What to make of our “two doll, five pencil” economy? On this episode of All Things, the Hoover Institution's John Cochrane explains the bigger problem of Donald's Trump's tariff policy: it is focused only on the symptoms of a bigger U.S. structural disease. The "Grumpy Economist" also highlights his favorite Trump deregulatory moves so far, lays out the tax flaws in Congress's "one, big, beautiful bill," explains the real merit of DOGE, and muses with Kim Strassel about how fantastic the economy would be if they were in charge. 

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