Yes, $2.5 billion—with a “b.” And no, this isn’t for a nuclear reactor or a next-gen super-carrier. It’s a bureaucratic facelift for an agency with fewer employees than a suburban Chick-fil-A during lunch rush.

The media quickly rushed to explain away the sticker shock. The overruns, we’re told, are due to “unexpected challenges” of building underground in a swamp near the Tidal Basin. Translation: we didn’t bother to check the dirt first. Then there’s the rising cost of steel and materials, which is, of course, blamed on Trump’s tariffs. Because if something goes wrong, blame 47, it’s practically a federal regulation.

When this gold-plated project was approved by the Biden Administration in 2021, the estimate was a “modest” $1.9 billion. That was supposed to cover five new stories of office space, hazardous material removal, infrastructure upgrades, and a shiny underground parking garage. A routine D.C. fixer-upper, probably rubber-stamped with Biden’s trusty auto-pen.

Now? We’re at $2.5 billion and climbing. Where did the extra $600 million go? Nobody knows. Probably into something like “miscellaneous excellence.”

Speaking of which, one of the involved agencies actually handed out “excellence in adversity” awards to the contractors for surviving wet ground. Washington is now officially the only place where a cost overrun gets you a trophy.

And remember, this isn’t a new building. This project renovates the Marriner S. Eccles Federal Reserve Building and the Federal Reserve East Building, both built in the 1930s. Two buildings. One agency. $2.5 billion. That’s more than NASA’s entire Mars Sample Return mission. Apparently, sending robots to space is easier and cheaper than replacing duct work in D.C.

Oh—and here’s the kicker. While the Fed is blowing billions to add more office space, the Department of Education is already sitting half-empty, just a few blocks away. Thanks to Trump’s previous move to cut the agency down to size, whole floors are vacant. But reuse space? In Washington? Don’t be silly. Efficiency is a four-letter word, and marble is forever.

And who’s overseeing this architectural miracle? A joint venture of Fortis (Canada), Arcadis (Netherlands), and Quinn Evans (D.C.). Three firms, two foreign. Apparently American contractors aren’t qualified to install American drywall in American buildings anymore.

But it gets better. The Fed, currently running losses that would bankrupt a small nation, still found room in the budget for rooftop gardens, marble hallways, cascading fountains, and VIP elevators that take board members directly to their elite dining suites. You can’t make this up.

Meanwhile, the Fed posted a $77.5 billion loss in 2023, on top of $114.3 billion in 2022. The first losses in its 100-year history. But don’t worry, the private art collection is apparently thriving in the basement. One wonders how many pieces are signed by Hunter Biden. Why the hell is the Federal Reserve collecting art in the first place?

During his visit, Trump didn’t just question the bill. He also had the gall to suggest Powell consider lowering interest rates. Powell declined, naturally, blaming Trump tariffs. Because apparently tariffs are now responsible for inflation, delays, and probably your last satellite television outage.

At this point, it’s fair to ask: Why is Jerome Powell still running the Fed—and collecting a $190,000 salary? His legacy includes record losses, economic whiplash, and now the most extravagant office makeover since Louis XIV.

If Trump returns for a second look at Washington’s version of the Taj Mahal, Powell’s tenure may come to a screeching halt. And let’s be honest: outside of the Beltway cocktail circuit, nobody’s going to miss him.

Only in Washington can you waste billions, hand out awards for mediocrity, lose more money of other people’s money than ever before, and still retain your job.