How to Actually Solve the Affordability Crisis

There are very few things that Americans agree on these days. After all, this is a massive country full of hundreds of millions of people in different stages of life, subscribing to many different political ideologies, religious beliefs, and cultural values—all fighting over temporary control of one powerful centralized state that allows the group in power to impose their values and preferred institutions on everyone else. It’s not exactly a setup that breeds cooperation or unity.

Why I Won’t Be Mourning Dick Cheney

When someone we think is bad dies, we usually don’t seem happy about it.  As the old adage says, de mortuis non nisi bounum. But as an eminent classical scholar reminds us, the Latin adage is a mistranslation of a Greek adage which means “do not malign the dead.” It would be difficult indeed to malign Dick Cheney, because the truth is bad enough: he was a monster of evil. He was a power-mad warmonger.

The Real Affordability Agenda

Donald Trump’s victory in the 2024 presidential election was due in large part to his promises to pursue an America First foreign policy and rein in inflation. One year later, prices remain high, and President Trump is more focused on overseas meddling than on the American people. This has helped enable Democrats to win governor races in Virginia and New Jersey, and self-described Democratic socialist Zohran Mamdani to win the New York City mayor race by running on “affordability.”

A Note on Exchange-Rate Notations

One of my undergrad students just asked why the exchange rate notations that I use in my class are different from what he found in the financial press. I was happy for the question. At least one student who tries to square what he learns in class with what he sees with his eyes!

And I think other professors in economics and finance may be confronted with similar questions, wherefore I share his question and my response:

Good evening, Sir,