Justin Wolfers on the Cost of War

Justin Wolfers on the Cost of War

Author: The One Country Project April 1, 2026 Duration: 47:00

Justin Wolfers returns to the Hot Dish to unpack the economic and political impacts of the Iran war with Heidi and Joel. This episode offers a clear-eyed view of how markets, government decisions, and public sentiment intertwine during times of crisis.


Justin explains the historic lows in consumer sentiment and approval ratings for political leaders, and addresses the real economic costs of the war, including market declines and wealth destruction. He also addresses:

  • How the increased costs of energy and input supplies are impacting rural farmers and urban consumers (10:57)
  • The political implications of leadership styles, democracy, and the "king" mentality in the White House (3:07, 5:01)
  • The demonstration of market correction and its long-term significance, emphasizing the importance of resistance to overconfidence (14:02)
  • The critical role of fiscal policy, debt, and deficits, with insights from Reagan, Clinton, Obama, and Trump eras (36:32)
  • The human toll of war, including displacement and emotional trauma, versus the cold numbers of market losses (27:15, 34:27)
  • How public perception and demonization affect policy, especially in the context of gas prices and military engagement (24:45, 28:19)
  • The importance of connecting economic policy to human stories and moral considerations (33:13)

Resources & Links:

Justin Wolfers - University of Michigan


Connect with Justin Wolfers:

The Hot Dish is brought to you by the One Country Project. To learn more, visit OneCountryProject.org, or find us on Substack (Onecountryproject.substack.com), and on YouTube, Bluesky, and Facebook (@onecountryproject).

  • (00:00) - Introduction
  • (01:24) - Consumer Sentiment and Presidential Approval
  • (05:32) - The Impact of War on the Economy
  • (10:33) - Rural Economy and Input Costs
  • (13:24) - Market Corrections and War Effects
  • (17:19) - Economic Implications of Wealth Loss
  • (18:43) - The Cost of Conflict: Economic Impacts on Households
  • (21:45) - Understanding Wealth Disparities: Who Really Loses?
  • (24:36) - Market Reactions: Short-Term Pain vs. Long-Term Gains
  • (27:15) - Empathy in Economics: The Human Cost of War
  • (30:53) - The Disconnect: Military Engagement and Public Perception
  • (35:43) - Debt and Responsibility: A Political Perspective

Heidi Heitkamp, a former U.S. Senator, and her brother Joel, a longtime Midwest radio host, bring a unique perspective to the table in their podcast The Hot Dish. Their dynamic is the engine here-a blend of deep policy knowledge from the halls of Congress and grounded, everyday insight from community radio, all filtered through the familiar and often humorous lens of sibling debate. They sit down with a range of guests, from national newsmakers and elected officials to local policymakers, focusing squarely on the ideas and actions that impact rural communities across America. These aren't dry lectures; they're animated discussions that dig into practical solutions for real challenges, from economic opportunities to infrastructure. Produced by The One Country Project, the conversation on this podcast is as informative as it is engaging, often punctuated by the kind of lively back-and-forth that only a brother and sister can provide. You'll come for the insightful analysis on politics and news, but you'll stay for the authentic and enlightening dialogue that makes complex issues relatable. Each episode serves up a hearty mix of substance and personality, offering listeners a fresh take on the stories that shape the heart of the country.
Author: Language: English Episodes: 100

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