On the damage – The Economist:

‘And as we report, the One Big Beautiful Bill act (bbb) that passed the Senate on July 1st and the House on July 3rd looks more like traditional tax-cutting, spending-slashing Republicanism worthy of Paul Ryan or Mitt Romney than it does a maga fantasy. Suddenly, business leaders are again willing to see Mr Trump as the populist from his first term: a man to be taken seriously but not literally.
Unfortunately, the bbb, which Mr Trump plans to sign into law on July 4th, is likely to cast a shadow over this sunny picture. It illustrates the long-term damage Mr Trump is doing to the foundations of America’s economy.’

(…)

‘The bbb’s neglect of the long term is part of a wider malaise. Riding high on America’s economic might and undoubted negotiating leverage, Mr Trump ignores the foundations of America’s success. He has renewed his attacks on the Fed, adding another threat to economic stability. His defunding of scientific research will harm American innovation. His cavalier approach to the rule of law makes America a riskier place to invest. And despite the moderation of his trade war, the average tariff rate is still its highest in a century and trade-policy uncertainty is a burden. Even as American assets boom in dollar terms, they have fallen behind when priced in foreign currencies. An 11% fall in the dollar this year reflects long-term risks to the American economy that are real, and growing.’

Read the article here.

Après nous, la deluge.

Let them have cake? No, no, the empire is eating its own citizens. The uninsured, the have-nots.