The following pieces offer a range of perspectives on some of the most consequential questions we’re facing right now—most notably on Iran. Scott A. Burns and Caleb S. Fuller contest the Trump administration’s mercantilist reasoning regarding the Strait of Hormuz. Then, Ivan Eland dissects why tactical wins don’t equal a won war and Trump’s recent national address.

Economically, Craig Eyermann discusses the recent CBO deficit projection. Scott Beyer points out several factors that have contributed to lower birth rates in America, while Alex Tokarev reminds us that we are living through unprecedented material progress. Finally, Caleb Pettit shares a new dataset that reveals America’s hollow shipbuilding industry.

Happy reading.

Jonathan Hofer
Managing Editor