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January 14, 2026
Welcome to The Lighthouse, the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.
Dear Readers,
This week, Ivan Eland argues that, although President Trump frequently compares himself to Andrew Jackson, his presidency more closely resembles that of William McKinley. Trump has exercised inflated powers associated with an imperial presidency, made similar mistakes, and operated with a comparable sense of hubris to McKinley.
Kristian Fors and Scott Beyer each pen separate pieces on what has been learned a year out since the massively destructive LA wildfires.
Raymond March questions if Trump’s executive order really is a “historic policy shift” … or just more of the same.
Allen Gindler challenges the effectiveness of the minimum wage.
Christopher J. Calton highlights how, contra Zohran Mamdani’s “affordability crisis” narrative, Austin is a major city that has successfully lowered rents using market incentives, not mandates—and is a great case study for other cities facing affordability issues.
And finally, Scott A. Burns and Caleb S. Fuller use a Stranger Things analogy to describe the potential for a volatile and "upside-down" economic future.
Happy reading!
Jonathan Hofer
Managing Editor
Top picks this week
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** McKinley’s Ghost ([link removed])
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** Trump loves to compare himself to Andrew Jackson, but his second term already resembles that of William McKinley ([link removed])
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** by Ivan Eland
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Trump is bringing back dark memories of McKinley’s hubris and policy failure at the beginning of the last century.
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** One Year Later: Top 10 Lessons from the 2025 LA Wildfires ([link removed])
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** by Kristian Fors
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The policy and institutional failures that contributed to the wildfire crisis persist, and unless there are serious reforms, California will remain vulnerable to future catastrophes.
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** One Year After The Fires, Los Angeles Hasn’t Rebuilt ([link removed])
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** A sluggish permitting process keeps people from rebuilding even the homes that had been there before. ([link removed])
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** by Scott Beyer
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A year later, LA’s anti-density policies are stalling the city’s recovery.
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** What Exactly Does Trump’s Executive Order Do for Marijuana Reclassification? ([link removed])
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** Trump’s order sounds sweeping, but it merely restarts a slow, uncertain rescheduling process. ([link removed])
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** by Raymond J. March
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President Trump’s recent executive order could be a sign that a long-overdue reevaluation of marijuana policy is on the horizon—but it is nowhere near sufficient itself.
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** The Minimum Wage Fallacy ([link removed])
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** How Entry-Level Freedom Beats Politically Mandated “Compassion” ([link removed])
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** by Allen Gindler
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The minimum wage is an outdated relic of Marxist wish-thinking. It has never delivered what it promised.
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** Austin Proves Market-Rate Housing Can Be Affordable ([link removed])
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** by Christopher J. Calton
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Population growth has since stabilized in Austin, but rents have not. They have, in fact, fallen by nearly 20 percent since their 2022 peak.
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** Trump’s “Upside Down” Economy ([link removed])
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** Stranger Things might be over. But Trump’s interventions are threatening to open a portal to an upside-down economy with lower growth and a higher cost of living. ([link removed])
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** by Scott A. Burns & Caleb S. Fuller
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Netflix’s hit series Stranger Things concluded last week. As one portal closed in Hawkins, President Trump threatens to open another in our world—not to an alternate dimension, but to an “upside-down” economy that contrasts sharply with the prosperous era the show nostalgically represents.
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** FEATURED BOOK — AVAILABLE SOON!
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** The Independent Guide to the Constitution ([link removed][…]ium=email&utm_campaign=constitutionbook&utm_content=ibd2545)
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** Original Intentions, Modern Inventions ([link removed][…]ium=email&utm_campaign=constitutionbook&utm_content=ibd2545)
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** by William J. Watkins, Jr.
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Drawing on a lifetime of experience in the law—as prosecutor, defense attorney, and constitutional scholar—William J. Watkins, Jr., offers a bold, independent examination of the most important legal document in modern history.
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