This article was originally published by Fortune on March 18, 2026. If this email was forwarded to you, subscribe to releases like this one, or any of CEPR's other email lists here.
The U.S.-Israeli war on Iran is already lost for the United States. Even if Iran is militarily defeated, it is unlikely the United States’ political objectives will be achieved. And, on balance, the United States will come out weakened from this war.
President Trump’s biggest problem lies in his attempt to square an impossible circle: imposing regime change in Iran without committing ground troops. Trump understands that neither his MAGA base nor the U.S. public has any appetite for another prolonged ground war in the Middle East. But regime change from the air does not work for a 90 million-strong country that is four times the size of Iraq and has been preparing for this eventuality for decades. The United States is beleaguered by the paradox of a leadership wanting to reimpose its global might through coercion and hard power and a population fundamentally opposed to any war that entails a significant expenditure of U.S. lives.
Why Iran Is Harder to Break Than It Looks
Despite all the talk of a downgraded Iran in the last two years, recent events have demonstrated the country’s capacity to resist. Iran’s resilience relies on a military and security architecture that is highly decentralized, with overlapping command structures between the regular armed forces and the Islamic Revolutionary Guard Corps. Recent days have shown how thoroughly Iran has developed extensive contingency planning designed to ensure continuity even under sustained attack. Airstrikes on Iran’s leadership have been ineffective — possibly even counterproductive, given their radicalizing effect on pro-government sectors of the population and their triggering of predetermined war protocols.
Equally important, Iran’s strategy is built around asymmetric warfare and escalation management. Its arsenal of weapons and proxy networks allow it to reap chaos across the region while imposing high costs on its adversaries. Iranian drones and missiles are relatively cheap to produce, but shooting them down requires interceptors that cost as much as 200 times more — and are limited in supply.
This leaves Trump facing a strategic trap. He must choose between the political cost of failing to achieve his regime change objectives and the political cost of walking back on his domestic promise of no more forever wars. The only viable exit strategy is to manufacture the appearance of victory: declaring that the objectives have been met even when they clearly have not.
