Justin Wolfers on the Cost of War

Justin Wolfers on the Cost of War

Author: The One Country Project April 1, 2026 Duration: 46:59

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).


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: 50

The Hot Dish
Podcast Episodes
An Internment Camp in Nebraska [not-audio_url] [/not-audio_url]

Duration: 46:06
In this episode of The Hot Dish, hosts Heidi Heitkamp and Joel Heitkamp are joined by Nebraska State Senator Machaela Cavanaugh to discuss her efforts to gain access to a state-run federal immigration detention center. S…
'Tis the Season for Community [not-audio_url] [/not-audio_url]

Duration: 30:17
In this episode of The Hot Dish, hosts Heidi and Joel Heitkamp announce the 2025 Rural Champion Awards before highlighting the Christmas Spirit of Kellie Smith, a small-town entrepreneur from Perham, Minnesota. Kellie sh…
What's Happening with Healthcare? [not-audio_url] [/not-audio_url]

Duration: 46:00
Hosts Heidi and Joel Heitkamp welcome Cynthia Cox from the Kaiser Family Foundation (KFF) to discuss the Affordable Care Act (ACA) and its impact on healthcare costs. Cynthia shares insights into how the ACA supports ind…
The Rebirth of Rural Democrats [not-audio_url] [/not-audio_url]

Duration: 40:20
The Liberal Redneck, Trae Crowder, joins Heidi and Joel Heitkamp to discuss his journey from rural Tennessee to internet fame. You will learn about Trae's unique perspective on blending humor with serious topics, discuss…
Don't Tell Jess Piper It's Raining [not-audio_url] [/not-audio_url]

Duration: 44:59
Jess Piper joins hosts Heidi and Joel Heitkamp to discuss the political climate in rural America, focusing on Democratic engagement and the challenges faced by local communities. The conversation covers economic issues,…
The Country is Great when the Country does Good [not-audio_url] [/not-audio_url]

Duration: 35:30
Hosts Heidi and Joel Heitkamp are joined by political commentator Chris Matthews to discuss the future of the Democratic Party, lessons from Bobby Kennedy, and the importance of connecting with everyday Americans. They e…
Justin Wolfers Tells The Truth About the US Economy [not-audio_url] [/not-audio_url]

Duration: 39:32
Economist Justin Wolfers joins hosts Heidi and Joel Heitkamp to break down the current state of the American economy under recent administrations. They discuss inflation, rural financial challenges, the impact of tariffs…
Tom Nichols on Trump's "Populist Popcorn" Military [not-audio_url] [/not-audio_url]

Duration: 42:15
In this Veteran's Day episode, Journalist and professor Tom Nichols joins hosts Heidi and Joel Heitkamp to discuss current leadership at the Pentagon and Justice Department, the state of American democracy, and Republica…
Gov. Tim Walz asks, "What happened to 'Don't Tread On Me'?" [not-audio_url] [/not-audio_url]

Duration: 50:52
Governor Tim Walz joins co-hosts Heidi and Joel Heitkamp to discuss the mounting economic and social challenges facing rural America. The conversation covers the farm economy, rural health care, trade policy, and how pol…
Taking Farmers for Granted [not-audio_url] [/not-audio_url]

Duration: 40:56
In this episode, Heidi Heitkamp and Joel Heitkamp host Nick Levendofsky, the Kansas Farmers Union Executive Director. Together, they discuss challenges facing rural America, especially farmers and ranchers.Listen to this…