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one of our best newsletters. I have an internal ranking of which newsletters are the best.

I'm not going to share it right now, but people should go to the Bullock.com and subscribe.

I wanted to talk to him about a new, I guess, political vulnerability that is emerging for Donald

Trump and a new financial vulnerability that's emerging for regular Americans, and that is

electricity bills rising.

I'm just going to read one paragraph from Forbes and then kind of let you cook on it here.

Electricity bills have increased almost 10% since the start of the year and could rise

even more thanks to the repeal of clean energy tax credits, new tariffs, and rapid expansion

of electricity-hungry data centers to fuel a boom in AI.

So we've got the tariffs, the cuts on the, you know, energy tax credits

that the Biden administration have put in as well as AI all contributing to this. Does that summary

sound right to you, Jonathan? And what are you seeing? Yeah, no, it does sound right. I mean,

look, electricity prices, like any of the market, there's like a bazillion things going on and, you know,

it depends on what part of the country you're in.

But we are seeing this rise in electricity costs.

When you talk to people, when I talk to the people who know about this, the two factors they tend to cite for why they've gone up so far and why they're starting, you know, until now, the two big ones are, which you just mentioned was this sort of surgeon demand from data centers, AI.

I mean, they just suck up so much power.

And then, you know, we've got this aging grid, right?

You know, the distribution is old, and we've been sort of deferring the maintenance on it and the rebuilding up.

...