Today is Day 100: President Trump charged into office at the peak of his powers — more popular, more disciplined, more ambitious than ever.

• But after months of mega-MAGA shock and awe, the illusion of invincibility is fading, Axios' Zachary Basu writes.

⛈️ Why it matters: Storm clouds are darkening this milestone day, which his team hoped would be a showcase for his history-making second term.

The big picture: There's no question that Trump's first 100 days have been enormously consequential. But compare today's status quo to the MAGA triumphalism on display from November through January.

• 📉 Polling: One week after his inauguration, Trump's approval rating peaked at 52%. Today, his average approval mark has slid to 44%.
• 🏦 Economic outlook: Many CEOs believed Trump when he promised a "new golden age." But his chaotic tariff rollout has blindsided corporate America, roiled global markets, dragged down consumer confidence and raised the risk of a recession.
• 🌎 Immigration: Trump's Day 1 border crackdown has thrilled his supporters, with the White House eager to spend Day 100 highlighting its high-profile deportations of alleged migrant criminals. But cracks are beginning to emerge as the courts restrain his powers and voters raise concerns over violations of due process.
• 💼 DOGE: Elon Musk was a permanent fixture in the early weeks of the administration. But he quickly became a political liability. His mass firings and chaotic rehiring of some federal workers are now estimated to have cost taxpayers $135 billion — wiping out most of the $160 billion that DOGE claims it saved.

What they're saying: "In his first 100 days, President Trump has delivered on hundreds of promises and already accomplished his two most important campaign goals — the border is secure and inflation is ending," White House press secretary Karoline Leavitt said in a statement.

• Share this story ... White House "100 days" releases.

President Trump's advisers are seriously considering the likelihood that he would be impeached again if Democrats take the House next year, Axios' Marc Caputo and Alex Thompson report.

• "I'm certain," said John McLaughlin, Trump's longtime pollster, echoing others in Trump's orbit.

⚡️ Why it matters: As the only twice-impeached president, Trump and his team are keenly aware of how much the process can weigh on the White House and grind a president's agenda to a halt.

• Democrats don't control the House now, but they're already signaling that they're eager to drag Trump through another impeachment.

🗳️ The big picture: The threat of impeachment has added urgency to the Trump administration's push to get as much of his agenda through Congress as possible before the 2026 midterms — especially his plan to extend his 2017 tax cuts.

• The threat of another impeachment also could help Trump's team motivate his fickle base to turn out in elections without him on the ballot.
• McLaughlin said it's a clarion call to House Republicans to set aside their differences and back his economic platform.
• "We need to pass the tax cuts and avoid a recession," McLaughlin said. "That's the high stakes here. We cannot lose the midterms."

🤷‍♀️ The other side: "Ooh, impeachment," one adviser said mockingly. "They already did it twice and it did nothing."

• White House press secretary Karoline Leavitt affected a similar nonchalance Monday when asked about impeachment and the articles filed by Rep. Shri Thanedar: "Who the hell is this lunatic?"

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MAGAworld's repeated races to defend Defense Secretary Pete Hegseth help illuminate what it takes for the president's most hardcore supporters to truly have your back, writes Tal Axelrod, the Axios expert on MAGA media.

• Agreeing with President Trump on policy isn't enough to earn the MAGA movement's full-fledged backing. For that, it helps to have been around since the beginning — and having the right enemies is just as important as having the right friends.

🥊 MAGA is ready to fight "when we know who the people are, they've been in the trenches with us before, they're fighters. We know the media is just coming after them," said Steve Bannon, the popular podcaster and MAGA leader.

• The movement's leaders have aggressively defended Hegseth through multiple scandals, with a fervor that not all Trump allies can count on.
• "It goes to skin in the game," the Conservative Partnership Institute's Rachel Bovard said.

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NBC News surveyed nearly 20,000 adults earlier this month and asked which economic issue mattered to them most.

• It wasn't even close, Axios' Ben Berkowitz writes.

Inflation beat any other issue by more than a two-to-one margin.

• No. 2 on the list was taxes, though young adults listed unemployment as their second-biggest issue. For the 65+ crowd, it was government spending and the national debt.

Prime Minister Mark Carney's Liberal Party won Canada's snap federal election, capping a stunning turnaround in fortunes fueled by President Trump's annexation threats and trade war.

• The Liberals looked headed for a crushing defeat until Trump infuriated Canadians with talk of a 51st state, stoking a surge in nationalism, AP reports.

In a victory speech before supporters in Ottawa, Carney said: "We are over the shock of the American betrayal, but we should never forget the lessons ... As I've been warning for months, America wants our land, our resources, our water, our country."

• "These are not idle threats. President Trump is trying to break us so America can own us. That will never ... ever happen. But we also must recognize the reality that our world has fundamentally changed."

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Whoever succeeds Pope Francis to become the Catholic Church's 267th pope, his first major decision will be to choose his papal name.

• That name, rooted in centuries of church history, dogma and devotion, will signal the new pope's agenda within the church and beyond, Axios' Russell Contreras writes.

📛 Tradition dating back about 1,000 years indicates that a new pope will choose a name in honor of a Catholic saint. He also can select a name in honor of a recent pope, combine names of a recent pope or saint, or pick a new regnal name — something that's been done just twice in the last 1,100 years.

• "It's the most important decision he'll make, and signal to the world his tone," Allen Sánchez, executive director of the New Mexico Conference of Catholic Bishops, tells Axios.

D.C. Mayor Muriel Bowser and the NFL unveiled their plans yesterday for a new, 65,000-seat football stadium at the site of the crumbling RFK Stadium.

• The project is expected to add up to $3.7 billion, Axios D.C.'s Cuneyt Dil reports.
• The Commanders will pay $2.7 billion for the roofed, Super Bowl-ready stadium. Bowser wants D.C. to pitch in around $1 billion.

🏗️ The plan also calls for new mixed-use developments around the stadium, including 6,000 new housing units.

• Go deeper.

Lyft CEO David Risher brought a colorful colloquialism to his second annual letter to shareholders: enshittification.

"It describes the ongoing degradation of a once-great product or experience, often in the blind pursuit of profit. Have you noticed that every website seems overrun with tacky ads? That you're getting less time to speak with your doctor? That your favorite pair of pants doesn't last as long as it used to? We all have."

🔎 Between the lines: Risher — an alumnus of Amazon and Microsoft, with an undergraduate degree in comparative literature and a Harvard MBA — channels the spirit of "Smart Brevity" by pointing out a reality that Roy, Jim and I have discovered over 18 years of building three companies:

• The default human instinct is to try to solve problems by adding rather than fixing. More people, more time, more resources — rather than making a tough decision.

🚙 "Additive bias": "This phenomenon is insidious, with multiple causes," Risher writes as he touts "best-ever results in 2024."

• "For one thing, additive bias is real: As human beings, we have a tendency to solve problems or try to attract new customers by adding things rather than taking them away."
• "That's why businesses are constantly releasing products or features of dubious value ... Add to that a quarterly earnings drumbeat that focuses attention on the short term, and the temptation to focus more on your competitor than your customer. Together, all of these factors produce a gravitational pull in the wrong direction."

The bottom line: Like Elphaba in "Wicked," Risher adds, "we have the power to defy gravity — if we start with service."

📱 Got a favorite example of enshittification, or a clever synonym? Drop me a line, and I'll share some of the most interesting & illuminating responses: [email protected].

• Read David's letter ... LinkedIn post.