Monday, July 13, 2026

Today, the GoodFellows ask if President Trump is in a slump, and what he can do to turn things around. Ross Levine writes about Adam Smith’s suggestion that may have been able to prevent the Revolutionary War, and Ronnen Harary, co-founder of Spin Master, speaks to Russ Roberts about the unique and enduring impact of designing original toys and selling them around the globe.

GoodFellows

Trump Slump, Capitalism vs. Communism, and An Old Man Yells at Claude

After a productive first one hundred days after returning to office, President Trump has since hit a rough patch: stubborn inflation (despite an otherwise powerhouse economy), an unpopular war with Iran, and setbacks at the Supreme Court, plus growing dissent among congressional Republicans as his party faces the distinct possibility of losing one or both chambers of Congress in November. Has the ever-impulsive, risk-taking Trump lost his political Midas touch, or is he simply yet another president befuddled by a second-term jinx (not to mention a disgruntled electorate)? If Trump is sorely in need of a “win,” will it come on the domestic front or abroad (spoiler alert: look to Cuba)? After that, the fellows discuss whether it was fair play for the American president to intervene in World Cup officiating and for the International Olympic Committee to allow Russian athletes to compete for Mother Russia in the 2028 Games and whether the war in Ukraine is anywhere close to a tipping point. Watch or listen here.

USA @ 250

Taxation with Representation

Hoover Senior Fellow Ross Levine, returning in the voice of Adam Smith, explains Smith’s response to the American rallying cry of “no taxation without representation.” Smith gave Parliament a way to respond that would have not only respected the colonists’ demand for equality, he writes, but also opened the way to greater prosperity for everyone in the British Empire. Parliament, however, refused—out of pride and shortsightedness, Levine writes. And thus, the American colonists settled the issue for themselves. The warnings for the twenty-first century are these, Levine writes: Citizens burdened with tax burdens must share in the benefits as well, and empires can throw away an irreplaceable treasure if they fail to guard against hubris or the corrupting power of special interests. Read more here.

Economics

From Sawdust to Paw Patrol: The Spin Master Story

A nylon stocking filled with sawdust that grows grass for hair launched one of the most successful toy companies in the world. Ronnen Harary, cofounder of Spin Master and cocreator of Paw Patrol, talks about his book, No Experience Necessary, with EconTalk's Russ Roberts. Harary traces his journey from selling grass-growing novelty heads at twenty-three, through Devil Sticks and Air Hogs, to building Bakugan and Paw Patrol into global franchises touching the lives of millions of children. Along the way, he reflects on the artistry of commercial creation and what it means to build something that outlives its founders. The conversation closes on the eternal magic of toys and our childhoods. Listen here.

California

New California Minimum Wage Law Will Increase Wildfire Risk

On his Substack, Visiting Fellow Matthew Kahn writes of a bizarre, unfolding situation in California that he argues will increase the risk of wildfire unless it is reversed. Because of a minimum wage exception that expired this month, goat herders (but not sheep herders) in California now qualify for what is effectively round-the-clock pay, including overtime, that amounts to $20,000 per month. Kahn writes that without a change, herders will be forced to employ forms of remote control of their herds, including GPS-linked collars, electric fences, and other tools. And larger firms in the space will be more able to adjust than smaller ones. Read more here.