The Argument

The Argument is an American opinion magazine covering politics, economics, and current affairs, founded in August 2025 by journalist Jerusalem Demsas (formerly of The Atlantic). Based in Washington, D.C., it describes its mission as making "a positive, combative case for liberalism" through opinion writing, original reporting, and multimedia. It is published on Substack under a freemium model — free articles plus a paid subscription ($9/month, $80/year, $200/year for founding members). The venture raised roughly $4 million at about a $20 million valuation, with investors including Arnold Ventures, Open Philanthropy, Patrick Collison, and Emergent Ventures.