Sierra Club's Downward Spiral, Trump's Everything Tariff Strategy, and Some Good News
9 stories from the past week
This is the second edition of a new format I’m trying out. As I explained in the first edition, my plan is to share stories, charts, and interesting stuff I find while doing research for my longer stories.
With that, let’s get into today’s newsletter.
A three act story
Trump talks a lot about bringing manufacturing jobs and investment back to America. But he’s not very good at actually delivering on the promise.
During Trump’s first term, manufacturing construction investment grew by 5%. Under Biden, it grew by 279%—thanks to industrial policies like the CHIPS Act and Inflation Reduction Act (RIP). Since Trump took office again, manufacturing spending has been falling steadily.
Everyone on Wall Street is talking about electricity
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