Five months into the war against Iran, the US has achieved nothing but a stalemate. After spending close to $40T in taxpayer money and launching something like have the US inventory of munitions - making the US more vulnerable to attacks from China - Iran and the Iran Revolutionary Guard Corps have not been brought to heel.

In fact, they've all but closed the Strait of Hormuz and could block it completely at will. Their proxies can close the Red Sea and other transportation routes. And they've announced that they'll simply wait until Trump is out of office, like they did to Carter in 1980, to negotiate. They have not lost the war and are in a strategic position to simply embrace the status quo for two years.

The Iranian government is now younger and more radicalized, and the population that was close to revolution last year has now rallied around the flag. Iran has disrupted the global economy, caused higher prices on almost every consumer good, and caused a geopolitical shift away from the US toward new alliances that could impact our national security for decades.

Scott and I predicted much of this after the war began, and now that most of the primaries are complete we thought it made sense to send a situation report on where we are. Trump never really shared his goals and vision for this war, but if if was regime change and stopping Iranian efforts to build a nuclear weapon, we have to ask: Are we there yet, Daddy Trump?

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