Need more evidence that we’re all just a little bit poorer than we need to be? This week’s disappointing news on U.S. production of long-lasting capital goods was another reminder that trade wars and the resulting slower world economy are eating away at our prosperity.

The sharp decline in durable goods output (the largest drop in four months) confirmed what the International Monetary Fund had earlier reported when it reduced its estimate for world GDP growth. Much of the weaker growth was attributed to weaker world trade growth.