Words to Remember
No Such Thing As A Free Lunch 🧠
“There are no solutions. There are only trade-offs.”
Why we ran it
AI-related companies drove 75% of S&P 500 gains in the first half of 2026 and powered nearly 39% of real GDP growth in 2025, but the political debate this cycle centered on whether those gains justify the growing burdens from data center expansion. New York paused permits and campaign spending on the issue topped $45 million, while federal deficits reached $2 trillion and public debt hit 101% of GDP. Sowell had a record of warning that every economic decision comes with real trade-offs, which is unavoidable in this environment.
From the October 30, 2026 issue: The Buildout Is On The Ballot →