After the pandemic recession, the right policy decisions resulted in a strong recovery and laid the foundations for another era of sustained productivity growth, similar to the 1990s. Sadly, in 2025, new policies are actively working against that dream.
Tariffs are back. With President Trump implementing and still proposing sweeping new import tariffs, the U.S. economy is staring down the barrel of policy-driven price increases and a new round of supply-driven cost-push inflation. If enacted for a long enough period of time, these policies could
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