Wolfers: This is the most interventionist government of my lifetime. It’s the least conservative government of my lifetime. When you are the richest country in the world, maybe you are not the ones who should be tearing down your existing institutions. That’s usually what countries that are lagging behind try to do. But that’s exactly what this president is doing. This won’t show up in next quarter’s GDP. What it will show up as, a decade from now, is companies that were never founded. Entrepreneurs who couldn’t afford to go to business school. Immigrants with great ideas who stayed in their home countries instead. Whatever the next generation’s Google or OpenAI is, it may not be invented—or it may not happen on our soil. We’ll never see that absence directly. But our kids will feel it. They’ll feel it as lost opportunities: businesses never started, jobs that never existed, technologies never developed, and ways of creating a greener, safer, more prosperous future that simply aren’t possible.