This is now much worse than a Liz Truss moment. After Truss unleashed chaos in UK markets she pulled back part of her proposal then fired her Chancellor & then pulled back the rest of it. None of that was enough for markets--until she resigned. How can we get out of this?

Half measures and delays won't work--there is way, way too much uncertainty that has been unleashed. The word of the President & his team won't work--they are not credible. The only option to eliminate uncertainty would be for Congress to pass a law by veto-proof margins.

I don't think people realize that in important respects tariffs are now higher & more inflationary than what was announced on last Wednesday. Since then we've gone from 54% to 125% on China, our 3rd largest trading partner. That outweighs delaying the increases on 70+ others.

Remembering better times…

Oops.

This is very interesting and important I was a skeptic of ACOs because their early data on cost savings was not that great But over time, they have increasingly proved my skepticism wrong And may be an important contributor to why we’ve seen a slow down in Medicare spending

There is an important asymmetry. Most countries are engaged in only one trade war. The United States is engaged in 192. So folks in other countries can easily shop elsewhere, but American's can't. The trade war hurts us more than them.

Great story.

It’s not torture. Medical training was some of the best years of my life.

This is a remarkable feat on so many levels. *Massive* congrats to Kiran Musunuru (former Circulation: Genomic and Precision Medicine EiC & Sek Kathiresan MD lab co-alum) Sarah Grandinette Rebecca Ahrens-Nicklas & team! nejm.org/doi/full/10.10… NEJM (coverage nytimes.com/2025/05/15/hea… The New York Times by Gina Kolata)

It's hard to avoid recalling this passage from the English historian Tony Judt:

4) Rs have been promising people a big tax cut, but for the vast majority of people, there will be no change in their taxes next year. A lot of people will be rightly asking, “where’s this big tax cut I was promised?”

Someone should write about how California's ban on employee noncompete agreements has spurred faster progress, greater innovation, and stronger competition in AI, benefitting employees and consumers alike while companies thrive, and what it means for the broader national debate.