August 4, 2026

THE rIGHT IS THE lEFT:

Who pays for tariffs? Insights from recent research (Kimberly Clausing (PIIE) and Maurice Obstfeld (PIIE), August 3, 2026, Peterson Institute)

Still, study after study of the 2018-19 US tariffs found that US buyers of imports suffered essentially the entire burden of the tariffs, with nearly complete pass-through shown in the data.[1] Preliminary assessments of the 2025 tariffs, reviewed in Clausing and Obstfeld (2025), also held that US consumers and firms were likely to bear the vast majority of the burden.

THE GIPPER TRIED TO SAVE YOU:

This Is What a Desperate Dictatorship Looks Like (Gioconda Belli, 8/04/26, NY Times)

Although there are no longer any independent opinion polls inside the country, according to a survey conducted by Hagamos Democracia, a well-known Nicaraguan nonprofit now operating from Costa Rica, over 95.8 percent of Nicaraguans have a negative view of the future and 66.4 percent would leave the country if they could.

Failure to deNazify is always costly.

TACO:

Supreme Court Deals Trump Final Humiliation After He Missed Deadline (Erkki Forsterm Aug. 3 2026, Daily Beast)

“I will be asking for a Rehearing by the United States Supreme Court, IMMEDIATELY,” the 80-year-old president declared on Truth Social last month. “This miscarriage of justice will destroy America if they don’t change their absolutely insane decision.”


But that deadline came and went without the Trump administration submitting such a filing.

Now, the Supreme Court has put the final nail in the coffin, issuing a certified judgment and affirming a lower court ruling that had blocked the president’s executive order seeking to ban automatic citizenship to children born on U.S. soil to parents in the country temporarily or illegally.

IT IS BALLOON!:

The Rise and Rise of Balloon Racing’s First Family: Joe Heartsill and his sons, Rhett and Lucas, are international eminences in a very obscure corner of professional sports. Will this San Angelo clan get a chance to ride the currents on the world stage one more time before Dad retires? (Katy Vine and Meher Yeda, June 2026, Texas Monthly)


You might not think much about wind. Storms, sure, but you may not ponder the forces behind the soft, warm breezes that bend the switchgrass or the stiff, cold northers that sting the cheeks. You haven’t studied the physics of gases that yearn for stabilization and rush from high- to low-pressure areas. You don’t analyze the various wind currents flowing in different directions at different altitudes, moving like the traffic on some Dallas interchange in the sky.

And why would you? You’re not a competitive hot-air balloonist. You’re not someone who dreams of catching and riding the waves of the great invisible, swaying in a wicker basket thousands of feet in the air with only the heat of a propane flame to aid your lift. You’re not rated on your ability to toss a ribbon-tailed beanbag out of the basket and hit a large X on the ground below, as if you were playing an airborne game of cornhole.

Few balloonists in the world can maneuver their aircraft well enough to race in the World Hot Air Balloon Championship, held every other year in wide-open skies, where there are scant power lines that might ensnare these gossamer vehicles. About one hundred balloonists qualify. Only fifty or so—the best of the best—return frequently.

But even among that exclusive class, there are no competitors quite like the Heartsills. They are the first family of balloon racing—the Mannings of a sport with a tiny fraction of football’s fandom. Joe Heartsill, the clan’s 75-year-old patriarch, is built compact and lean, like a trail runner, with powder-white hair and tanned skin that betrays the years he spent working as a realtor beneath the West Texas sun. He tends to survey a room like an eagle at its perch, masking his killer instinct with a warm smile or an encouraging nod.

A recently inducted member of the U.S. Ballooning Hall of Fame, he has won five U.S. National Hot Air Balloon Championships, six Honda World Grand Prix races, and the 1995 World Hot Air Balloon Championship. His older son, Lucas, who is 48, was once named the national rookie of the year. His younger son, 41-year-old Rhett, was the 2016 world champion and is a four-time winner of the U.S. nationals.


They’re a handsome and clean-cut trio, shockingly agile, able to vault into a gondola four feet tall in the time it takes to say, “All right, let’s go.” When they’re relaxing on their ranch near San Angelo, they may act like members of any other West Texas family—watching football games, taking a dip in the stock tank, or noting the natural springs where the axis deer have gathered. They may talk about work—Joe’s real estate investments, Rhett’s oil-and-gas ventures, or Lucas’s anesthesiology duties at the nearby Shannon Medical Center.

But then, looking out onto the horizon of live oak and brush, they can’t help but notice the cottonlike cumulus or flat, gray stratus clouds suspended above them. The vaporous drift brings to mind wind. Wind prompts thoughts of the next race: the navigable currents above a European mountain range or a Midwestern cornfield.