday, June 9, 2025, at 5 p.m. ET in Washington, D.C., join the Niskanen Center, Arnold Ventures, and the University of Chicago Crime Lab for a timely and important conversation on gun violence in America, entitled “Unforgiving Places: The Unexpected Origins of American Gun Violence.” Register here.

  
  

• After more than 50 years of dormancy, the subject of impoundments has moved into the spotlight, particularly with the administration’s ongoing efforts to find efficiencies and cut spending. As Congress begins to consider the president’s budget proposal and FY26 funding bills, join AV and Reform for Results on Tuesday, June 10, 2025, for a webinar to examine how the use of impoundments will affect appropriations in the near- and long-term and the options for reform. Click here to register.

Some Final Inspiration

Plumes, the acoustic guitarist who sings covers to animals (and people too) has dropped a few new videos, performing for llamas, donkeys, sheep, and even parrots, and capturing their interactions.

We’re Seeking Proposals

• The Evidence and Evaluation team has launched a second round of requests for proposals (RFPs) following a set of successful responses from earlier this year. Watch our webinars for advice on applying. Letters of interest are due Friday, June 13, 2025.

  
  

• The Criminal Justice team has released an RFP titled “Causal Research on Community Safety and the Criminal Justice System.” The RFP seeks research proposals across all issues related to the criminal justice system and will remain open.

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