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Plowshares into swords: Trump’s $1.5 trillion defense surge is the largest since World War II — and no one can explain how to pay for it

“MAGA was told an untruth by Trump — no foreign wars, no adventurism,” Steve Hanke told Fortune. “This is a massive militarization.”

By Nick LichtenbergApril 3, 2026
A woman working alone in an office
MIT created duplicate AI workers to tackle thousands of different tasks. The verdict? Most of the time AI is still just ‘minimally sufficient’
By Tristan BoveApril 3, 2026
JPMorgan Chase CEO Jamie Dimon
Jamie Dimon says the U.S. was right to go to war with Iran: ‘Why the western world put up with all these proxy wars for 45 years is kind of beyond me’
By Tristan BoveApril 3, 2026
Albert Bourla
Only one U.S. university ranks in the world’s top 10 in STEM. Pfizer’s CEO is calling for change
By Preston ForeApril 3, 2026
Bernie sanders angry pointing
Bernie Sanders calls out Bezos, Musk, Bloomberg, and Buffett in billionaire tax push: ‘The richest people in America have never ever had it so good’
By Catherina GioinoApril 3, 2026
Depressed worker feel tried after overwork and disappointed for his job or being fired.
The jobs report looks good ‘for the wrong reasons,’ top economist warns: It’s hiding how many Americans are giving up
By Eva RoytburgApril 3, 2026
Latest Stories
The Benefits of Red Light Therapy: Expert-Approved Advice
HealthThe Benefits of Red Light Therapy: Expert-Approved Advice
By Katherine Van DisApril 3, 2026
Fortune 500 Power Moves: Which executives are gaining and losing power
C-SuiteFortune 500 Power Moves: Which executives are gaining and losing power
By Fortune EditorsApril 3, 2026
Dario Amodei sits in a white chair with his hands pressed together in front of a pink and orange background.
AIThe AI kill switch just got harder to find: LLM-powered chatbots will defy orders and deceive users if asked to delete another model, study finds
By Sasha RogelbergApril 3, 2026
Energy markets are having a Wile E. Coyote moment as oil supplies go off a cliff, expert says
EnergyEnergy markets are having a Wile E. Coyote moment as oil supplies go off a cliff, expert says
By Jason MaApril 3, 2026
Microsoft is spending billions on AI—but even NASA astronauts can’t escape Outlook headaches
LawMicrosoft is spending billions on AI—but even NASA astronauts can’t escape Outlook headaches
By Marco Quiroz-GutierrezApril 3, 2026
Starbucks baristas working in store
SuccessStarbucks is offering $1,200 bonuses, expanded tipping, and weekly payouts to boost the pay of its U.S. baristas
By Emma BurleighApril 3, 2026
Red Lobster is reportedly bringing back Endless Shrimp 2 years after the CEO vowed it would never return
RetailRed Lobster is reportedly bringing back Endless Shrimp 2 years after the CEO vowed it would never return
By Sydney LakeApril 3, 2026
donald trump
PoliticsA $10 billion ‘slush fund’ to pay TSA agents: Trump’s latest unilateral loophole, explained
By Jake AngeloApril 3, 2026
More EconomyPage 93 of 100
Anxious woman looks at laptop in a dark room
SuccessLayoff anxiety has pushed employee confidence to the worst rock bottom in nearly a decade
By Irina IvanovaMarch 11, 2025
  • A Wall Street trader looks worried
    FinanceWall Street is holding its breath as investors wait to see if Trump will enforce new tariffs or pull back at the last minute
    By Stan Choe and The Associated PressMarch 3, 2025
A view on two airplanes of the AirFrance KLM Group, parked at the gate of Paris Charles de Gaulle international Airport. Roissy en France, Paris, Ile de France, France. KLM and Air France.
RetailEurope’s airlines are plunging in value as Trump recession warnings threaten Americans’ ‘unbelievable’ spending power abroad
By Ryan HoggMarch 11, 2025
Scott Bessent gestures while holding a microphone
Politics‘Cheap goods’ aren’t part of the American Dream, Trump’s treasury secretary says
By Irina IvanovaMarch 11, 2025
Presidents Trump and Xi speak to each other
PoliticsTrump says William McKinley ‘made our country very rich through tariffs.’ But the 25th president changed his mind on tariffs after realizing ‘friendly trade relations will prevent reprisals’
By Will Weissert and The Associated PressMarch 10, 2025
Ontario hits back at Trump’s tariffs with higher electricity bills for 1.5 million Americans
FinanceOntario hits back at Trump’s tariffs with higher electricity bills for 1.5 million Americans
By The Associated Press and Rob GilliesMarch 10, 2025
Photo of Donald Trump
The CoinsThe crypto market continues to stumble as Trump declines to rule out potential recession this year 
By Catherine McGrathMarch 10, 2025
  • Even in deep-red Trump country, business conditions are quickly collapsing as tariff fears cross party lines 
    FinanceEven in deep-red Trump country, business conditions are quickly collapsing as tariff fears cross party lines 
    By Jason MaMarch 2, 2025
Worried business woman wearing glasses
PoliticsThe job market might look solid on paper, but ‘there are some stormy clouds right above us,’ economist warns
By HR BrewMarch 10, 2025
President Trump Announces TSMC Investment
Politics‘Trumpcession’ fears spike after Trump refuses to promise economic growth will continue
By Christiaan HetznerMarch 10, 2025
The bond market’s Trump trade is looking like a recession trade
FinanceThe bond market’s Trump trade is looking like a recession trade
By Michael Mackenzie, Liz Capo McCormick and BloombergMarch 9, 2025
The Wall Street strategist who nailed the stock market’s recent mega-rallies sees a 10%-15% jump in the coming months
FinanceThe Wall Street strategist who nailed the stock market’s recent mega-rallies sees a 10%-15% jump in the coming months
By Jason MaMarch 9, 2025
Can CEOs expect clarity soon on tariffs after recent whiplash? Trump says they could go up further — ‘It depends’
FinanceCan CEOs expect clarity soon on tariffs after recent whiplash? Trump says they could go up further — ‘It depends’
By Jason MaMarch 9, 2025
  • The Trump administration may exclude government spending from GDP, obscuring the impact of DOGE cuts
    PoliticsThe Trump administration may exclude government spending from GDP, obscuring the impact of DOGE cuts
    By Josh Boak and The Associated PressMarch 2, 2025
Photo of Mark Cuban
FinanceBillionaire investor Mark Cuban warns ‘this is how recessions start’ as federal cuts ripple through the economy
By Jason MaMarch 8, 2025
‘America First’ policies are threatening American exceptionalism as the economy and markets flash warning signs
Finance‘America First’ policies are threatening American exceptionalism as the economy and markets flash warning signs
By Jason MaMarch 8, 2025
Federal Reserve chair Jerome Powell
FinanceJerome Powell says the ‘net effect’ of the Trump administration’s policies on trade, immigration, fiscal policy, and regulation will determine interest rates in the future
By Paolo ConfinoMarch 8, 2025
A slide in Tesla on Friday is capping off a round trip of epic proportions in the company’s shares.
FinanceTesla erases $700 billion ‘Trump bump’ as sales slide globally
By Bloomberg and Esha DeyMarch 7, 2025
EPA staffers must now get DOGE approval before spending anything on items greater than $50,000
PoliticsEPA staffers must now get DOGE approval before spending anything on items greater than $50,000
By The Associated Press and Matthew DalyMarch 7, 2025
President Donald Trump delivers his address to a joint session of Congress in the House Chamber of the U.S. Capitol on Tuesday, March 4.
PoliticsTrump’s team promised governments would ‘eat’ its tariffs. Execs say they’re passing on at least 50% to consumers
By Eleanor PringleMarch 6, 2025
Steven Mnuchin, founder and managing partner at Liberty Strategic Capital and former US treasury secretary, smiles on stage during the Bloomberg Invest event in New York, US, on Wednesday, March 5, 2025.
FinanceThe architect of Trump’s first tax cuts says the plan to scoop out overtime pay and Social Security from taxes is ‘very expensive’ but tips are feasible
By Greg McKennaMarch 6, 2025
Warren Buffett acts like the U.S. stock market is in bubble territory. He might be onto something
CommentaryWarren Buffett acts like the U.S. stock market is in bubble territory. He might be onto something
By Steve H. Hanke and Caleb HofmannMarch 5, 2025
Want a more hopeful America? Increase awareness of past progress
CommentaryWant a more hopeful America? Increase awareness of past progress
By Clay RoutledgeMarch 5, 2025
Unpack your suitcase—Job insecurity from DOGE layoffs and tariffs are shattering Americans’ vacation plans
FinanceUnpack your suitcase—Job insecurity from DOGE layoffs and tariffs are shattering Americans’ vacation plans
By Alena BotrosMarch 5, 2025
President Donald Trump addresses a joint session of Congress in the Capitol building's House chamber in Washington, D.C., on March 4, 2025.
PoliticsTrump may roll back Mexico and Canada tariffs as soon as today, but conflicting messages are giving consumers and Wall Street whiplash
By Eleanor PringleMarch 5, 2025
Wall Street is distraught over Trump’s tariffs
FinanceWall Street is distraught over Trump’s tariffs
By Alena BotrosMarch 4, 2025
Stop trying to hit credit unions with new taxes—millions of Americans would suffer
CommentaryStop trying to hit credit unions with new taxes—millions of Americans would suffer
By Jim Nussle and Juan Fernández CeballosMarch 4, 2025
President Donald Trump
PoliticsGlobal markets tumble as Trump tariffs on Canada, Mexico, and China spark trade war fears
By Eleanor PringleMarch 4, 2025
Photo of Scott Bessent
PoliticsTreasury Secretary Scott Bessent is pouring cold water on the hot economic numbers of the Biden administration, claiming that growth was ‘brittle underneath’
By Irina IvanovaMarch 4, 2025
Treasury Secretary Scott Bessent sees inflation plummeting to the Federal Reserve’s 2% target despite Trump’s tariffs 
FinanceTreasury Secretary Scott Bessent sees inflation plummeting to the Federal Reserve’s 2% target despite Trump’s tariffs 
By Alena BotrosMarch 3, 2025
The CEO of Tesla and SpaceX, Elon Musk, speaks at the Conservative Political Action Conference (CPAC) at the Gaylord National Resort Hotel And Convention Center on February 20, 2025 in Oxon Hill,
EconomyElon Musk calls Social Security ‘the biggest Ponzi scheme of all time’ as calls mount to remove contribution caps for billionaires
By Christiaan HetznerMarch 3, 2025
Warren Buffett, Chairman and CEO of Berkshire Hathaway
PoliticsWarren Buffett says tariffs leave consumers footing the bill: ‘The tooth fairy doesn’t pay ’em’
By Eleanor PringleMarch 3, 2025
Car Prices Are Poised for $12,000 Surge on Trump’s New Tariffs
TechCar Prices Are Poised for $12,000 Surge on Trump’s New Tariffs
By Bloomberg and Keith NaughtonMarch 3, 2025
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Real Estate
Gen Z fled San Francisco for Texas and Florida. Now they’re turning ‘welcomer cities’ into the next big tech townsplaceholder alt text
By Fortune EditorsApril 2, 2026
Success
Major 4-day workweek study suggests that when we work 5 days we spend one doing basically nothingplaceholder alt text
By Fortune EditorsApril 2, 2026
Economy
Paul Krugman smacks down Trump speech with argument that $4 gas is ‘less than half’ of the Hormuz hit. Here’s what he’s talking aboutplaceholder alt text
By Fortune EditorsApril 2, 2026
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