“Most political professionals behaved as though Donald Trump’s bid for the presidency was a joke: an elaborate ruse to set up a new reality show. The internecine wars that viciously pitted Hillary Clinton and Bernie Sanders supporters against each other were largely in the rearview mirror, and Democrats were busy measuring Oval Office drapes and donning ‘I’m With Her’ t-shirts. … So when the Washington Post broke the Access Hollywood story on the afternoon of October 7—ten years ago this week—the immediate reaction in the D.C. corridors of power was disgust mixed with faux shock commingled with barely contained glee. The three-minute clip played to all of the priors of the Democratic establishment, which had remained convinced America would never elect this con man, now confirmed as a raging misogynist. Uttering ‘grab ’em by the pussy’ to Access Hollywood host Billy Bush was surely the final nail in Trump’s coffin.” (10/06/26)
“[T]he St. Louis Fed offers us YouTube videos on How to Pay Down Credit Card Debt, and Budgeting 101 (‘Making a budget is like planning a road trip for your personal finances’). The self-described ‘very stable genius’ in the White House was not able to contemplate that his elective war on Iran would see the Strait of Hormuz shut down and America’s security umbrella over the Persian Gulf states get pummeled. Which falls into the category of their business. Yet his administration explains to us how to do our grocery shopping. Which falls into the category of our business. It is arrogant, presumptuous, and insulting. Agriculture Secretary Brooke Rollins offered the latest installment recently. Confronted with complaints about soaring beef prices, Rollins had a straightforward solution: ‘If beef is too expensive…you can eat chicken, pork, salmon, eggs.’ Or cake?” (10/06/260
“The Trump administration and its supporters – including the Wall Street Journal editorial page – are working overtime these days to spin the news around the Iran war to make it appear that the US is winning and Tehran had better submit to Washington’s demands before it is wrecked, maybe even ‘annihilated.’ Indeed, Trump is preparing the option of bringing the military hammer down on Iran after the midterm elections if Tehran has not surrendered by then. In effect, Trump and his supporters are waging a ‘maximum pressure campaign’ against Iran in the mainstream media. This campaign is sure to fail.” (10/06/26)
“Capping property taxes isn’t all upside, but California’s Proposition 13 shows how tax limits can protect property owners from sudden increases and provide greater predictability.” (10/06/26)
Source: Foundation for Economic Education
by Wojciech Wyszomierski
“Since the start of the 21st century, Poland has seemed like a textbook example of sustainable development. The break from a centrally planned economy in the late 1980s, the opening of the market, and relatively low labor costs attracted substantial foreign capital. GDP began to grow rapidly, and for the first time, money appeared in Poles’ pockets. While Western Europe focused on developing the welfare state, Poland consistently reinvested its earnings …. While in 1990, Poland’s GDP per capita did not exceed $2,000, 20 years later it had risen to over $12,000. However, not everyone was pleased with this. Poorer residents, bombarded with reports of an improving economic situation, began to voice their belief more and more boldly that they were entitled to a slice of the state’s pie.” (10/06/26)
“Latin America is turning right, and it’s a vindication for President Donald Trump and Secretary of State Marco Rubio. In some ways, the Cold War never really ended in the Western Hemisphere: socialism has haunted the nations of Central and South America long after the fall of the Berlin Wall, and the same Cuban regime the Soviet Union propped up for decades remains in power to this day. The hard left thought it had cemented control over Venezuela, too, thanks to Hugo Chavez and Nicolàs Maduro — until American forces snatched Maduro right out of his bed back in January and took him to New York to stand trial.” (10/05/26)
“Until now, discussions of the potential economic problems created by the AI boom have mostly focused on the future. Will it destroy millions of jobs? Is there a bubble and will it cause a severe recession if it bursts? Will it destroy humanity? While these are doubtless very important questions, attempts to answer them are at best educated guesses. We don’t have to guess, however, about one major effect of the AI boom, because it’s happening right now: Massive spending on data centers is crowding out investment in everything else in the economy.” (10/06/26)
“The world’s highest per-capita incomes are found in small political units—such as Monaco, Liechtenstein, Luxembourg, Switzerland, Singapore, and the Cayman Islands. Economically, the finding is easy to explain: small political units are not autarkic; they compete internationally for talent and capital. That is why they must treat their residents and firms well and offer attractive living conditions and a business-friendly framework. Above all, small political units must keep the tax burden low, remain peaceful toward their neighbors, and refrain from military adventures. Yet even small political units are not immune to the abuse of state power.” (10/06/26)
