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The Road to Fascism

As if the economic fallout from COVID-19 and Russia's war on Ukraine wasn't difficult enough, one also must worry that the response by policymakers will make a bad situation even worse. Growing hardship is all but assured in 2023, and it will provide even more fertile ground for dangerous demagogues.

NEW YORK – Economics has been called the dismal science, and 2023 will vindicate that moniker. We are at the mercy of two cataclysms that are simply beyond our control. The first is the COVID-19 pandemic, which continues to threaten us with new, more deadly, contagious, or vaccine-resistant variants. The pandemic has been managed especially poorly by China, owing mainly to its failure to inoculate its citizens with more effective (Western-made) mRNA vaccines.