In Case You Missed It
In a sharp and timely piece for Persuasion, IHS President Emily Chamlee-Wright unpacks the economic and human toll of regime uncertainty—the unpredictability that comes when the rules of the game can change without notice. Originally coined by economist Robert Higgs to explain the lingering pain of the Great Depression, the concept has renewed relevance today, both abroad and at home.
From sudden tariff hikes to sweeping immigration orders, recent years have shown how quickly executive action can upend lives and markets alike. As Chamlee-Wright writes, “Such announcements are not just signals that a new set of rules is in place. They are signals that the rules can change at any time and in any manner that suits the president.”
This instability doesn’t just disrupt global supply chains or sink balance sheets. It sends a chilling message to those who invest in America—not just with capital, but with their lives. Legal immigrants, who start businesses and strengthen entire industries, are left wondering if the door they walked through might be slammed shut behind them.
The rule of law is more than an abstraction—it’s the bedrock of prosperity and the American Dream. Policies built on whim rather than principle don’t just erode trust in government; they make it harder for individuals to plan, grow, and thrive. Read the full essay here.
