Economy
A CNN report that hasn’t been published yet. Interview with Alex Epstein of Energy Talking Points
A CNN reporter interviews me about my political work
A behind-the-scenes look at my work with candidates and elected officials
In mid-February, a CNN reporter who had been following Ron DeSantis’s primary campaign, and had heard the campaign refer positively to my work, reached out to me to learn more about the behind-the-scenes work I do with candidates and elected officials.
I thought readers of this newsletter would enjoy learning more about this work—which, as you will see, is non-partisan, non-exclusive, and principled: my team and I will advise any major politician or candidate who asks, and will only deliver messaging and policy ideas we believe are pro-freedom and pro-human.
(I am keeping the identity of the reporter anonymous, and I am further protecting the person by paraphrasing their questions in my own words so that no specific phrases are attributable to them. Note also that CNN has not yet published my comments.)
CNN Reporter
What kinds of opportunities do you think exist for a Republican president in terms of energy and environmental policy?
Alex Epstein
I do a lot of advising of people in politics, and it actually has no partisan affiliation. So I’ll advise anyone from any party and I never support any candidate. I’ve advised multiple of the presidential candidates and I would advise Biden if he asked me (he hasn’t asked me for any advice yet).
My interest is in pushing what I call energy freedom policies—which we could get into the details of—which I think would be very good for the country.
CNN Reporter
What are energy freedom policies, and how do you go about advising policymakers to put them into practice?
Alex Epstein
The basic idea of energy freedom is that the key to both energy abundance and everything that comes with it, including prosperity here and around the world—but also coming up with long term alternatives to fossil fuels—is ultimately to be free to produce and use every form of energy.
I believe there’s a near term imperative to have as much energy as possible. I don’t think we should be restricting fossil fuel use. But I also think there’s a lot of things we can do to get out of the way of alternative forms of energy. So I’m personally agnostic in terms of what form of energy wins; I just want the most cost-effective thing to win.
For example, in the realm of alternatives, what we really need are alternatives that can be globally cost-competitive, such that China, India, etc., will voluntarily adopt them, versus the current state of affairs where China has 300-plus new coal plants in the pipeline designed to last 40-plus years because that’s the cheapest thing.
So that’s the broad idea. I can send you some links on this, but I’ve broken it down into five key policy areas. And then there are a lot of detailed policies within that. But the broad frame—and again, I can send you documents—but “Liberate responsible domestic development” is one of them. And so, that basically means: allow America to build things quickly. Right now, China can build a subway station in nine hours. We can’t build a yoga studio in nine months. So basically, getting all of the anti-development stuff out of the way. And again, this is energy agnostic. It’s not just for fossil fuels, but a lot of the changes apply to fossil fuels.
Number two is: “End preferences for unreliable electricity.” I think there are a lot of bad policies that favor unreliable electricity, so solar and wind without really accompanying battery storage or other backup. And so I advocate a suite of policies that I think would allow all forms of energy to compete to provide reliable electricity.
The third one is: “Reforming environmental quality standards to incorporate cost-benefit analysis.” Most people don’t know this, but right now, EPA is literally not allowed to consider the cost of its policies. And I think that just violates basic rules, and it guarantees that we do things that are bad for our economy and for health, because wealth is health. And if you can’t consider the cost of your policies, and you can only consider the benefits, then you’re always going to tend toward more anti-industry stuff. So there’s a suite of reforms there.
Number four is: “Address CO2 emissions long term by liberating innovation not punishing America.” So I sort of indicated this before, but I don’t believe in short term restrictions on fossil fuels. I think basically anything we do to restrict ourselves just harms America, and doesn’t do anything to make low carbon alternatives cost-competitive. So I think all the action should be in things like liberating nuclear, liberating deep geothermal, and a lot of this is in the “Liberating responsible domestic development.” If you make that a lot easier, you make it easier to do these other things, these alternatives.
And then the fifth one is kind of a specification on the fourth, but it’s “Decriminalize nuclear,” because I think nuclear energy is the most persecuted form of energy. It has a really tragic history where it used to be cost-effective and now it’s not, because of irrational regulations that have made it 10 times more expensive and yet have added zero safety benefit. They’ve in fact harmed our safety in many ways by depriving us of clean, safe nuclear energy. And so I think there’s a whole suite of reforms necessary for that.
So those are the broad areas and then in each area, you know, my team and I are hard at work detailing, “Hey, what are the key reforms?” And one thing just to note is that I don’t hold any political office, I never will, I don’t lobby for anyone, I don’t endorse anyone, I set up everything so I’m quite independent.
So what I try to do is just say what I think is right, and then persuade people as much as possible. And fortunately a lot of people listen to me, but I have no power over anything officially—but that also allows me to just say what I think is right. So, I’m not under the illusion that everyone is going to do exactly what I think, but they do listen.
And then to your question about what’s happened: I’ve only been working with politicians since really 2020, and we’ve done it through a vehicle called Energy Talking Points—which, everyone can see the messaging at EnergyTalkingPoints.com—and we have only recently in the last 6 to 12 months started getting into policy advice.
We have some policy stuff in the works with a few different offices, and certainly we’ve advised multiple Presidential candidates on policy ideas, but I don’t think we’ve yet seen these energy freedom policies pursued, really put forward, to the extent we’ll see it in the next year or two. Whereas we have seen, I think, quite a bit of my messaging being used.
CNN Reporter
Why has the nuclear energy space become so toxic in recent years?
Alex Epstein
If you look at where nuclear was at its peak, it’s arguably in the late 60’s when you’re really getting cost-competitive with coal. But, you know, safer and cleaner than coal—and I’m a big advocate of coal. I mean, I’m a big advocate of anything that can produce additional cost-effective energy. But I think nuclear was in the realm of out-competing coal back then.
And it has a lot of inherent advantages. It’s very dense. The fuel supply is abundant, the fuel is cheap, safer to mine obviously, doesn’t emit anything harmful in the air. But it was demonized as a unique safety threat, whereas I think in reality—and I talked about this in my book Fossil Future and on EnergyTalkingPoints.com—I think it’s actually uniquely safe.
And we’re doing a lot of work on this in terms of our nuclear policies that we’re working on. But I think the green movement, which is very tied to the anti-fossil-fuel movement, really demonized it to the point where people equated nuclear power with nuclear bombs, thought of it as uniquely dangerous and then set up a whole regulatory infrastructure including the Nuclear Regulatory Commission, where the whole focus was on making nuclear infinitely safe beyond any fearmonger’s imagination, versus making it available.
And so they thought, in practice, the best way to make it safe was to make it non-existent. And that’s why since the NRC came into existence in 1975, we didn’t have one new nuclear plant go from conception to completion until last year. And those plants were many times over budget in Georgia.
So I think it’s a 50 year plus problem and when I talk to any politician, what I just tell them is, “You have to be willing to consider fundamental reforms of the NRC and perhaps replacing it with something else, because the status quo is so bad.” Often politicians just like saying that they like things, or kind of tinkering at the margins, saying, “Hey, we’ll give it some funding,” or you know, “We’ll invest in this research,” and I think you have to fundamentally stop treating nuclear as a uniquely dangerous form of energy.
There’s a whole bunch of things that need to be done, but I’m glad people are talking about it more positively. But the policy, we’re in a policy catastrophe with it. I don’t believe any significant progress will be made until we radically change the policy.
CNN Reporter
Have you spoken to DeSantis personally?
Alex Epstein
So, without going into much detail, since most of this stuff is confidential, I have spoken to him before, and I’ve spoken to his team before. And I would say that what you see publicly is reflected privately in the sense of: he and they are very detail-oriented, particularly in terms of implementation.
They’re very interested in: How do you actually get these things to work? And I think that’s something that is very good and it’s something that I try to become better at myself. I mean, there are plenty of things that I disagree with Ron DeSantis about, but I respect that detail-orientation, and I think it explains the ability to get things done in practice.
CNN Reporter
What candidates did you advise this cycle?
Alex Epstein
I won’t say specifically, but a lot of them I either talk to—I always tried to talk to the individual or the team, and that happened in many of the cases. I mean in general we, this project I call Energy Talking Points, we advise something like at this point over 200 major offices. Last year I probably advised 75-plus major politicians. So, I talk to a lot of people to various degrees, and again, I don’t do anything for them except offer them messaging and policy—but I think we do quite a good job with that and I think that’s why they listen. Or, sometimes they listen; definitely not always.
CNN Reporter
What have you learned since you’ve entered the space of politicians who shape policy?
Alex Epstein
From my perspective, as somebody who considers himself more pro-freedom than both major political parties, I’ve been surprised at how open people are to more radical ideas if those ideas are explained in detail and have accompanying persuasive arguments.
One thing I try to do when I advise people is give them solutions, not just vague advice. So if I’m giving policy, give very specific guidance, give guidance on how to talk about it. And this is also true about messaging.
For example, one thing you saw—this is not me revealing anything because it was public—both Ron DeSantis and Vivek Ramaswamy, I can send you an article I wrote about this, but they talked about, you know, the 98% decline in climate-related disaster deaths. So this was at least mentioned by DeSantis in his energy speech in Midland, and Vivek mentioned it many, many times, sometimes mentioning my name and my book, Fossil Future.
And I think this is a really important point for people to understand: that empirically, we’re safer than ever from climate disasters. And I think people should think about why that is and what the implications are for the future.
I was impressed that leading politicians are willing to talk about that. And my experience with people like that is they’ll ask for references. At least some of them. And I was happy to see that the media felt the need to respond.
So we saw—I’ll send you this article—but we saw Reuters responded to it, the New York Times responded to it, PolitiFact responded to it. And none of them could answer the basic fact—they tried to sort of explain their way around it—but none of them refuted the basic fact. And I just thought, okay, I like that people are willing to say and do more pro-freedom and more principled things if somebody really helps them with the details. That was my hope when I started getting into politics and I am seeing that bear out to a significant extent.
CNN Reporter
Have you changed your approach over the years as you’ve watched the public react to your talking points?
Alex Epstein
I’ve been working on these issues for 17 years, so a lot of this stuff, I test it out in different kinds of ways—which is not the same, I mean, I’m not running millions of dollars worth of polls and stuff. But I test it out in front of different audiences. I see how people respond on social media.
I think people are open to a lot, so my own interest is what’s right and do the best job you can of persuading people of it. And there’ll be plenty of people who try to compromise that and dampen it. I don’t need to be the one to do it. I just try to make sure for everything I say, I can make, I think, a case that would persuade a reasonable person who was inclined to disagree with me but wasn’t dead-set on disagreeing with me.
If I have trouble doing that and I think the thing is right, then I try to get better at arguing for it. I don’t just give up. And just as a personal policy, I don’t ever advocate anything I don’t agree with, and I will never help a politician with something I don’t agree with. So for example, as I said, I’m not partisan, but if Republicans want to pass an import carbon tax, I will definitely not help them with that and I’ll publicly argue against them.
CNN Reporter
I noticed Elon Musk receiving some pushback from surprised conservatives, when he posted that the best way to address climate change is with a carbon tax.
Alex Epstein
Well, that’s been his position for a long time. I don’t think it really makes any sense. But what’s interesting I think about him—and I don’t actually attribute this to him taking over Twitter—he has dramatically moderated his hostility toward fossil fuels and his belief in climate catastrophe.
So he has some hostility now, and to some extent, his very rosy claims about solar and batteries, although those have been moderated the least; maybe there are commercial reasons for that. But he’s kind of, you know, if you look at when the Powerwall came out, he’s just like—and this is almost a direct quote—“burning fossil fuels and putting stuff into the atmosphere is the worst idea ever” and “the planet is on fire.” That’s what it looks like.
And it’s just kind of—and then we have this Powerwall and a million things he said about the Powerwall that didn’t come remotely true and would obviously not come remotely true if one knew anything at the time. But now his position [on climate] is sort of, “Yeah, you know, it’s not going to be a problem for a while, but it may be a problem eventually.” And he loves to say, “If I could push a button and get rid of oil and gas, I wouldn’t push the button, and in fact, we need more oil and gas in the US, short-term.”
So he’s become more moderated.
But yeah, carbon tax, that’s a standard thing that a lot of people believe in, so anyone who’s surprised with that just hasn’t followed him at all. And he’s not actually—whatever one thinks of the change in his views—he’s not like a standard conservative. He never was a standard liberal or a standard conservative, I don’t think.
CNN Reporter
Thank you for your time.
Business
Canada Hits the Brakes on Population
The population drops for the first time in years, exposing an economy built on temporary residents, tuition cash, and government debt rather than real productivity
Canadians have been told for years that population decline was unthinkable, that it was an economic death spiral, that only mass immigration could save us. That was the line. Now the numbers are in, and suddenly the people who said that are very quiet.
Statistics Canada reports that between July 1 and October 1, 2025, Canada’s population fell by 76,068 people, a decline of 0.2 percent, bringing the total population to 41,575,585. This is not a rounding error. It is not a model projection. It is an official quarterly population loss, outside the COVID period, confirmed by the federal government’s own data
The reason matters. This did not happen because Canadians suddenly stopped having children or because of a natural disaster. It happened because the number of non‑permanent residents dropped by 176,479 people in a single quarter, the largest quarterly decline since comparable records began in 1971. Permit expirations outpaced new permits by more than two to one. Outflows totaled 339,505, while inflows were just 163,026
That is the so‑called growth engine shutting down.
Permanent immigration continued at roughly the same pace as before. Canada admitted 102,867 permanent immigrants in the quarter, consistent with recent levels. Births minus deaths added another 17,600 people. None of that was enough to offset the collapse in temporary residency. Net international migration overall was negative, at minus 93,668
And here’s the part you’re not supposed to say out loud. For the Liberal‑NDP government, this is bad news. Their entire economic story has rested on population‑driven GDP growth, not productivity. Add more people, claim the economy is growing, borrow more money, and run the national credit card a little harder. When population growth reverses, that illusion collapses. GDP per capita does not magically improve. Housing shortages do not disappear. The math just stops working.
The regional numbers make that clear. Ontario’s population fell by 0.4 percent in the quarter. British Columbia fell by 0.3 percent. Every province and territory lost population except Alberta and Nunavut, and even Alberta’s growth was just 0.2 percent, its weakest since the border‑closure period of 2021
Now watch who starts complaining first. Universities are already bracing for it. Study permit holders alone fell by 73,682 people in three months, with Ontario losing 47,511 and British Columbia losing 14,291. These are the provinces with the largest university systems and the highest dependence on international tuition revenue
You’re going to hear administrators and activists say this is a crisis. What they mean is that fewer students are paying international tuition to subsidize bloated campuses and programs that produce no measurable economic value. When the pool of non‑permanent residents shrinks, departments that exist purely because enrollment was artificially inflated start to disappear. That’s not mysterious. That’s arithmetic.
For years, Canadians were told that any slowdown in population growth was dangerous. The truth is more uncomfortable. What’s dangerous is building a national economic model on temporary residents, borrowed money, and headline GDP numbers while productivity stagnates. The latest StatsCan release doesn’t just show a population decline. It shows how fragile the story really was, and how quickly it unravels when the numbers stop being padded.
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Business
White House declares inflation era OVER after shock report
The White House on Thursday declared a decisive turn in the inflation fight, pointing to new data showing core inflation has fallen to its lowest level in nearly five years — a milestone the administration says validates President Donald Trump’s economic reset after inheriting what it calls a historic cost-of-living crisis from the Biden era. In a statement accompanying the report, White House Press Secretary Karoline Leavitt said inflation “came in far lower than market expectations,” drawing a sharp contrast with the 9 percent peak under President Joe Biden and arguing the numbers reflect sustained relief for American households. “Core inflation is at a new multi-year low, as prices for groceries, medicine, gas, airfare, car rentals, and hotels keep falling,” Leavitt said, adding that lower prices and rising paychecks are expected to continue into the new year.
According to the White House, core inflation — widely viewed by economists as the most reliable gauge because it strips out volatile food and energy costs — is now down roughly 70 percent from its Biden-era high. Officials noted that if inflation continues at the pace of the last two months, it would be running at an annualized rate of about 1.2 percent, well below the Federal Reserve’s 2 percent target. The report also highlighted broad-based price moderation across consumer staples and services, with declines in groceries, dairy, fruits and vegetables, prescription drugs, clothing, airfares, natural gas, car and truck rentals, and hotel prices. Average gas prices have fallen to multi-year lows, while rent inflation has dropped to its lowest level since October 2021, a shift the administration attributes in part to tougher enforcement against illegal immigration and reduced pressure on housing demand.
Wages, the White House says, are rising alongside easing prices. Private-sector workers are on track to see real wages increase by about $1,300 in President Trump’s first full year back in office, clawing back purchasing power lost during the inflation surge of the previous administration. Gains are strongest among blue-collar workers, with annualized real earnings up roughly $1,800 for construction workers and $1,600 for manufacturing employees. Administration officials also took aim at critics who warned Trump’s tariff policies would reignite inflation, arguing the data shows no demonstrable inflationary impact despite repeated predictions from Wall Street and academic economists.
NEC Director Kevin Hassett on the latest inflation report: "It was just an absolute blockbuster report… We looked at 61 forecasts, and this number came in better than every single one of them." 🔥 pic.twitter.com/rBJpkmjuNa
— Rapid Response 47 (@RapidResponse47) December 18, 2025
Even commentators across the media spectrum acknowledged the strength of the report. CNBC’s Steve Liesman called it “a very good number,” while CNN’s Matt Egan said it was “another step in the right direction.” Harvard economist Ken Rogoff described the reading as “a better number than anyone was expecting,” adding, “There’s no other way to spin it.” Bloomberg’s Chris Anstey noted the figure came in two-tenths below the lowest estimate in a survey of 62 economists, calling it “remarkable,” while The Washington Post’s Andrew Ackerman wrote that inflation “cooled unexpectedly,” easing pressure on household budgets.
For the White House, the message was blunt: the inflation era is over. Officials framed Thursday’s report as proof that Trump has followed through on his promise to defeat the cost-of-living crisis he inherited, laying what they called the groundwork for a strong year ahead. As the president told the nation this week, the administration insists the progress is real — and that, in his words, the best is yet to come.
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