In today’s edition, we highlight an underdiscussed reason why damage from the war hasn’t eaten the U.S. economy: fiscal stimulus.
inflation
While Pentagon Spends Billions on War, Military Families Say They’re Getting Shortchanged
Spouses of deployed military say they’re struggling with the costs of child care, groceries, housing.
How Trump Can Actually Believe We’re in a Golden Age
Does anyone he encounters dare to dispute his delusions?
Time to Stop Lionizing Powell
The Fed chair has been an enabler of the economy’s hyper-financialization and speculative excess. Resistance to Trump is too low a bar.
Will Americans Keep Paying a ‘Tariff Tax’?
Companies are seeking refunds from the federal government following the Supreme Court ruling—but consumers may still be stuck with higher prices.
How Trump Undermines Trump
Consider the president’s self-defeating assault against Jerome Powell.
The Faltering War Economy
Trump’s war craters the economy in multiple ways, even if it somehow ends soon.
A Retrospective on Bidenomics
Joe Biden listened to the left on full employment. But the lasting effects were wanting, and the politics were brutal.
Iran War Sends Fertilizer Prices Sky-High
In the middle of the spring planting season, American farmers have to contend with supply chain disruptions.
Central Banker or Central Casting?
Seemingly, Kevin Warsh is a mainstream central banker. Dig down and he’s the Fed equivalent of Pete Hegseth.

