Wrap Up for December 2025

How the early "free labor" vision of the Republican party has become relevant again.

The AfD has become Germany's most popular party. What might that mean for Germany and Europe in general?

Trump doesn't realize how undermining the Fed's credibility ultimately pushes long rates higher. Yet it's a problem with historical precedent.

Fears of debt monetization aren't just a problem in the U.S.

Which companies are the most profitable globally?

The lack of statistics on immigration, can make it difficult to ask basic questions about the economy.

In LA, people finally started painted crosswalks themselves when the city dragged its feet about doing so for years.

A closer look at financial services in the U.S.

There's a difference between quantity supplied and the capacity to produce something.

More young adults are worried about the country's future now, than was the case in the Great Recession.

Contrary to expectations the U.S. hasn't really reduced its dependence on China. In fact, there has actually been friend-shoring in reverse.

China continues to innovate. But how do they do it?

People have their own ideas about how the economy is doing, and won't be lectured otherwise. Still, Trump's inflation claims are over the top.

What will the future of data be? Even as it evolves, it needs more help than it has gotten so far.

Medicaid has become a complicated two-tier system.

Toyota ranks highest among the world's best selling car brands.

There are jobs without a college degree requirement where a person can make a surprising amount of money.

Europe is not in a good place right now. Can it still turn things around?

Fed independence was the best way to achieve price stability. How economically stable might we remain when the Fed at least partially loses its independence?

A closer look at how monetary policy works, with examples.

What is a manufacturing worker exactly? The answer isn't quite as simple as it sounds.

The Fed has become profitable again, but questions and structural concerns remain about its recent losses.

How much can $100 actually purchase in each state?

Doctors now earn more than people realize. Plus, the highest paid doctors tend to live where one might not expect.

The most helpful description of sustainability is that it not only seeks opportunities for future generations, but also encourages a good life for those who live now.

There's a third possible scenario for AI in which it would struggle to realize significant profits.

Older high school students appear to have suffered greater learning disruptions during Covid, especially in math.

Home prices in several Canadian cities surged the most in the last 20 years, but places such as Dallas and Houston weren't that far behind.

Too many policy choices are now working against affordability, rather than addressing the issue.

Derek Thompson takes a look at the most important ideas of the present.

Both producer prices and export prices rose after Trump's election.

In some respects, the U.S. could be considered in a worse fiscal shape than Italy.

More states are moving to a junk food ban on SNAP purchases in January.

Unfortunately, the lack of productivity in construction is a global problem, not just a problem for the U.S.

Seemingly it's a gambler's paradise, but no one feels all that great.

Even though government statistical agencies are imperfect, the alternatives aren't a sufficient way to determine what's actually taking place.

The Chinese economy is still in need of consumer-led rebalancing if it is to meet its growth targets.

What does poverty actually consist of in the U.S.? Perhaps the real problem is we have eliminated too many options for practical lifestyles.

Family may not rank as high as one might expect in terms of values.

Paul Krugman and Adam Tooze take a closer look at what's really going on with Europe.  Also related, hedonic indices only go so far to highlight differences in productivity.

The cost of goods and services are about 25% higher than they were in 2020.

Have we entered a world in which inflation has become "structurally harder to extinguish"?

Minnesota has been a particularly good state for innovators.

The rally in precious metals is really about the loss of confidence in fiat money in general.

A bright spot in the recent redistricting battles.

When approximately 75 percent of U.S. imports are actually intermediate goods, tariffs don't work as advertised.

Which states are responsible for a greater share of U.S. GDP?  Also, What states currently face greater recession risks?

By the early 2000s the world had learned some vitally important economic lessons, but alas, in the last 20 years has managed to throw much of that hard earned wisdom away. 

Both home ownership and mobility can be impacted, when local areas suffer losses in income generating capacity due to changing market conditions.

Involuntary part-time work is surging, and that's not a good sign.

There's a trend that's being missed, regarding young people who lack any real level of social engagement.

The private-sector data hasn't been lining up well with the government data.

The last decade has seen a large decline in active religious involvement for U.S. citizens.

Why isn't residential wealth the kind of economic gain that it appears?

Affordability isn't simple, especially since it reflects the realities of incomes and wages.

That global supply chain omelette that nations were relying on, is not at all easy to unscramble.

Where are the world's largest cities located?

How are today's tariffs different from those of the late 1800s?

In the countries that are best at math, the U.S. is among the rankings, but barely.

So far, most political attempts at increasing affordability are more short term thinking than long term efforts.

The last six years saw most income levels lose a sizable percentage of home ownership access.

Scott Sumner explains why the monthly jobs report is so important.

Some visuals for formal and informal volunteering, by state.

U.S. stocks and bonds make up nearly half the world's investment portfolio.

The economy has been remarkably resilient. But, people's patience with what it feels like? Not so much.

Those recent divisions in the political right are especially evident at the Heritage Foundation.

Health and height have been a better proxy than some for potential productivity gains.

This has not been a good year for coherence in monetary policy. U.S. tariffs are a symptom of the larger problem, as markets have simply grown weary of deficits and debt.

So much of the economy depends on what we're able to focus our undivided attention on, especially over extended periods.

What accounted for the strong third quarter growth?

Even though some gift giving appears inefficient, employer gift giving in the workplace has actually increased productivity.

A visual for the approval ratings of world leaders, going into 2026.

Even those who are in the U.S. legally, don't always feel safe remaining here.

Some unexpected advantages of unified ownership. Also, Japan's unique approach to some particularly tough local planning problems.

The ten "best charts" of the year, from Agglomerations.

It may be a while before diplomacy between the U.S. and China, is once again hopeful and positive. 

Mexico has struggled to overcome the limitations of its dual economy.

Abenomics held lessons that are still useful today.

A visual for proven oil reserves around the globe.

Each of us benefits from our mutual prosperity!

In Senegal, farming possibilities could provide alternative paths to migration.

I wish all my readers a New Year of peace, beauty and tranquility, such as one finds in the images of this video.