In today’s episode, economist Paul Krugman lays out an expansive case that Donald Trump holds a losing hand in the war with Iran. Krugman also argues that Trump can’t seem to admit that the Strait of Hormuz problem has cornered him. Krugman also details why the situation could get worse, if Iran continues holding out and constraints on oil supply drive the global economy into recession. As Krugman puts it, this will keep getting uglier for Trump until he “swallows his pride” and accepts that he doesn’t hold the cards. This builds on the piece Krugman posted on his Substack arguing that time is on Iran’s side. Meanwhile, gas prices just hit a new high, and Republicans quietly fear they’re in deep trouble in the midterms due to what Trump has unleashed. Krugman takes us through these dynamics, notes that Trump is obsessing over his ballroom in search of a win, and explains why this all could tailspin further for the GOP. Listen to this episode here.
PODCAST
Krugman: Trump Accidentally Screwed Himself on Iran Very, Very Badly
As the president continues to struggle with the Iran fiasco’s global economic fallout, Paul Krugman explains how Trump has boxed himself into a corner—and why it could soon get much, much worse for him.
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Nobel Memorial Prize in Economic Sciences winner Dr. Paul Krugman in Lisbon, Portugal on April 21, 2025.
