“The average American household is now worth more than $1 million. Yet Gen Z is increasingly pessimistic about its economic future. Why does it feel like so many people are falling behind? Is homeownership out of reach? And how can young people build wealth in an economy that seems both richer and more uncertain than ever? Megan McArdle talks with Ed Elson, co-host of Prof G Markets, about wealth inequality, housing affordability, social media and the frustrations shaping younger generations’ outlook.” (06/03/26)
“Much like House maps, districts in parliamentary systems are vulnerable to gerrymandering. In countries that use such systems, control of the government is determined by winning seats in parliament: The party or coalition that holds the majority of seats holds the levers of power. Given the large number of countries using a parliamentary system, one would expect widespread rampant gerrymandering. Yet many have installed checks and balances to prevent such egregious partisan actions. The nation’s northern neighbor sets an example that is worth emulating. Canada uses a parliamentary system for its government. To prevent gerrymandering that gives one party advantages on Election Day, Canada uses small independent commissions that work to keep the influence of elections in the hands of the voters, not the politicians.” (06/03/26)
“South Korean voters overwhelmingly cast their ballots for the ruling Democratic Party in nationwide local elections Wednesday, exit polls said, in a show of support for President Lee Jae Myung one year into his term. Lee’s Democratic Party was projected to win 11 of the 16 key races in Wednesday’s elections, according to a joint poll conducted by broadcasters KBS, MBC and SBS. The opposition People Power Party was projected to take only one seat, while four races were too close to call. A separate poll by broadcaster JTBC found the Democratic Party projected to win 10 of the key races. The vote was the first nationwide test since Lee took office last June, when he won the presidency in a snap election after former President Yoon Suk Yeol was removed from office over his botched martial law attempt.” (06/03/26)
“Azerbaijan’s energy-dependent economy and California’s costly climate mandates reveal a common lesson: environmental policy works when it is local, adaptable, and intellectually humble.” (06/03/26)
“A Royal Navy helicopter has crashed into a field in Devon, killing three navy staff. … Devon and Cornwall Police said earlier that emergency services were at the scene of the incident at Sourton Down, near Okehampton. The Navy added on Wednesday morning that the crash happened just before 4am. … The scene of the crash is close to Okehampton battle camp, a military facility on the edge of Dartmoor which has been used for training Merlin helicopter crews from the Commando Helicopter Force.” (06/03/26)
Source: The Daily Economy
by Ryan Yonk & Thomas Savidge
“James Buchanan’s Public Choice framework helps explain why political conflict intensifies and rhetoric becomes more divisive as government power grows.” (06/03/26)
“President Trump saw his first major primary loss of the 2026 midterm election cycle in Iowa’s Republican gubernatorial primary Tuesday as businessman Zach Lahn defeated Rep. Randy Feenstra (R-Iowa). Lahn narrowly defeated Feenstra in the primary by just less than 1 point. Feenstra’s primary loss comes less than a week after Trump formally backed Feenstra, calling him ‘MAGA all the way!’ in a post on Truth Social. The congressman told supporters Tuesday that he called Lahn to concede the race to him on Tuesday. … While Feenstra won the coveted Trump endorsement, Lahn was backed by Trump allies within the conservative universe, including the MAHA PAC and Turning Point Action. Most of Trump’s endorsed candidates have seen success in the 2026 primary season, with his backed challengers Rep. Julia Letlow (R-La.) and Texas Attorney General Ken Paxton (R) defeating incumbent Sens. Bill Cassidy (R-La.) and John Cornyn (R-Texas), respectively.” (06/03/26)
“Google just announced plans to build a $15 billion data center in Montgomery County, in east–central Missouri. It remains to be seen how much of that investment will be reflected in property tax totals, but since the largest expense is going to be for the very expensive equipment in the data center itself — and that equipment is taxable — we can safely assume the assessed valuation of the final project will be enormous and almost certainly measured in the billions. This for a county that had an entire assessed valuation in 2025 of $315 million. Again, that’s every farm, house, car, tractor, building, boat, and cow in the county. … What do you think happens when you add huge assessed valuations from businesses that don’t add much to the public service requirements? The answer should be tax cuts, which is exactly what happened in Loudon County, Virginia.” (06/03/26)
