From Clinton-era optimism to the dot-com crash, the housing bust, a manufacturing decline that fueled MAGA, and the once-in-a-century shock of Covid, the first 25 years of the century reshaped both the economy and the public mood. Michael McKee, Jason Furman, Torsten Slok, and Stephanie Flanders explain how inflation returned, globalization shifted, and growth diverged across the US and Europe. (Source: Bloomberg)