The Treasury Department headquarters in Washington, DC, on May 27, 2026. | J. David Ake/Getty Images
This story appeared in Today, Explained, a daily newsletter that helps you understand the most compelling news and stories of the day. Subscribe here.
As someone with a 401(k), I tend to prefer it when financial news doesn’t reference the 2008 financial crisis. Unfortunately, that was not to be on Tuesday: the US bond market is having a tough go of things right now, and the 30-year Treasury yield just hit a 19-year high last reached in June 2007. Other countries, including Japan, Germany, and France, also hit multi-year highs.
So what does that all mean? It sounds technical, but bond yields underlie the cost of borrowing for just about anything, from mortgages to car loans. Essentially, they’re the rate the government pays to borrow money on different time horizons (10-year Treasury notes or 30-year bonds, for example, often just called Treasuries). When investors sell government bonds, the price falls, and bond yields go up. A combination of weak demand and heavy supply right now means the problem is particularly acute.
The current shakiness in bond markets reflects the broader set of problems facing the US and global economies right now: The Iran war is dragging on with no end in sight after the US and Iran blew through a 60-day deadline to reach a more permanent peace deal yesterday, inflation is still a problem, and the national debt in the US and elsewhere is rising. Huge volumes of corporate borrowing for AI data centers in the US also play a role.
Here’s an uncomfortable problem: Part of the reason for climbing US bond yields is investors feeling antsy about the national debt. But the higher those yields go, the more it costs the government to service that debt, and the more quickly it’s going to accrue. And the US has a milestone approaching: $40 trillion.
It’s expected to reach that mark sometime this week, the Washington Post reported on Tuesday, months sooner than expected. Shortly after that — sometime early in 2027 — the US could once again be staring down the debt ceiling, which Congress will have to raise (it previously acted last year to raise it by $5 trillion, to $41.1 trillion total).
Whenever that rolls around, it’s likely to be a major political fight, especially if Democrats win back one or both chambers of Congress this fall (unless Republicans do so this fall, as Trump has urged).
But as my former colleague Dylan Matthews wrote in 2024 (when the national debt was merely $35 trillion or so), there are very good reasons to address the growing national debt beyond the political: Not only can it weigh on the overall economy over time, but if things get really serious, it can also spiral into a debt crisis. It’s never happened in the US before, which has some things going for it that make such a crisis far less likely than in other countries. As Dylan pointed out some $5 trillion ago, though, that doesn’t mean it’s impossible.
One link for later
➨ Environmental law at risk. Trump is asking the Supreme Court to clear the way for construction to continue on his East Wing ballroom/“Military Complex,” which has been blocked by lower courts. But the case goes much further than that: As my colleague Ian Millhiser explains, if justices rule in Trump’s favor, “numerous environmental, conservationist, and historical preservation laws could effectively cease to function.”
Before you go…
Did you know…that most pet hamsters are Syrian hamsters, native to the northern part of the country? It’s just one of many great details in this nuanced piece from my colleague Kenny Torrella, about the complicated story of Mollie, the hamster uploading his runs to Strava.
Today’s trivia: Which Dutch astronomer theorized a cloud that constantly creates comets? (You can find this and other brain puzzles in Vox’s daily crossword. Look for the answer in tomorrow’s edition.)
Yesterday’s trivia: Yesterday, we asked you for the title of Iran’s ruler before the 1979 revolution. That was the shah; Mohammad Reza Pahlavi was the last to hold the title.
Nithya Raman at a campaign event in May 2026. | Myung J. Chun/Los Angeles Times via Getty Images
Los Angeles offers one of the most vivid examples of our nation’s broken housing system: a quintessentially American expanse of traffic-clogged roads and single-family homes, coupled with the highest home-price-to-household-income ratio of any major city in the country.
To moderate prices, LA urgently needs to build more homes by allowing more density in its neighborhoods — but much of the city’s leadership has vigorously opposed it. Nowhere has that been more evident than in the fight over SB 79, a landmark California law that overrides local zoning to permit taller, denser housing near major transit stops. LA’s city council and its incumbent mayor, Karen Bass, have opposed it and sought ways to avoid complying with it.
Now, as Bass seeks reelection, mayoral candidate Nithya Raman — one of the city’s, and perhaps the country’s, strongest advocates for building more housing — wants to oust her.
Raman has gained unusual traction in a city long resistant to growth and has become a nationally prominent YIMBY. How to accommodate LA’s need for more housing, Raman told Vox in a recent interview, is “a question that the city has actually turned away from.” She believes she can do better.
Earlier this summer, Raman advanced in LA’s mayoral primary, setting up a November runoff against Bass. The race has resonated far beyond Los Angeles, because Raman is making one of the defining problems in American life — the punishing non-affordability of our most productive cities — the centerpiece of her campaign. Its outcome could shape the future of housing in America’s most populous state and help determine whether LA can become the engine of California’s pro-housing turn, or its most potent obstacle. If she succeeds, she might cut a path forward for better housing policy in high-cost blue cities elsewhere.
Just as core to Raman’s appeal is a commitment that’s often seen as at odds with housing abundance. She is a member of the Democratic Socialists of America (DSA) and a forceful champion of tenant protections, including rent control. (Her relationship with the DSA is complicated, however.) She helped shape a stricter rent stabilization formula that was adopted in LA late last year, though it was strongly opposed by rental property owners.
Many housing policy experts, as I recently wrote, believe rent control can worsen the housing affordability crisis it aims to solve, because it tends to reduce the supply of rental housing. But in high-cost cities and states, interest in it has been surging nonetheless. A rising cohort of progressive politicians, including Raman and Zohran Mamdani in New York City, believes cities must protect current renters from price shocks and displacement while adding housing supply. In doing so, they hope to mount the kind of political support that has long eluded YIMBYs.
I spoke with Raman about how she thinks about these competing interests, and how she intends to combine them to make a meaningful dent where her predecessors have failed. I was struck by how cautiously she discussed one of the city’s most politically explosive housing policy questions — densifying single-family neighborhoods. Though she has previously pushed for legislation allowing midsize apartment buildings in some wealthier single-family neighborhoods, she emphasized gentler, more gradual change in our conversation. It reflected the core paradox facing housing reformers in LA and nationwide: the need for sweeping change, and the political pressure to make it feel gradual.
Our conversation, condensed and edited for clarity, is below.
You’ve gotten an enormous amount of traction on housing issues in LA. If you win the election, then what?
When I’m asking for-profit developers and affordable housing developers alike, “What is your biggest barrier to building in LA?” they say that the city of LA is their biggest barrier to building in LA. Whether it is extraordinarily long permit approval timelines, whether it is the failure of the Department of Water and Power [DWP] to be a good partner and to provide real predictability in the building process, both in timelines and in costs. The city of Los Angeles stands in the way of new housing.
As mayor, I want to do everything in my power to change that. I want to set deadlines by which departments have to respond to applications. I want to bring DWP to the table early and to ensure that they’re a predictable partner for new development. I want to make sure that departments that need to talk to each other are talking to each other quickly and early on in the process, as opposed to providing conflicting answers and taking months and even years to respond. These are all within the power of the mayor to influence and things that this mayor has ignored.
Sometimes rent control and renters’ rights on one hand and new housing production on the other are treated as rival agendas, yet you have made them both central to your politics. What connects them for you?
I don’t think that you can have lower rental costs in a city like Los Angeles without having more housing being built. This is a city that has resisted the construction of new housing for decades, explicitly restricted new apartments from being built in many, many parts of the city for a very long time. We have among the fewest homes per adult of any major city in America and the highest rent-burdened population of any city in America, and to me those two facts are very deeply connected. We can’t really lower rents unless we have more housing here, and lower rents are a big part of how you protect renters.
LA has a rent control system, and you were a champion of a change that tightened that system last year. Do you worry at all that tighter rent control could do damage to housing supply through some of the well-documented mechanisms, like causing landlords to convert apartments to condos? Is that in tension with the goal of increasing housing supply?
Housing built after 1978 cannot be subject to rent stabilization [in LA]. So, making sure that renters in older buildings are protected and trying to incentivize new housing from being constructed to me are not in conflict with one another.
You talked about landlords potentially exiting the market. We’ve also heard concerns from apartment associations and from neighborhoods that there’s been increasing corporatization of housing, that smaller landlords are selling to larger corporate landlords, that being a mom-and-pop landlord is becoming increasingly unfeasible. What we’d love to see is more data on that. And, if that is actually happening, if we are driving landlords out of the market through these changes, if smaller landlords are selling to large corporate landlords, I want to know, and we should be looking at the impacts of this policy accordingly.
I’m very open to learning more. But, so far, what I see is that we have an extremely unaffordable city where all the data has shown us that rents have risen higher than incomes for a very long time. The regulations that we put in place are really trying to ensure that struggling renters are still able to stay in LA.
Is there one specific, concrete housing policy mistake made by Mayor Bass that you would point to? How would you have handled it differently?
There has been an overall lack of urgency in addressing housing supply in [Bass’s] administration, exemplified by the fact that we have not had a deputy mayor of housing for years.
The city has actually opposed and written letters to state officials pushing back against new mandates to build more housing. Instead of telling Sacramento, “How do you want to build that housing?” and trying to shape state laws to suit us — the largest housing market in the entire state — those laws should be written with our input, not written with our opposition.
I think the most stark example [of Bass’s failures on housing] is this: We’ve had 100 percent affordable housing projects like Venice Dell that are fully funded, that the city has sued and opposed and stalled for years.
“I think there is a growing consensus that supply is part of the problem and is driving the cost of housing.”
To what degree do you think that LA voters see the housing affordability crisis as a problem caused by a lack of supply — a housing shortage?
I think there is a growing consensus that supply is part of the problem and is driving the cost of housing. It’s not universally necessarily agreed upon, but I think if you were to ask people, “Is there a housing shortage? Is there a shortage of housing you can afford?” everybody would say yes.
Why should renters trust private developers?
I think that renters should trust the city to regulate private development such that we actually are building what we need here in LA and such that new building is actually enhancing what people love about their neighborhoods. I don’t think it’s the job of renters to trust developers. They need to trust that their city is going to make sure that we’re working hard to build neighborhoods that are beautiful, and welcoming, and beneficial, and can help families thrive.
That’s part of why I talk about production and protection always in the same breath. If you see that new construction is going to displace you, I think you’re less inclined to support it or to accept it. But if you feel secure in your current housing, and you know that you’ll be able to stay there, then new housing is less of a threat and can actually be a boon for a neighborhood.
That relates to an argument I’ve heard a lot: that tenants who feel protected from displacement by rent control and eviction protections will be less afraid of new development and more willing to support it. Have you seen evidence of that happening in LA?
There is a very broad coalition of people who are fighting for more housing now, a much broader coalition than I’ve seen in many other places. And it includes renters’ rights organizations that have historically been some of the strongest advocates for tenant protections. They’re actually in council chambers testifying around the need for more density across the entire city, particularly around transit hubs.
Do you see rent control as a temporary bandaid on a broken housing market, or is it something that should have a permanent place in housing policy?
I think protections against rent gouging are really important, and I think regulation in the housing market is really important. As a city, we have to be very careful about how we regulate these markets so that we are eliciting the best results and outcomes for our residents. I’m going to follow the research, and I’ll always engage with these issues closely.
The Democratic Socialists of America, of which you are a part, has talked about wanting to “de-commodify” housing and take it out of the private market. The DSA’s Housing Justice Commission says, “the housing market is not necessary.” Do you think that’s a good idea?
My approach to these issues is driven by how I can help Angelenos who are dealing with spiraling costs that’s driving working families out of the city. The city saw, I believe, a 16 percent drop in people under 18 over the past few years, because families cannot afford to live here anymore. That is a travesty for the city of Los Angeles.
My question as I approach this is about what I can do to ensure that we can keep people here. We can build new housing through publicly funded housing. I want to be able to make sure that people who will never be served by the private real estate market have support from the city to rely on that can help them stay, whether that’s in the form of housing vouchers, whether that’s in the form of social housing, whether that’s in the form of permanent supportive housing or new public housing.
I’m supportive of measures that are bringing public dollars to the table to build. However, the money that we have available to us will never be able to satisfy the extraordinary demand that there is for new housing in Los Angeles. So now, we have to rely on the private real estate market to make housing available and affordable to a much larger number of Angelenos.
Rent control primarily protects tenants who already occupy apartments that are covered by rent control. But building more housing is partly about people who don’t yet have a foothold in LA and who would move there if they could afford it. Is it possible to build a housing politics that gives those future residents real weight, even though they don’t vote in city elections?
I think that’s the question of this election in many ways. That’s been the question of my politics. But it’s not just about the future; it is also about our present. It’s also about parents whose children can’t live near them anymore, because it’s too unaffordable here. It’s about rising homelessness, which is inextricably connected to the cost of housing. All the impacts of not having housing are already felt by Angelenos.
So much of LA is single-family homes, and there’s been research finding that the city’s housing shortage can’t be filled without densifying single-family neighborhoods. Is that politically possible?
Some of the largest numbers of new units being built are actually ADUs, which are densifying single-family neighborhoods. And duplexes and triplexes and other kinds of interventions are in many places already legal to build. That’s been happening and, largely, been non-controversial in neighborhoods.
Around certain transit hubs, I think potentially greater density will be allowed in single-family neighborhoods through SB 79. So I think some single-family neighborhoods will have to change. But what I’m seeing in LA is a gradual process of adding more density that I think, in many ways, can be even beneficial for homeowners, because they’re able to make additional income or accommodate more people on their lots.
Gas prices in Chadds Ford, Pennsylvania, on May 21, 2026. | Matthew Hatcher/Bloomberg via Getty Images
With the 2026 midterm elections quickly approaching, President Donald Trump’s war with Iran is ongoing and gas prices remain high.
Americans are taking note: On this week’s episode of America, Actually, host Astead Herndon visits Allentown, Pennsylvania in the state’s bellwether Seventh District, to hear how persistently high gas prices — almost $4.20 per gallon in Pennsylvania — are showing up in residents’ lives. Many said the economy and prices were at the top of their list of issues, and laid the blame at Trump’s feet.
Still, gas is just one expense of many, for voters who are likely also feeling the pinch with the cost of groceries, housing, electricity, and more. So how much power do gas prices really have to shape the outcome of an election — and, potentially, a presidency? And after decades of renewable energy growth, technological disruption, and new existential worries, why are gas prices still so core to the American political conversation?
To learn more, Herndon spoke with Julian Zelizer, a professor of history and public affairs at Princeton University. They discussed the history of gas prices as a salient political issue, why Americans feel high prices so acutely, even compared to other commodities, and whether voters are ever willing to overlook gas prices when they go to the polls.
Below is an excerpt of the conversation, edited for length and clarity. There’s much more in the full show, so listen to America, Actually wherever you get your podcasts or watch it on Vox’s YouTube channel.
When did the price of gas become such a political weapon in America? Does this date all the way back to the Model T?
It really dates to the 1970s. That’s when the United States will have two energy crises, in 1973 and 1979, and the price of gas becomes a huge political issue for Americans. It affects presidents, it affects Congress, and it becomes a manifestation in that decade of the problems facing the country.
I think that’s when we start to realize we don’t have unlimited resources and it’s gonna be a political problem.
Can you go in more detail about that? What happened in the ’70s to make it so clear to Americans that this party might not last forever?
Production of oil here peaks in the late 1960s, early 1970s, and then in 1973, OPEC, which is the cartel of oil-producing countries in the Middle East, imposes an embargo on the US because the United States had supported Israel during the Yom Kippur War. And as a result of the embargo, prices go up and supplies go down, and that’s when Americans start to face gas lines.
Then, in 1979, we have another round of this after the Iranian Revolution, and that leads to even bigger gas lines and more stringent rations and government mandates in ’79, and many people think it really helped bring down Jimmy Carter’s presidency.
Carter in 1979 is really reeling from what Americans experience. And it’s not simply gas prices, it’s waiting in line for gas. It’s hearing that you could only buy gas on certain days. It’s reading stories about people stealing gas and violent clashes occurring over getting this commodity.
There’s a lot of things that go into the mix with Carter — the hostages in Iran — but certainly his difficulty dealing with this fundamental is a big part of what happens in 1980 when Reagan wins the presidency.
Of course, presidents have little control over the global price of oil, yet they are blamed for it seemingly every time. How have politicians and particularly presidents dealt with that reality, considering the price at the pump is so important to their political futures while not always in their control?
In the ’70s they tried with legislation. Carter pushes legislation that deals with energy, but it’s limited in its success. Americans want a lot of oil and it was hard to get them to conserve.
He put solar panels on the White House. There’s really not much that presidents can do. We have the strategic reserves. And other than that, I think presidents just wait it out and hope the timing works in their favor and the gas prices go down again.
Is there an example of a president who beat the gas prices trap? Do we have any example of someone successfully convincing the country, “Hey, look away from the price of the pump”?
I think we have presidents who say, “Just look away for a little while,” and when reelection comes around again, they’re doing better. Even President George W. Bush struggled with some of this after 9/11 and after the war started. But in the end, he doesn’t make an announcement about it so much as focus on other issues such as national security.
And now we see how prices fluctuate, so you just wait for those moments.
Why is it always gasoline rather than other commodities when we think about the priorities for the electorate?
There’s a few things. One is that, historically, the automobile really symbolizes American freedom and American consumption. And so when something impinges on our ability to drive a lot…
Second, it’s a price you just see. It’s just very visible when it goes up or down, more than groceries even.
I think that kind of recurring image for people becomes very politically potent if that number gets too high. So it’s a real struggle, but it’s also symbolically right in front of us. And these days, I think even more so now than in the ’70s or ’80s, it’s become something that the reporters and the media track.
I want to talk specifically about this summer. We’ve crossed $4/gallon again this summer, the highest since 2022, and this time it’s pretty clearly tied with the ongoing war in Iran.
Donald Trump has tried to make the argument that some short-term pain at the pump is worth a long-term national security focus. But his energy secretary said pretty clearly that gas won’t be back to $3 until 2027. Obviously, that puts us after the midterm elections. It sounds like he’s running the exact playbook you just told me has never worked, which is to get people to just pretend this is not happening.
What have you thought about how the president has handled the spike in gas prices?
In part it strikes me as a president who doesn’t really care about the fate of his party. I think it’s a big issue. I think most Republicans understand that. And it’s tied to a war that really doesn’t have public support.
It’s a war without the kind of clarity that many people felt after 9/11 with Afghanistan, and Iraq for a while. It’s the worst of all worlds. And so I think he’s really fumbled on this issue, and there was part of him that hoped people either wouldn’t care even if they noticed, or somehow the prices would diminish. It’s certainly not looking that way.
This story appeared in Today, Explained, a daily newsletter that helps you understand the most compelling news and stories of the day. Subscribe here.
The American economy lost some steam this spring as the war in Iran pushed up energy prices. But don’t let that slower growth, or the downer vibes, fool you: The economy is actually…doing all right.
The latest report out Thursday from the US Bureau of Economic Analysis, which covers the months of April, May, and June, finds that consumers and businesses have been feeling surprisingly spendy, despite the drag of inflation.
Inflation does remain well above the Federal Reserve’s annual target of 2 percent. And a surge in imports — largely semiconductors and other gear related to the AI boom — pulled the economy down on paper. Overall, the US gross domestic product expanded at an annual rate of 1.5 percent, slower than economists expected.
But imports and exports can swing dramatically from quarter to quarter, and cleaner measures of underlying demand (like the dreadfully named “real final sales to private domestic purchasers,” which filters out some of the noise of quarter-to-quarter swings) showed stronger growth. “It’s an economy that’s doing okay,” summed one economist to the Washington Post.
This raises an obvious question that President Donald Trump somehow has not posted about yet: If the economy is chugging along, does he deserve the credit?
After all, in addition to these GDP numbers, unemployment is pretty low. And wages rose faster than inflation last year, helping offset higher prices.
Let’s take a closer look at inflation to see how this shakes out. Trump has famously imposed massive and ever-changing tariffs on virtually all of America’s trading partners — including, most recently, a 50 percent levy on many goods from Canada. If I run a liquor store and want to stock Canada’s iconic Crown Royal, each $25 bottle now costs me $37. I either eat that cost, drop the product…or pass some of the increase on to customers.
Repeated across the economy, these little pass-throughs add up. The Dallas Federal Reserve calculated that, as of March, America’s core inflation rate would have been just 2.3 percent — instead of 3.2 percent — without Trump’s tariffs. Put another way, Yale’s Budget Lab estimates that tariffs cost the average US household $1,100 a year.
So maybe the economy is doing okay…but it could also be better. Personally I’d like an extra $1,100. And a Canadian whisky, for that matter.
One link for later
➨ Don’t rent the new iPhone. Apple rolled out a new “upgrade” program a few days ago, partnering with Klarna to offer customers the ability to rent smartphones for $35 a month. The scheme may make sense for diehards who always want the latest phone and switch devices frequently. But for most other people, it’s not worth it. “How do I know people aren’t getting a good deal here?” one law professor said. “If they were, Apple wouldn’t be offering it.”
Before you go…
Did you know…that stroke patients can sometimes relearn speech by singing their sentences first? The treatment is called melodic intonation therapy, and it grew out of research into how the brain processes music and language.
Today’s trivia: What kind of fruit is an ugli? (You can find this and other brain puzzles in Vox’s daily crossword. Look for the answer in tomorrow’s edition.)
Yesterday’s trivia: Yesterday we asked you for the name of Hercules’s stepmother. That would be Hera, who in Greek mythology — and contrary to her Disney movie portrayal — absolutely hated Hercules and repeatedly tried to kill him.
Roughly 60 percent of Americans tell pollsters the nation is on the wrong track. A majority say its best years are behind it. | Getty Images
This story was originally published on June 29 in The Highlight. To get access to member-exclusive stories like this every month, become a Vox Member today.
America in the summer of 1976 was not in a good place.
The president who presided over the country’s bicentennial, President Gerald Ford, only had the job because the previous president and vice president had resigned in disgrace, making him the sole US president who was never actually elected. The Vietnam War had ended in defeat and disgrace when Saigon fell the year before, after the deaths of nearly 60,000 American servicemembers. Inflation hit double digits in 1974 and stayed ugly, unemployment sat near 8 percent, and economists had to invent a word — stagflation — for an economy that seemed to encompass the worst of both worlds.
Given all that, you might assume the national mood leading up to the 200th anniversary was grim. And, yet, on July 4, 1976, something strange happened: Americans threw themselves a hell of a party.
And when pollsters asked people how they felt about the country’s future that year, the mood was, improbably, sunny. A Roper survey found more Americans were optimistic than pessimistic about the future by a nearly three to one ratio. More than three-quarters told Gallup the nation had already achieved at least a fair amount of its founding ideals. Somehow, a nation that was in the middle of a genuinely miserable decade looked in the mirror and liked what it saw.
Jump forward 50 years, to this year’s 250th anniversary, and you’ll find the vibes flipped. Roughly 60 percent of Americans tell pollsters the nation is on the wrong track. A majority say its best years are behind it. About three-quarters think today’s children will end up worse off than their parents. Asked a version of that same founding-ideals question from 1976, 77 percent now say the founders would be disappointed in what we’ve become.
But just as they were in 1976, the vibes don’t match reality. Set the mood aside and look only at the numbers, and the country that felt so good in 1976 was, by the most important measures, a worse place to be alive than the country that now feels so terrible on its 250th birthday.
Start with whether you’re alive
Let’s start with the most basic test of how a society is doing: how long its people live.
The US made those gains by stopping some of its worst habits, things that were commonplace in 1976 . You might have seen the Bicentennial celebrations through a cloud of smoke, as cigarettes were woven into ordinary life — on airplanes, in offices, in hospital wards — and roughly 37 percent of adults smoked. Today, it is closer to one in 10, and it keeps falling.
The heart disease and lung cancer that were connected to all that tobacco have receded with it. Add seatbelts and airbags, better trauma care, and cheap drugs that lower cholesterol and blood pressure, and the result is a country where the things that were most likely to kill an American in 1976 are less deadly now.
The America of 1976 sat at the leading edge of a brutal crime wave; the murder rate would peak in 1980 and stay high for more than a decade. By the early 2020s, however, violent crime had fallen back to roughly a 50-year low, and homicide rates this year may end up at a record low. And the single most dangerous thing most Americans do — get behind the wheel of a car — is far less likely to kill them, with the death rate per mile driven now a fraction of what it was at the Bicentennial.
The country got cleaner, and richer, and fairer
In 1976, the air in American cities carried lead, an honest-to-God neurotoxin that was pumped out of every tailpipe of the more than 90 percent of American vehicles that used leaded gasoline.
Rivers literally caught fire: The Cuyahoga in Cleveland had burned so many times it became a national joke, and Lake Erie was widely written off as dead. And things were bad outside Ohio, too. In Los Angeles, the smog got thick enough to keep kids inside at recess and erase the nearby mountains from view.
Since 1970, however, the combined emissions of the six main air pollutants the EPA tracks have fallen 78 percent — even as the economy nearly quadrupled in real terms, the population grew by tens of millions, and Americans drove far more miles. That split, with growth going one way and pollution the other, is one of the least celebrated but most consequential triumphs of the past half-century, the product of legislative efforts and technological response. And lead? It’s essentially disappeared from the air.
And it’s not just economic or environmental statistics that have improved; society advanced, as well. Women now earn the majority of college degrees. The Black poverty rate sits near a record low. Support for same-sex marriage is now the norm — maybe the single biggest social change from 1976, when homosexuality was criminalized in most states. Pick a metric more or less at random, and the line usually runs the right way.
This is not a matter of cherry-picking a few flattering numbers. It is the overwhelming direction of the evidence, across health, wealth, safety, rights, even the basic cleanliness of the physical world an American walks through every day. Measured against its own recent past, the US is in some of the best shape it has ever been.
So what’s with the bad vibes?
A more perfect union doesn’t mean perfect
Well, some things genuinely got worse, and they are not insignificant.
Americans’ faith in their government has collapsed; fewer than one in five now trust Washington to do the right thing, down from solid majorities in the 1960s — and the country is more polarized than it was in 1976. Democratic decline and even collapse is a live threat. Those economic gains I highlighted above have flowed disproportionately upward. The top 1 percent’s share of income, near a historic low in 1976, has since roughly doubled.
Climate change barely registered in 1976. The carbon dioxide in the atmosphere has since climbed from around 330 parts per million to about 427, and warming will only get worse in the future. And buying a home increasingly feels out of reach for many. By 2024, a record share of households spent more than a third of their income on housing. (Notably, though, the percentage of Americans who own a home is slightly higher than it was in 1976, and those homes are much larger on average.)
These are real problems, but they remain exceptions to a broader half-century trend of improvement. And a country that scrubbed the lead from its air and put out smoking can overcome new challenges, as well.
Which brings us back to a tale of two birthdays. In 1976, Americans had less of nearly everything you can count, and, yet, they reported feeling good about the future anyway. In 2026, we have more, and we don’t.
Just as it can be for a person, a country’s mood is a poor instrument; it measures the story we are telling ourselves more than the lives we are actually living. For all our pessimism about the state of the nation, more than three-quarters of Americans say they are satisfied with their own lives.
The Americans crowding New York Harbor in 1976 were cheering a country that was sicker, dirtier, more dangerous, and less free than the one we live in now. But they were right to cheer; the line was already bending the right way, and it kept bending. It turns out a nation can travel a long way, even while it is convinced it is going nowhere.
A version of this story originally appeared in the Good News newsletter. Sign up here!
A man dressed as President Donald Trump poses for photographs next to Phoenix Bloomfield from Toronto, as he holds up a large Canadian flag outside the White House on March 13, 2025. | Andrew Harnik/Getty Images
Welcome to The Logoff: President Donald Trump announced giant new tariffs on Canada, which are scheduled to start in 30 days. Now negotiators from both countries are scrambling to see if they can be avoided.
What happened? Late on Monday, the White House announced 50 percent tariffs on a slew of Canadian goods — including whiskey, cheese, down jackets, and (naturally) hockey sticks. Because the Supreme Court sharply limited his tariff powers earlier this year, Trump is invoking a largely forgotten and possibly defunct authority under Section 338 of the Tariff Act of 1930.
Previously, these goods had been covered under the USMCA, the trade deal Trump negotiated with Canada and Mexico in his first term to replace NAFTA. But on July 1, the agreement expired and the US declined to renew it.
Why is Trump doing this? The White House claimed three key grievances: Canadian duties and restrictions on American alcohol, dairy products, and automobiles. Liquor appears to be a special irritant: All but two Canadian provinces have pulled US-made booze from government liquor stores, and even some Democrats have complained.
However, the alcohol boycott began as retaliation for the trade war Trump launched in early 2025, when he was talking regularly about Canada becoming America’s 51st state. Much like his effort to reopen the Strait of Hormuz, Trump is trying to fix a problem he caused in the first place.
Interestingly, the tariffs will not go into effect for 30 days. This suggests that they may be less a serious policy initiative than a negotiating tactic.
What’s the takeaway: Trump’s lifelong fascination with economic warfare has survived the Supreme Court’s rebuke, and he continues to fixate on Canada as a special target of his ire. It is unclear why; both countries have suffered from the breakdown in bilateral relations.
But whatever the motivation, the ultimate outcome is clear: Icy relations to the north are a permanent fixture of the Trump presidency.
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