The Most Perverse Part of the ‘Big, Beautiful Bill’
The Republican megabill could be setting America up for the worst energy-affordability crisis since the 1970s.

Derek Thompson, Rogé Karma, Annie Lowrey, and others explain today’s news and tomorrow’s trends in work, technology, and culture.
The Republican megabill could be setting America up for the worst energy-affordability crisis since the 1970s.
Housing prices are rising fast in red and purple states known for being easy places to build. How can that be?
When interest rates outpace growth, very bad things can happen.
Instead, he seems content blaming foreign countries and hoping for the best.
Did the party lose in 2024 despite Joe Biden’s economic approach, or because of it?
They finally got the Democratic Party to listen to them. Then came Trump’s second term.
The MIT economist David Autor helped fracture the old free-trade consensus. But he thinks that what’s replacing it is even worse.
The United States could still prevail if it does everything right. The problem is that the Trump administration is doing everything wrong.
Nothing here has ended well. In fact, it hasn’t even ended.
Instead of leading to reduced trade barriers, the new global tariff plan is all but guaranteed to raise them.