• Business Conditions Monthly July 2025

    Slowing job growth and high borrowing costs are dividing growth confidence. Firms are optimistic, but households are cautious amid affordability concerns.

  • Profit Isn’t the Enemy of Good

    Profits usually signal the creation of real value. Demonizing successful firms actually damages the feedback loop created by service, trust, and reputation.

  • The High Cost of Free Transit

    Paying even a modest fare signals that the service has worth. Without that signal, transit quickly attract vandals and lawless behavior.