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Long Reads for the Long Weekend
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) Happy Fourth of July weekend! As has been a tradition of mine going back to the beginning of the EntStrategyGuy website, I’m sharing my favorite long reads of the last year, like I did in 2019, 2020, 2021, 2024, and 2025. Let’s dive right in! Subscribe “Different Prices for the Same Ride: How Uber and Lyft Use AI to Get More Money Out of You“ by Derek Kravitz in Consumer Reports I don’t think surveillance pricing, like the kind described in this brilliant Consumer Reports article, is long for the world—it’s toxically unpopular—but we’ll see if either party takes on this issue. If I ran a political party focused on affordability, I would focus on a few pro-consumer and pro-market policies: Banning non-compete agreements. Ending surveillance pricing Eliminating junk fees (read more here...) Ensuring “right to repair” for consumer (and military!) products Capping excessive app store fees Stopping digital/algorithmic price-fixing tools. Preventing automatic subscription price increases. And more. If you want to fight inflation, there are a lot of great ways to do it quickly. Speaking of higher prices... “Secret Documents Show Pepsi and Walmart Colluded to Raise Food Prices Across the Economy“ by Matt Stoller in BIG Again, I think a political party should focus on lowering prices for consumers. And deals like this—Walmart making a deal/forcing Pepsi to offer the lowest prices at its stores and nowhere else—hypothetically lower prices at Walmart...but raise them everywhere else. “15 DUIs, still driving: California’s failure to take repeat drunk drivers off the road“ by Robert Lewis and Lauren Hepler in CalMatters CalMatters does terrific reporting in California, something the Golden State desperately needs more of, and this article is a great example of that. “PugLips: The next insanely popular thing you’ve never heard of…” by Simon Carless in Game Discover Co I thought that this parody article (and yes, it’s a parody, but I was definitely unsure at first) was hilarious and totally nailed how much tech/business journalism feels these days. Actually, three of my favorite articles this year were on hype in the video game industry, including Georg Zoller’s “The Video Game Industries Very Dark Night”—which I linked to recently and wrote a follow-up here—and Owen Mahoney’s “Derek Zoolander, Videogame Exec”. In particular, I like Mahoney’s focus on user experience as a guide to what trends will actually grab hold of customers. “The Matrix Lies“ by Evan Shapiro in Media War & Peace Evan Shapiro’s first person account of his experience with AI was hilarious. I think LLMs capabilities have significantly grown from last summer, and yet...my editor/researcher just had an abysmal experience using an LLM to do a quite basic task (which our LLM normally does each week) and the LLM made a mistake on every single data entry...along with seven different mistakes affecting twelve of the twenty or so entries, including mistakes that are explicitly spelled out in the prompt. That’s a brutal failure rate. Again, if you use AI/LLM for data collection, you need to take a lot of extra steps to verify and check the data. “Ghosts in the Balcony: A Cross-Country Trip to 58 Theaters Fighting to Survive“ by Matthew Frank in The Ankler I thought Matthew Frank’s pitch to head across America to visit theaters sounded insane aggressive at the time—at least it felt that way to someone a decade older than him; man, to be in your twenties again, am I right?—but I knew the result would be great. And it was, a terrific feature by a great young writer. Also, I loved Matthew’s recent article on who’s getting the precious few entry level jobs in Hollywood. (Hint: nepotism.) “Disney erased FiveThirtyEight“ and “Did Las Vegas get too greedy?” by Nate Silver in Silver Bulletin I love media history and analysis, and there’s no one better to get the history of FiveThirtyEight than from Nate Silver, who wrote about his personal experience in one of my favorite pieces from this year. I also loved Nate’s breakdown of what’s causing Vegas’ woes, but I’ll offer one criticism, summarized as “Might I suggest antitrust?” Many centrists/center-right/libertarian thinkers (Nate is self-described as the latter) often don’t consider consolidation or antitrust as factors in policy issues like housing, America’s military readiness, or, in this case, Las Vegas. Even if libertarians want to debunk antitrust/consolidation concerns, I’d love to read that debunking. In this case, Vegas is incredibly consolidated (though it also has been for a long time) and I’d have loved to read Nate at least contending with this factor, since he addresses almost every other potential factor for Vegas’ decline. “Why Microsoft’s Carbon Removal Pullback Is Such a Big Deal“ by Robinson Meyer in Heatmap News I’m a big supporter of carbon removal efforts, but this nascent industry faces a lot of headwinds, including this big move most recently. I think it’s clear that solar panels and batteries should be able to get the world to its carbon footprint goals, but effective carbon renewal remains necessary to prevent the worst impacts of global warming. “AI is killing the cheap smartphone“ by David Oks LLMs and AI will impact the world in ways we’re not ready for, and already, third world countries are seeing the prices of cheap cellphones skyrocket due to the cost of chips skyrocketing. This article by David Oks is a terrific breakdown. “100 Days of Madness: Netflix, Paramount, Warner and the Future of Hollywood“ by Wade Major at Hollywood Heretic Wade Major dove deep into Hollywood/streaming’s financials in this must read piece. Not that I agree with everything in this article (read my take on Warner Bros./Paramount here) but the analysis is top notch. I think many people discount how quality thinking, regardless of the argument/conclusion, will make you a better thinker. “Erased by the UFC: Frank Shamrock, The MMA GOAT of the 20th Century“ by Nate Wilcox in The MMA Draw Newsletter Growing up playing the UFC fighting game on the Dreamcast, Frank Shamrock was my favorite MMA fighter, and this history/tribute to him was great. Other Fun Reads “The Hardest Part Of History To Tell Is How It Felt“ by Craig Fehrman at Defector “Unmasking the Sea Star Killer“ by Craig Welch at bioGraphic “What Could Save the Industry? Fin-Syn“ by Richard Rushfield in The Ankler Alex Rollins Berg in Underexposed on movie bumpers, pillow shots, Disney trash cinema, cult films, and Casablanca. David H. Montgomery in YouGov’s The Surveyor on punctuation marks, condiments, dinosaurs, and comic strips and kids media. “How Medium finally pivoted its way to profitability“ and “Why the best journalists on YouTube are all former Vox employees“ by Simon Owens in Simon Owens’s Media Newsletter “It’s Not Just You, Netflix Shows Have Gotten Slightly Shorter: Here’s What the Data Says“ by Kasey Moore at What’s on Netflix “Numlock Awards: How Diane Warren became the biggest loser in Oscar history“ by Nathaniel Rakich and “Numlock Awards: The Oscar Bait era is over. The Oscar Chum era is here.” by Walt Hickey & Michael Domanico at Numlock Awards
House Dems dodge questions on SCOTUS trans athlete ruling, shift blame to 'culture wars'
House Democrats mostly sidestepped questions on the Supreme Court transgender athletes ruling, pivoting to the economy and Washington dysfunction.
Amazon's Fire HD 10 Tablet Just Got A Refresh With A Bit More RAM
A RAM upgrade? In this memory economy?!
Daniel Negreanu on Poker’s New Era
Daniel Negreanu on WSOP returning to ESPN, poker as event TV, the creator economy, and the Scotty Nguyen story.
James Carville breaks with famous ‘It’s the economy, stupid’ slogan because of Trump
James Carville says his famous 1992 catchphrase "It's the economy, stupid" now haunts him because of what he calls Trump's corruption today.
The sports economy is unaffordable at the bar, let alone the stadium
New data shows fans are going into debt for tickets — and one in five can't even afford to watch out at a sports bar.
Colorado business confidence improves but still pessimistic
Halfway into the year, business confidence across Colorado has improved but is still negative, a new report found. The Leeds Business Confidence Index, a measurement of how business leaders across Colorado feel about the future of the national and state economy, increased by one point to a score of 43, according to a report released […]
Colorado business confidence improves but still pessimistic
Halfway into the year, business confidence across Colorado has improved but is still negative, a new report found. The Leeds Business Confidence Index, a measurement of how business leaders across Colorado feel about the future of the national and state economy, increased by one point to a score of 43, according to a report released […]
Colorado business confidence improves but still pessimistic
Halfway into the year, business confidence across Colorado has improved but is still negative, a new report found. The Leeds Business Confidence Index, a measurement of how business leaders across Colorado feel about the future of the national and state economy, increased by one point to a score of 43, according to a report released […]
Celebrating 250 Years of American Small Businesses
Over the last 250 years, small businesses with big ideas have helped make the United States the largest economy in the world. This infographic shows the contribution that small businesses continue to make today, including creating two out of every th
US economy added jobs at a slower pace than expected in June
The Labor Department released the June 2026 jobs report, which showed the U.S. economy added jobs at a steady pace last month despite uncertainty over inflation.
The diminishing political returns of a solid labor market
A rebound in the jobs market hasn’t been enough to get Americans amped about President Donald Trump’s economy.
Arkansas business conditions index rises in June
The broad Creighton University Mid-America Business Conditions Index ticked higher in June despite a rising number of manufacturing job losses, higher prices, and negative impacts from Trump Administration tariff policies....
Urbanowski: Teamwork amplifies arts, culture and entertainment
THE ARTS WILL PLAY IN 2026! is a cooperative marketing program created to enhance San Jose’s branding and economy through the promotion of arts and cultural events and activities.
Content Independence Day, one year on: building the business model for the agentic Internet
One year after declaring Content Independence Day, a dynamic market for monetized content has officially emerged. In this report, we examine how the rise of autonomous AI agents is upending traditional search referrals and detail the new infrastructure required to support a sustainable web economy.
Survey Shows Japan's Business Sentiment Improving for a 5th Straight Quarter
TOKYO (AP) — Business sentiment among major Japanese manufacturers has improved for a fifth straight quarter, the Bank of Japan said in its quarterly “tankan” survey released Wednesday. The survey's so-called diffusion index rose to 22 from 17 in the previous quarter, the BOJ said. The index for ...
Wilmington Small Business Coalition: Building Momentum in 2026 by Heather McWhorter
This article was contributed by Lydia Thomas, UNCW CIE Program Manager. North Carolina continues to be one of the best states to start a business and in 2025, Wilmington, North Carolina earned a spot on the GoDaddy list of the top 10 most entrepreneurial cities in the U.S. While many know Wilmington as small beach town with exceptional food, lots of coffee shops, and fun, vibrant summer activities, a closer look reveals a thriving innovation economy. You’ll find startups emerging across industries including software, healthtech, bluetech, and fintech. At the core of this entrepreneurial ecosystem is the Wilmington Small Business Coalition, with small business advocates and entrepreneur support organizations (ESOs) dedicated to helping founders grow, thrive, and succeed. “No Wrong Door” Established in 2016, the Coalition was designed to make it easier for individuals and small businesses to access resources most suited to their particular needs. The Coalition is designed to have a “no wrong door” entryway into the regional startup ecosystem. Whether you are exploring a new idea sketched on the back of a napkin or leading a more established, growth-stage company, Coalition members can help connect you with the programs, funding opportunities, mentors, and resources best suited to your needs. No matter where you are in your entrepreneurial journey, any Coalition organization can help point you in the right direction. Coalition Members and Leadership Coalition members include the UNCW Center for Innovation and Entrepreneurship (UNCW CIE), AARP, Brunswick Community College Small Business Center, Cape Fear Community College Small Business Center, Cape Fear Region SCORE, Genesis Block Foundation, Network for Entrepreneurs in Wilmington (NEW), Small Business & Technology Development Center (SBTDC), Greater Wilmington Chamber of Commerce, YWCA Living the Dream Center for Entrepreneurship, Carolina Community Impact Fund (CCI Fund), Partner Community Capital, 717mkt Office Collaborative, NC Biotech, and Institute NC. In May 2026, the Coalition held its leadership elections, resulting in the selection of a new executive team. The following officers were elected to serve two-year terms: Chair: Lydia Thomas, UNCW CIE Vice Chair: Diane Lantz, CCI Fund Secretary: Aariene Hansley, Genesis Block Foundation Treasurer: Gloria Monroe, SBTDC Vision for the Wilmington Small Business Coalition In 2026, the Wilmington Small Business Coalition continues its work as a collaborative network of organizations. By connecting programs, expertise, and services across partner organizations, entrepreneurs can more easily find the right support at the right time. Rather than operating in silos, the Coalition aims to function as a unified, cohesive system of support for small businesses and entrepreneurs, ensuring that resources and expertise across partner organizations are visible and accessible. Through stronger collaboration and shared pathways, entrepreneurs can move more seamlessly from idea to startup to growth. Looking to dive into the Wilmington entrepreneurial ecosystem? Connect with any of the Coalition partners to get started! Connect with CIE To learn more about CIE and our services, programs, and events, join the CIE newsletter. You can also follow us on social media: Instagram, Facebook, LinkedIn, TikTok, or YouTube. CIE’s website is uncw.edu/cie. Heather McWhorter is the director of the UNCW Center for Innovation and Entrepreneurship (CIE). CIE supports innovation-forward start-ups and helps to build a vibrant innovation economy for all in southeast NC.
UK living standards fall despite fastest growth in G7
Rolling coverage of the latest economic and financial news, as GDP quarterly national accounts show how UK economy fared in January to March 2026
Does your small business need a boost? How to get a $5,000 grant from Miami-Dade
“Small businesses are the backbone of our local economy.”
As business concerns mount, Washington Gov. Bob Ferguson taps Amazon, Microsoft and others to shape economic strategy
The group includes leaders from technology, aerospace, organized labor, higher education, tribal governments, ports and economic development organizations who will advise the governor on policies aimed at strengthening Washington's economy.
Why a creator economy startup founder pivoted to data centers
Leonhard Soenke founded a creator economy startup. Now he splits his time between San Francisco and Texas working in data centers. Here's why.
Can Gov. Ferguson heat up WA's cooling economy?
Amid rising concerns over a cooling economy – and criticism of the state's negative business climate – Ferguson is looking for help from Amazon, Boeing and other big employers.
Florida cases echo Italy’s gangmaster economy
Legal labor systems can still become traps for powerless workers.
What if the economy gets better and it doesn’t help the GOP?: From the Politics Desk
Plus, Gavin Newsom’s next move in the billionaire tax fight.
CSUF Report Finds Family Businesses Drive Jobs and Revenue in Fullerton
The city of Fullerton is home to a vibrant entrepreneurial community, with family-owned businesses serving as a cornerstone of the local economy. The family business sector in Fullerton is the subject of a new report researched and published by Tim Schultz, the head of Cal State Fullerton’s Center for Family Business. Chethan Srikant, associate professor […]
Climbing gym planned in former Summerlin-area movie theater
The gym, which will fill the old Regal Theater on 9400 W. Sahara Ave. in Summerlin, is set to open later this year or early next.
Outdoor recreation study highlights economic challenges for Wyoming businesses
The report represents the first comprehensive study of the state’s outdoor recreation economy. Businesses ranked hiring, climate and marketing as top concerns.
Nevada Global Business travels to Tokyo
Students explore Japan’s economy, culture and business practices through company visits and immersive learning in the Nevada Global Business program.
Ohio Black-owned businesses, payroll has increased, bringing bigger share of economy to group
According to analysis of national census data, black-owned businesses in Ohio continue to increase payroll, and drive jobs and income in the state.
US economy grew at 2.1% in first quarter
First-quarter GDP grew at 2.1%, above the expected 1.6%, as equipment investment in AI and computers along with consumer spending led growth.
America’s Friendship Recession Has Become a Startup Opportunity
A new “connection economy” is selling courses, clubs and confidence bootcamps to socially isolated adults, but scaling intimacy remains a challenge.
Otto the Orange Levels Up at EA Sports’ Opening Drive
Otto traveled to Chicago to represent the ACC in EA Sports' College Football 27, with the Center for the Creator Economy capturing it all.
House gives final approval to landmark housing bill aimed at lowering costs
The legislation represents one of the most sweeping efforts in decades to increase the supply of housing and bring down prices.
Four Years After The Fall Of Roe: Three Leaders Share The Impacts On Business, Philanthropy And Advocacy
Leaders Jen Stark, Ann Warner and Kavita Nandini Ramdas share insights on how the rollback of abortion rights has impacted women, workplaces, the economy and democracy—and where they see opportunities for progress.
Latino voters could be key to midterms. What's driving them? "The economy, and the economy, and the economy."
German Business Outlook Improves Slightly as Uncertainty Wanes
Germany’s business outlook brightened slightly in June, easing worries about the knock-on effects of the Iran war on Europe’s largest economy.
Trump touts U.S. economy and oil prices in a midterm pitch in Pennsylvania
The president told supporters in a key swing district that oil is coming down and prices will follow as cost-of-living issues are top of mind for voters ahead of November.
Trump touts falling oil prices, economy at Pennsylvania rally
The president spoke at a Mack Trucks factory in Macungie on Tuesday
Trump touts falling oil prices, economy at Pennsylvania rally
The president spoke at a Mack Trucks factory in Macungie on Tuesday
Trump touts falling oil prices, economy at Pennsylvania rally
The president spoke at a Mack Trucks factory in Macungie on Tuesday
KC promised a World Cup economic boost. But not for every business, leaders say
As some businesses question the World Cup’s effect on the Kansas City economy, local officials and event organizers say they still expect a boost for the city.
Op-ed: Small businesses are carrying New York’s economy. The city must meet them halfway
Rising costs for insurance, utilities, rent, wages, and supplies are squeezing already-thin margins.
Euro-Zone Business Activity Shows Resilience to Iran War Fallout
Business activity in the euro area shrank less than anticipated in June, feeding optimism that the region’s economy can weather faster inflation and the jolt to confidence dealt by the Iran war.
French Business Activity Extends Drop With Economy ‘Frail’
French business activity shrank for a sixth month after higher energy costs sparked by the Iran war hurt confidence and consumer spending.
Brexit 10 years later: How the U.K. economy and politics changed, in charts
Ten years after the Brexit vote, CNBC compiled these charts show how the U.K. has changed across growth, immigration, sterling, trade and politics.
Brexit Has Cost the UK Growth, Analysts Say, in the Decade Since the Vote
Citing lower trade and investment, analysts broadly agree that Britain’s economy is smaller than it would have been if the country had stayed in the E.U.
VIDEO: On NewsNation, NFIB Member Discusses How 20% Small Business Deduction Has Provided Certainty For Small Businesses
WASHINGTON, D.C. (June 22, 2026) – West Virginia small business owner and NFIB member Michael Ervin joined Markie Martin on NewsNation Thursday to discuss the state of the small business economy and how the 20% Small Business Tax Deduction has created certainty for his Main Street business. Watch
Chipotle and Cava are thriving as consumers prioritize value
Chipotle and Cava are thriving as consumers shift spending to perceived restaurant winners, focusing on quality over cost amid a "K-shaped" economy.
Voice of business: A strong chamber builds stronger businesses
A strong economy in the Dayton region doesn’t happen by accident. It requires private sector businesses to invest, leaders to collaborate, and organizations committed to building the conditions that allow
What the Iran war cost the Pentagon, the economy
With an agreement signed, the US war with Iran is at a halt, at least for now, and President Donald Trump is telling Americans they have won.
Soaring household debt is a warning to the US economy: SocGen
Americans are borrowing more and saving less. That's created a major vulnerability in the US economy, SocGen is warning.
Ann Arbor seeks business input for plan to reduce waste, boost sustainability
The city’s Office of Sustainability and Innovations has launched a digital survey to gather feedback on its emerging Circular Economy Action Plan.
Burnham's Britain: six days in the place that just changed our politics
Andy Burnham is closing in on Downing Street after a big win in the Makerfield byelection. John Harris and John Domokos take a deep dive into a place where people's lives back up Burnham's insistence that we're living in an economy and society that need radical change – but they also find an infectious spirit of optimism
Latino support for Trump shrinks, with business owners focused on economy
Some Latino Trump voters in southern Texas discuss buyer's remorse after helping flip the area red, with business owners concerned about the president's economy and immigration policies. NBC News' Valerie Castro reports ahead of the midterms.
K-shaped economy impacts summer travel plans for many
Higher-earners are likely to keep spending on luxury vacations, but that doesn't mean you just have to sit by in jealousy.
Herring Gut Coastal Science Center welcomes two new members to Advisory Council
PORT CLYDE — Two distinguished leaders in environmental science and communications have been appointed to Herring Gut Coastal Science Center's Advisory Council: Claire Parsons and Melissa Waterman. The Advisory Council provides strategic guidance and expertise to support Herring Gut's mission of educating students and communities about the connections between Maine's waters, environment, and economy.
Minnesota can retain business headquarters, but is it attracting new ones?
A new University of Minnesota Carlson School of Management examines the Twin Cities "headquarters economy" and why it is struggling to attract new businesses.
The economic and societal contributions of University of Utah Health
Report sheds light on U of U Health’s significant impact on Utah’s economy and public well-being.
Marathon Has A New Problem: Players Have Too Much Loot
Bungie is trying to recalibrate the extraction shooter's economy before it's too late
Sports is driving a large part of the entertainment economy, says Activate CEO Michael Wolf
Michael Wolf, Activate Consulting CEO and co-founder, joins 'Squawk Box' to discuss Versant's media rights agreement with the WNBA, appetite for live sports, Fox's $22B acquisition of Roku, Paramount-WBD merger, and more.
Sports is driving a large part of the entertainment economy, says Activate CEO Michael Wolf
Michael Wolf, Activate Consulting CEO and co-founder, joins 'Squawk Box' to discuss Versant's media rights agreement with the WNBA, appetite for live sports, Fox's $22B acquisition of Roku, Paramount-WBD merger, and more.
Cape Cod businesses see seasonal worker visa delays
Increased scrutiny by the Trump administration, understaffing at embassies, and an influx of World Cup travelers have thrown a wrench into the program that helps power the Cape summer economy.
The economy looks steady on paper. Small businesses see something else.
New data shows small business owners are struggling with uncertainty, which could signal a wider economic slowdown.
Fox News Poll: Most rate the economy negatively, including half of Republicans
Fox News poll finds only 12% of voters say they are getting ahead financially, with 59% feeling pessimistic about the economy ahead of midterms.
What business leaders are getting wrong about AI's impact on entry-level jobs
Companies that fail to reshape early-career roles for the AI economy risk cutting off their future talent pipeline.
Keeping Rhode Islanders covered requires a smart investment in our health and economy
Our state must expand and make permanent state-funded subsidies while finding strategies to keep Rhode Islanders insured, writes Neighborhood Health Plan of Rhode Island president.
The U.S. Economy Is Leaving Small Businesses Behind
Small businesses say relentless pressures from tariffs and higher energy prices have sapped their resilience and finances.
Latvia pilots citizen engagement in research grant evaluations
Latvia has introduced an element of citizen engagement to the evaluation of nationally funded research grants. The aim is to both create more connections between science and society, and to improve the quality of its evaluations. The move comes as research funders across Europe are experimenting with ways to improve evaluation processes in the face of a sharpened focus on science’s impact on society. Evaluators of grant applications submitted to Latvia’s Fundamental and Applied Research Programme (FLPP), the country’s main research funder, will this year have the option of consulting citizen feedback on challenges the public thinks science should focus on to inform their decisions. “In recent years, both public discussions and policy-level debates in Latvia have highlighted the importance of demonstrating how publicly funded research contributes to society, the economy and the resolution of real-world challenges,” said a source at the Latvian Council of Science (LCS), which manages the FLPP. “At the same time, research institutions themselves expressed interest in improving the project evaluation framework while continuing to ensure that funding is awarded to the highest-quality projects,” the source added. The citizen input comes from a survey that was conducted between 25 February and 16 March 2025, to which 1,737 people responded. It gathered information on what the public views as problem areas for Latvia, and the role of science and technology in providing solutions to these problems. A summary of these responses has been included as an annex to the FLPP 2026 call for proposals that evaluators can refer to, purely in an advisory manner, when judging proposals. Results from the survey show that the main problem areas identified by the public were in healthcare and public health, followed by the development of new treatment methods and medicines, and then digital technology, data security and cyber security. At the bottom of the list was research aimed at acquiring new knowledge about the universe, matter and the laws of nature. Further analysis looked at the public view of the possible role of science in solving these problems. The survey charted 4,167 individual responses based on open-ended questions that were derived from the participants’ answers. The analysis again found that medical and health sciences topped the scoring, with 788 responses referring to the field. Humanities and the arts were bottom of the list, with 625. Digging further into the details, the survey suggests citizens are aware of and concerned about a number of research areas. This includes technologies and innovation to improve the environment or reduce pollution, the development of modern military technologies and cybersecurity tools, and the development and application of artificial intelligence, among others. “We hope this initiative will help strengthen public trust in science and create a more meaningful dialogue between researchers and society,” the LCS source said, adding that it offers benefits to researchers, evaluators and to the general public. More space for citizen engagement in evaluationsThere is a gradual but increasing use of citizen engagement in research evaluation processes around Europe, especially in healthcare, but it remains relatively rare, said Henry Sauermann, a professor at the European School of Management and Technology in Berlin and an expert in citizen science.“Given that we are at a point where citizen involvement is extremely limited, there is presumably space for more, but it's not that we should do it just because we want to do it,” he told Science|Business. He said some research lends itself better to having citizen input, and this usually tends to be on the applied end of the science spectrum where the public can offer useful feedback based on their experiences. He added that advising scientists on certain topics to study is also a useful approach, in the way that Latvia is doing. “The public does fund a lot of science, there's a lot of tax money going into this. We of course do want to preserve academic freedom, but it's also not unreasonable to incorporate more feedback or input from citizens where possible,” he said. Related articlesCitizen science: where, when, and how to let the public contribute to researchHow can Europe cope with a flood of AI-assisted research grant proposals?Data Corner: Horizon Europe’s AI, digital and data call success rate is 5.2%There are several ways of involving citizens in science funding. The most minimal way is having a few representatives on a panel, such as members of a patient group or union. The most direct way is crowdsourcing funding for specific projects. There is an increasing number of online platforms that allow the public to chip in to support scientific proposals.Sauermann studied this in a recent paper and found that it can have its uses, but it still is not clear if there are benefits to it. There are various assumptions linked to citizen engagement, for example that it increases public trust in science, or that it provides a representative view of what the public thinks about science. These are not necessarily true, Sauermann found. People who participate in engagement activities tend to already be very trusting of science, and, on the whole, it is generally the well-off and well educated who contribute, giving a narrow view of public opinion. On whether citizen input can help manage the increasing number of proposals that are being submitted due to assistance from AI, Sauermann is more sceptical. “The obvious answer to the flood of AI-written proposals is AI-driven evaluation,” he said, adding that it doesn’t mean citizen engagement shouldn’t be a part of evaluations in a well thought-out manner. Southern Denmark’s successful approachOne successful example of citizen engagement in science evaluations was implemented in southern Denmark. Between 2019 and 2025, citizens in the region were invited to vote to fund one of five pre-selected projects in the field of healthcare. The project, called A Healthier Southern Denmark, was a collaboration between regional authorities, the University of Southern Denmark, and two media partners. Over the seven years, there were 75,000 votes and significant public engagement online and on social media. “It was a bit of a wild project, we’d never done something like that before and we were a bit nervous about what would be said in the media about it. But actually, people were very positive,” said Anne Kathrine Overgaard, one of the main organisers of the project from the University of Southern Denmark. The university and its researchers have learned a lot from the experience, particularly about engaging with society and shaping their research to match real-world needs. This is important with Europe’s increasing focus on competitiveness and bringing innovations to market faster, Overgaard said. She hopes to see more citizen engagement in evaluation processes and in science more broadly. “For many years, citizen engagement has been a bit of an add-on to proposals, just to check a box. But I think things are changing,” she said. It’s less about citizens just gathering data and more “about the dialogue between the public and the scientists,” she said. The initiative ended last year as the team wanted to regroup to find fresh momentum. The development of AI and AI-written proposals has made Overgaard reflect on how the project could be reworked to help evaluators. She hopes to bring it back in the future. “It could be a good idea to try this initiative again in a slightly re-worked format,” she said.
In the race for AI gold, healthcare is getting left in the dust by finance
If the economy were an inter-sector track meet in which AI adoption propels the runners, healthcare would be getting repeatedly lapped by financial services.
Politics Still Trumps Economics in Determining Britain’s Future
The UK economy remains at the mercy of events both in Downing Street and further afield
Kynetic Media Ventures and Dolphin Entertainment Launch Graviteur Studios for Creator-Led Projects
Dolphin Entertainment and Kynetic Media Ventures have launched Graviteur Studios, a production venture designed to tap into the creator economy to produce modestly budgeted movies and TV projects. Dol...
Thanks For Making Me 12th Highest on Substack’s List Of “Rising” Business- and Economics-Related Newsletters
A big thank you to those of you who upgraded to paid subscriptions to read my two most recent paid memos: https://richardkatz.substack.com/publish/posts/detail/201675746?referrer=%2Fpublish%2Fposts%2Fpublished and https://richardkatz.substack.com/publish/posts/detail/201774434?referrer=%2Fpublish%2Fposts%2Fpublished As a result, total paid subs rose by 5.6% over the past seven days. And that put me at 12th on Substack’s list of “rising” newsletters in business and economics. “Rising” means those with the biggest percentage increase in revenue from subs over a short period of time. Of course, as is often the case with the issues I discuss, this is a good-news/not-so-good-news story. The good news is a rush of new subs. The caveat is that it’s easier to get a big percentage increase when the base is relatively small. I have enough paid subs to be in the initial rank of Substack’s “best seller list,” but a way to go before enough of the 12,000 subs to Japan Economy Watch are paid subs. For most hybrid newsletters—a combination of free and paid posts—2-7% of the total subs are paid. 5% is my initial goal. If you gain insight from reading this blog, please join those who’ve already upgraded; help me reach 5%—and beyond. Subscribe
United is blocking middle seats on its new Airbus A321XLRs
The new premium-economy set-up resembles a "Eurobusiness" class and will likely come at an upcharge.
2026 Short Course Highlight: The Disrupted World: Politics and Economics in Transition -
The Disrupted World: Politics and Economics in Transition Full Day Short Course | Register here 2026 APSA Annual Meeting & Exhibition — Boston, MA 9:00 am – 5:00 pm Workshop Overview The global political economy [...]
6 Ways to Make Economy Feel Like Business Class
Economy seats are usually the best bang for your buck, but not always the most comfortable. Here's how to upgrade the otherwise bare bones experience.
MS NOW’s Stephanie Ruhle Moves From ‘The 11th Hour’ To Mornings With ‘Money, Power, Politics’
Ruhle signed off MS NOW's 'The 11th Hour' on Friday, and she debuts in her new role this morning after 'Morning Joe,' with a focus on how the economy and Washington impact real people.
Study finds West Virginia gains on economy and air quality, but health and education lag
Trump's rural support slips as fuel and food prices climb, poll shows
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In Retrospect: Poland, Russia, Europe
In April I spent a few days with Zryw, a Polish non-profit organization that recruits young people to enter politics and public life. Their aim is to build a new generation of civic leaders in Poland. I’ve followed their evolution from the beginning; my son is one of the founders. (“Zryw” means “impulse” or “burst of speed” in Polish). Julie Chmielewska, one of Zryw’s leaders, interviewed me at the event. Here is the conversation, lightly edited for grammar and context: Julia Chmielewska: Assuming that culture shapes institutions, could we conclude that some cultures are more prone to authoritarianism? Anne Applebaum: I don’t think so. Every culture, every nation, and every country has the potential for change. When we look at history, we can see that nations do change. Poland has changed, for example, from the 1980s to today. There’s a completely different mentality here than the one I encountered when I first visited, in 1988. The current generation sees the world through a different frame. So no, I don’t believe that certain nations are doomed to authoritarianism, or to anything. Of course, there are political and cultural traditions, but they can always be challenged. JC: So do you think there’s something intrinsic in human nature that pushes people to democracy, freedom? AA: I think there is something in human nature, a deep instinct, that pushes people towards freedom, yes. People who live in authoritarian countries – and I’ve heard this from them over and over again – sooner or later find themselves angered by a feeling of helplessness. They can see the unfairness of crooked courts, irrational political decisions. They naturally dislike the fact that somebody has all the power while they have none. In those circumstances, people who have no political background at all sometimes are politicized just by that frustration. I’m thinking of Svetlana Tikhanovskaya, for example, who was a Belarusian housewife, until the circumstances of her husband’s arrest forced her to become a politician. I met a woman who is a Uyghur from China, and who had come to live in Turkey. After several of her family members were arrested, she too was propelled into a political role. These kinds of experiences make people interested in democracy or political reform, even if they thought they didn’t care. I also think that the opposite is true: some people instinctively prefer homogeneity, order, hierarchy. They don’t like the confrontation of opinions or the noise of debate, and they lean towards a single leader or a unified regime. I think that most of modern history is shaped by the clash between those two different sides of human nature. JC: Which force do you find more powerful today? AA: I think they both have a lot of power and there’s no way of predicting who wins. Even in countries that seem very shut off or stuck in an authoritarian system can change. We’ve seen that happen. And vice versa, I think democracies can also begin to fail and slide into authoritarianism. So it’s very important not to be complacent in either direction. JC: I want to go into your history and your experiences. You’ve lived in Russia during a time of incredible change in the late 80s, and then you came back to do research in post-Soviet Russia. AA: I was a student in Russia just before the collapse of the Soviet Union. I then traveled and worked there extensively in the 1990s, and I met people who really were full of hope. They hoped that Russia could become a democracy, or at least a place that guaranteed freedom of speech, freedom of the press. These weren’t ideas that came from Washington. Although now the narrative in the Kremlin is different, I met many people who were working towards exactly that kind of transformation. A friend of mine ran a series of seminars – once a year, and then later several times a year, in cities all over Russia – designed to get people to discuss politics in new ways. She invited young politicians and journalists, as well as foreigners. I went to many of them, in Moscow as well as Volgograd and Novosibirsk. Over two decades, hundreds of people came to these seminars, and all of them wanted Russia to be different. I remain convinced that many Russians still want Russia to be different. It’s just that the old system, in the form of Putin, a representative of that system, returned. The KGB reimposed their power. And this wasn’t because of something to do with culture, this was to do with money and politics, and who was in charge. JC: You’ve partially answered my question... I wanted to ask whether that excitement of the 1990s was an exception from the Russian historical norm which has been rather authoritarian? AA: Of course, if you look at the history of Russia since the 18th century, there have always been liberal groups, reformers and revolutionaries. There were the Decembrists, in the early 19th century, and the rural populists later on, who tried to organize the peasantry. A significant group of liberal Russians appeared at the turn of the 20th century, people like the father of the writer Vladimir Nabokov, who was a Russian politician before the revolution. These groups were small in number, but sometimes had a broader significance. The Russian dissident movement in the 1950s and 1960s actually invented the modern human rights movement. It was their idea to hold the leaders of the Soviet Union accountable for the language they used, to remind them of the treaties they had signed and the promised they had made. They created the Helsinki group, for example, that held Soviet leadership to the language of the Helsinki Treaty, which formally ended the Second World War and which contained guarantees of human rights, at least on paper. That idea spread to Eastern Europe, and similar tactics were used here in Poland. (Benjamin Nathans recently wrote a great book about the Soviet dissidents, To the Success of Our Hopeless Cause) JC: But seemingly, even if they do ever get power, they could never hold on to it. AA: We don’t know, because they have never really had power. But in any case, we also don’t know what will happen in the future. There is no reason to assume that Russia will forever be condemned to totalitarianism. Even during the first fifteen years of Putin’s regime there was some form of democratic politics. Only when the full-scale war began did he bring everything to an end: he shut down all remaining independent organizations and killed his most important opponent, Alexi Navalny. But does that mean he is popular, that he enjoys legitimacy? Even now, we don’t really know what Russians think about him, or about the war. There is no way of doing real polling in Russia because nobody will answer an independent pollster over the phone. JC: Do you think that the flock of young people, especially young men, who fled Russia after the start of the war represent a continuation of liberal movements that refuse to partake in the authoritarian state, or do you think they are moving for the sake of self-preservation – “I don’t want to go to the army, so I leave”? AA: I’m sure it’s both. I actually know many people who left Russia for political reasons either in the very last years before the war, or else just after the war began. JC: And do you see a change in the young generation versus the old one that have fled? AA: It’s hard for me to say because the people who I know were mostly already politicized. I do know some younger people who left, but most of them were already either active in the opposition, or working as journalists. Many of them very self-consciously think of themselves as maintaining Russian culture abroad, just as in the 20th century the Soviet dissidents or the anti-communist White Russians once thought of themselves as people who maintained the true Russian culture, outside of Bolshevik Russia. JC: Let’s move on to Poland. One of your first experiences with Poland was reporting on Margaret Thatcher’s first state visit, in the autumn of 1988. You followed her around the farmers’ market. AA: She was making a symbolic gesture. She wanted to welcome free markets, but the only one she could really visit was the farmers’ market at Hala Mirowska. JC: And I want to talk about this area because today you can look out of any window in that district, Mirów, and see rows and rows of skyscrapers. How does it feel to see a country built from the ground in such a short time, both politically and economically? AA: You know, when you’re living in a period of dramatic change, it’s always hard to know whether the change is positive or negative. The transformation in Poland created winners and losers, as well as new classes of people, new political movements of different kinds. At the time, it sometimes just felt like turbulence. Now, we can look back at the 1990s and early 2000s in Poland and see in retrospect that the country was headed in towards prosperity and European integration. In around 2009 or 2010, I remember speaking to a woman who worked cleaning government offices, and who asked me if her daughter should study in Amsterdam or in London. This seemed to me to be a real transformation, and it happened very fast: within a few years, Poles stopped feeling like second-class Europeans, and a generation of younger Poles appeared who had no qualms about crossing borders. JC: We again live in turbulent times. Do you think we’re heading towards positive outcomes? AA: I can’t make predictions, because everything that happens tomorrow depends on what people do today. Also, history doesn’t have a trajectory. It doesn’t move in a particular direction. You only think it does afterwards. As I said, you can look afterwards at Poland in the 1990s and you could say this was a period of great progress. But not everybody at the time saw that. Sometimes people are very wrong about a given country’s trajectory. I remember people writing about Ukraine in the 1990s, about how dangerous it was that Ukraine was independent, that this was going to be an anti-semitic state, that Ukrainian nationalism was going to come back... and although you can say many bad things about Ukraine, the country made many bad choices, actually it became a pretty tolerant state which now has a Jewish president and until recently a Muslim defense minister. JC: In the 1990s Poland’s and Ukraine’s GDP were roughly similar. Ukraine was even a bit richer. So the starting point was similar for both of these countries, but they’ve turned out very, very differently. Even if we stop in 2014. Why do you think Ukraine “chose East”? Was it external influence? AA: No, I think Ukraine was in a different position. First of all, central and eastern Ukraine had been part of the Soviet Union since the 1920s, and had therefore experienced a longer period of occupation, repression, Sovietization and even Russification. Ukraine did not have, as Poland did, an alternative elite: a large cadre of economists and politicians, who already had some experience in opposition politics and in independent thinking. In Poland, the transformative finance minister, Leszek Balcerowicz, had already thought about how an economy might be decentralized before he took office. We can argue about how successful he was, but at least he was prepared to try something new. In Ukraine, people weren’t prepared. For one, there hadn’t been much space even for an illegal opposition in the previous couple of decades. Ukraine was also in many ways still emerging from colonial occupation. For the previous couple of centuries, many of the most capable Ukrainians had moved to Russia, and the first generation of leaders in independent Ukraine tended to be former Soviet apparatchiks. They didn’t immediately seek to become closer to western Europe. Instead, they looked for some kind of economic and political “third way” and an accomodation with Russia. Ukraine became stuck in this position, half-in, half-out and became pretty profoundly corrupt. JC: The Polish alternative elite had a vision of where they wanted the country to go. I think the general perception now is that this vision ends with the next election, right? Is this a natural process of gaining power? AA: Their vision, and it was shared by the time by politicians who now call themselves both left and right, was that Poland should join the EU and NATO, as fast as possible. My husband (Radek Sikorski) was in the very first government that said it wanted to join NATO. At the time this was taken very badly in Washington: the demand for NATO membership absolutely came from Poland, not from the US. But even then, in the early 1990s, many Poles already understood that the Russian sphere of influence would grow once again, that it was important to become part of the transatlantic alliance and an integrated Europe as fast as possible: NATO, the EU, the Council of Europe, all of the trading and security alliances. That consensus lasted through several different governments and over many years, even governments containing former communists. For twenty years, right, left and center disagreed about many things, but they all agreed on the direction that the country should go. In retrospect, that consensus created the basis for prosperity in Poland. JC: And regarding the Polish-Ukrainian relations. We know that antagonisms, e.g. the myth of Wołyń [a massacre of Poles that took place in what is now Western Ukraine, in 1943] are increasingly used in Polish political discourse today. In Ukraine, nationalist historians make heroes out of UPA, the Ukrainian revolutionary army, which is held responsible for this tragedy. Where do you see a start for burying the hatchet? Is the reconciliation of our nations possible? AA: So here’s a strange thing: For more than a decade after they both gained independence, Poland and Ukraine participated in a number of projects that were designed to solve exactly these kinds of Polish-Ukrainian differences. Books were published that were jointly written by Polish and Ukrainian historians, monuments were built. These projects were successful: If you’d asked me this question in 2010, I would have said that there are no real historical issues between Poland and Ukraine, that the two countries had mostly reconciled. For a number of reasons, this began to shift. In Poland, children and grandchildren of victims of the Wołyń massacre felt their tragedy hadn’t been fully recognized. In Ukraine, nationalist groups wanted the UPA partisans who had fought against the Soviet Union recognized for their heroism, despite the fact that some in this broad and not well-defined group were also linked to Wołyń. In both eastern Poland and western Ukraine, the memory of the ethnic cleansing that took place there in the late 1940s - Poles were moved West, Ukrainians East - to accomodate new borders has left feelings of displacement and bitterness. The wave of Ukrainian immigration, which started before the war, may have provoked some of this. But don’t underestimate the role played by Russia, which has always wanted to create discord between Poland and Ukraine, and pumps out propaganda to that effect in both countries. Vandalism on both sides of the border, damage done to cemeteries and monuments, is sometimes carried out by provacateurs working for Russia, just to create bad feelings. The Polish-Ukrainian conflict also hides a different reality: although there are real grievances and bad memories, the truth is that the biggest tragedies both nations experienced in the twentieth century were inflicted by the Soviet Union and Nazi Germany. That should unite these two countries, not divide them. JC: This week (19.04.2026 – Ed.) in Hungary we saw that using historical narratives to create grievance has no longer worked. Are you optimistic about the direction after Orban’s loss? AA: The Hungarian election was really important because it shows that people can actually resist powerful, dominant propaganda. The ruling party Fidesz controlled all of the TV, 90% of the newspapers, the constitutional court, the bureaucracy... and yet people had the nerve to vote against it and resist it. It’s also an important election because Hungary created a huge network of well-funded think tanks and foundations that were funding other far right groups and projects. So that loss is going to have a knock-on effect in other places too, maybe even in Poland. JC: What you’ve said about resisting propaganda reminds me of one of the interviews you did about talking to Russians in the post-Soviet era who claimed that people knew that the system was lying. Why do people choose to believe in these regimes anyway? AA: Because it’s useful. Stephen Kotkin, an American historian, once described how people would learn how to “speak Bolshevik”: It was just a language that you needed to use in order to get by in society. If you didn’t talk the way the regime wanted you to talk, then you might have problems, or lose your job, or your kids would not get into university. It was a way of getting along. Communist Poland was similar, at least in the early years. When I was writing a book about the Sovietization of Eastern Europe after World War II, I met a lot of people who wanted to talk a lot about the war, when many of them had done really heroic things. But almost nobody wanted to talk about the decade afterwards, between 1945 and 1956. This was when you had the short period of terror, violence and Polish Stalinism. To stay safe, people felt the need to just go along with what others were saying, or stay out of politics, or use communist jargon without necessarily believing it. I don’t judge them for it, and I wouldn’t describe all of those people as collaborators. It’s easy to feel moral certainty in retrospect, because we know that communism ended. But if you were living in 1949, it might not have been clear to you that communism was going to end. In very repressive societies, maybe about 10% of people who are really evil – collaborators, torturers. Maybe 10% of people are really brave and who find ways to resist. And then around 80% of people have kids, they have parents, they have to have jobs and they’ve had to get through it somehow. Strange though it may sound, I’ve found that the work I did on that book is now very useful in explaining some of what’s going on in the United States today. There are plenty of members of the Republican Party in Congress who know perfectly well that Donald Trump says many things that aren’t true. But they avoid criticizing him because it’s inconvenient, because they would get in trouble, because someone would attack them on the internet. So actually you don’t even need mass terror to get people to conform. JC: Is Gen Z reinventing agency? AA: We’ll see. In any generation you can find groups of people who want agency. If you live in a society that’s unfair, for example where a tiny number of people have captured most of the wealth, then at a certain point people rebel. This is always easier for younger people, who have you have less to lose. The question now is how the internet will affect the relationships between citizens and the state, and how it will change organizations. The “Twitter revolutions” people spoke about as early as 2008-9, mass protests organized online, have often proved to be very superficial. Although you can easily join something just by clicking, the work of creating a real movement requires physical participation. Successful mass movements of the past, for example the Civil Rights movement in the United States, were built by people who had spent many years together. They had participated in non-violent workshops together. They practiced and prepared. Just using the you can get everybody to show up at a certain moment, but then when the protest is broken up, nothing happens. It’s also true that the repressive regimes have more recently learned how to use the internet to undermine leaders and movements. Most of all, they now understand how to make people cynical. The form of propaganda that most modern authoritarians use - and I think the Russians really pioneered this - deploys sneering cynicism. Instead of praising the rulers, the regime propagandists mock the opposition movement leadership for being supposedly corrupt or sexually degenerate, with the goal of undermining any kind of idealism. JC: MAGA grew on the internet? AA: MAGA is a real grassroots movement. They had symbols, red hats, they showed up at rallies. But you’re right that the cynicism, the sarcasm and the distrust that the movement embodies came originally from the internet, and this is different. Fifty years ago, most European political parties had a social base in real organizations, in trade unions for Social Democrats, in church groups for Christian Democrats. As people stopped going to church and as the trade unions became smaller, the social base of these parties disappeared. Now people who wouldn’t have known one another in the past meet on the internet and create new movements, many of which don’t last. JC: Is history ending? Going in stale circles? AA: History never ends. In truth, human beings want contradictory things at the same time: order and freedom, stability and change. These things are never resolved, and when a society swings too far in one direction, people always push it the other way. But each time that happens, the result is different. Certainly it is true that we are now in a period when old philosophers and ideas from the 1930s are undergoing a revival. Carl Schmitt, who was a philosopher who was very influential on the Nazis, is back as an influence on both the far left and the far right, once again inspiring people to think that all politics has to be existential, that all politics is about defining and defeating enemies. In the US, some are also bringing back dominionism, the idea that we need a Christian and not a secular state. It’s also true that we are living through a more fundamental shift. The old left-right divide, which was mostly about the size of the state, is much less important now. Instead, we are arguing about more fundamental things: what are our rights, what protects our freedom. Or how much power do we want to give small elites, versus how much power to give ordinary people. In America a small group of very wealthy people now control information, because they control the social media platforms and AI, which means they determine what people will read and learn. Finding a way to preserve preserve zones of autonomy and independent thinking, this is going to be the main task for the next generation. JC: What is the one book that a person interested in Central Europe should read? AA: You could read my book “Iron Curtain: the Crushing of Eastern Europe” which tells the story of how the Soviet Union imposed its culture on the region. Or read Tim Snyder’s history of the region, “The Reconstruction of Nations: Poland, Ukraine, Lithuania, Belarus 1569-1999.” And everyone should read “The Captive Mind” by Czesław Miłosz, which describes exactly the phenomenon we were talking about: why do people collaborate? I joined Scott Galloway and the brilliant Fiona Hill in a discussion about the wars in Ukraine and Iran, the future of global power, and what these conflicts reveal about America's role in the world. Scott told us that this was the 400th edition of his podcast, which is quite a number: My friend Francesco Chiamulera runs a brilliant series of literary events, Una Colline di Libri, A Hill of Books, in the Prosecco Hills, a region of vineyards and elegant hill towns in the Veneto, north of Venice. We did an event in Vittorio Veneto and also drove and biked around the countryside. Buy Autocracy Inc Buy Iron Curtain Open Letters, from Anne Applebaum is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
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Social Security is Facing a Political Crisis
On Tuesday the Social Security Trustees released their latest report on the system’s finances. The numbers didn’t change much: Unless something is done, the Old Age Survivors and Disability Insurance (OASDI) program, Social Security’s official name, will be unable to pay full benefits starting in either 2032 or 2034, depending on some technical issues. That’s not far away: If the Trustees are right, the prospect of a Social Security crisis will loom over the next presidential administration. It’s important to understand, however, the nature of the looming crisis. It won’t be an economic crisis. It won’t even be a serious fiscal crisis. Whatever you may have heard, Social Security isn’t in danger of going bankrupt. What we’re facing, instead, is potential political crisis. Congress and the White House could easily take action to sustain America’s retirement system. But given the current state of our politics, there’s no guarantee that they will. There is a widespread misunderstanding of how Social Security works. While Social Security was designed to look like a pension fund, it isn’t. A pension fund pays benefits out of a stock of assets it has accumulated over time. In contrast, Social Security operates as a government transfer program, like food stamps or Medicaid. Now, unlike food stamps — but like the highway trust fund — Social Security is on paper supported by a dedicated tax, the payroll tax, that is assigned to that program. But I say “on paper” because from an economic point of view assigning the payroll tax to Social Security is just an accounting convention. What matters for the U.S. economy is the overall balance between government spending and government revenue, not the difference between one type of spending and one source of revenue. So there’s no inherent economic significance to the fact that by 2034 payroll tax receipts will be insufficient to cover promised benefits. There is, however, a legislative issue. As long as the Social Security Administration can pay benefits out of payroll taxes and its cash reserve, there’s no need for Congress to vote each year to authorize benefits — they just keep going out until further notice. However, once those resources become insufficient, benefits will fall —by 17 percent according to the Trustees — unless Congress passes new legislation that “tops up” Social Security’s finances. Yet the current administration and Republican party are such extremists that there is a real risk that Social Security will be held hostage on behalf of their goals. If this should come to pass, the hostage-takers will claim that shoring up Social Security is unaffordable. Right on cue, Mike Johnson, the Trump-sycophant Speaker of the House, declared on Monday that “entitlement programs” like Social Security “have to be adjusted and fixed,” and that Republicans will introduce a plan to that effect next year. But this is a ploy, because while the cost of maintaining Social Security benefits at their promised level isn’t trivial, it is in fact affordable. According to the Trustees’ report, the actuarial balance of OASDI up through 2050 — the amount of additional funds it would need to keep paying full benefits for the next 25 years — is 1.06 percent of GDP. To put that number in perspective, the Trump administration proposes increasing military spending next year by $420 billion, equivalent to about 1.4 percent of GDP – without any discussion of whether that’s affordable Yet how did we get to the point where Social Security will need to be topped up? The main answer is that we have an aging population, with a growing ratio of retirees collecting benefits to workers paying into the system: Trump’s anti-immigration policies are making this problem worse. According to the Trustees’ report, lower immigration will deepen Social Security’s financial hole because many immigrants are working-age adults who will pay into the system for decades before they collect benefits. In fact, this problem may be much bigger than the report acknowledges: The report’s baseline assumption is that we’ll have net immigration of almost 1.2 million people a year, and even the pessimistic case assumes 750,000 a year. Meanwhile actual net immigration has already been cut far below that — and may now be negative. Moreover, Social Security is being financially damaged by growing income inequality in America. Payroll taxes are levied only on wages up to $184,500, and they don’t touch capital income. With the distribution of income increasingly shifting from labor to capital, as well as becoming more unequal among wage-earners, revenue from the Social Security payroll tax has been falling as a share of national income. From 1990 to 2024, it fell from 5.02 percent of gross domestic income to 4.46 percent. Which brings me to the question that, these days, we ask about everything: How might Social Security be affected by the advent of AI? A short answer: If, as many of us fear, AI accelerates rising income inequality, it will further reduce the payroll tax receipts that currently pay for Social Security and further endanger its finances. On the other hand, if AI, as its advocates promise, leads to faster economic growth, it will increase the potential tax base that could and should be used to support Social Security and other social insurance programs. But to take advantage of that larger base, we’ll have to get serious about taxing wealth and capital income. Is Social Security in trouble? Yes, but only because of the way its financing is currently structured — a structure that no longer works well because our society and economy have become so unequal. 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