Where the Money Goes

 The news has been dominated this week by two big tales of our current government's colossal self-inflicted economic mismanagement: namely, 1) the rise of the national debt to over $40 trillion; and 2) Trump's renewed trade war with our closest neighbor and biggest trading partner, Canada. 

I've been talking less about the second of these two, in part because I tend to lump these tariff wars into the mental category of the merely inane aspects of Trump's rule—as opposed to the genuinely evil aspects, like his wars and enforced disappearances of innocent people to overseas detention camps. 

Socialism of Fools

 It is rather alarming that at a time when a right-wing would-be authoritarian is actively dismantling all of our democratic institutions and constitutional checks-and-balances, while fighting a needless and illegal war that is driving up the costs of everyday goods, the most politically engaged of our younger generation seem far less interested in any of these things, than they are in what an earlier generation (in the bad old days) would have called, ahem, "the Jewish question." 

What is even stranger is that the new antisemitism does not seem to split along traditional party lines. Rather, it constitutes a new axis in American politics that is dividing both parties' coalitions. 

The Means Test

 The latest episode of the Ezra Klein show starts with a familiar conundrum—the same one we were talking about on this blog just a week ago: namely, why is it that many of the same people who ostensibly stand to benefit most from a progressive economic program are voting against it? 

Why, for instance, have many potential beneficiaries of social programs helped elect a Republican who proceeded to cut food stamps and medicaid—as part of his big budget disaster last summer? Klein's guest on the episode, Annie Lowrey, short-hands this as the "what's the matter with Kansas?" problem. 

Rivals and Borrowers

 The latest episode of the Ezra Klein podcast from last week was devoted to a somewhat panicky discussion of an allegedly impending "China Shock 2.0." 

As Klein and his guest describe it, China is poised to overtake the rest of the world not only in the manufacturing of cheap consumer goods of the sort we associate with the first "China Shock"—but in the industrial production of just about everything else—including the most important "technologies of the future"—EVs, lithium batteries, solar panels—maybe AI and humanoid robots too, to give the more headline-grabbing examples? 

Debt Crisis

 The New York Times ran an opinion piece today hinting at an outside-the-box solution to the problem of our swelling national debt (which notoriously passed the $40 trillion mark this past week): namely, simply cancel it. Refuse to pay. 

The piece points out that ancient civilizations did this all the time. In fact, many of them built some sort of periodic debt jubilee into their calendars. 

Who Cares? It is French!

 There is much that is baffling about Trump's needless unprovoked trade war against our closest neighbor, biggest trading partner, and quondam ally Canada. But perhaps the strangest point yet to emerge is the specific issue over which trade negotiations apparently broke down. 

When Canadian Prime Minister Mark Carney declared yesterday that he was walking away from trade talks, he said that U.S. negotiators were insisting on concessions that were simply too extreme to be considered, and would implicate fundamental principles of sovereignty. 

A Fool's Errand

 In the final weeks of the Biden administration—shortly before Trump's second inauguration—I recall seeing an opinion piece in Politico. It took the quixotic line that Biden ought to pardon all the January 6 rioters who opposed the certification of his election before the expiration of his term. 

The authors gave essentially two arguments for this seemingly paradoxical course of action: 

1) Trump was going to do it anyway, as soon as he took office; so why should Democrats not steal his thunder and get the credit for magnanimity?