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Thank you for visiting 2023, the first year of the post-pandemic period.

Covid-19 was when we collectively decided it was time to go back to normal. “Back” is misleading because we haven’t returned to the normal of 2019 yet. Covid has left a permanent mark, as viruses sometimes do, and normal will never be quite the same again. The era of seemingly permanent fiscal and monetary expansion has officially ended. Easy money boosted home values, financed Silicon Valley start-ups, and freed politicians from having to negotiate difficult trade-offs. Now, tech companies are tightening their belts, the housing market is semi-frozen, and budget politics stands to get uglier.