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Notes -
Richard Hanania: Kakistocracy as a Natural Result of Populism
Hanania has written about Hating Modern Conservatism While Voting Republican, in the past, but it appears he's close to buyer's remorse (end section of this article). We've had previous discussions about how reality-based Trump's policies are, and Hanania makes a fairly good argument that - except for political loyalty - reality isn't a concern, and that this isn't just true of Trumpism, it's an inherent flaw of populism, in general:
The "Trump's tariff agenda is an attempt to create a new Bretton Woods-like system" theory works well enough for me to think it can be judged against reality (specifically, if negotiations with allies for lower rates occur and the administration lays out a financial mechanism for reconciling export-friendly exchange rates and reserve-currency status, that would be strong evidence of a coherent, reality-responsive plan), but perhaps the Trump administration will just continue to tariff manufacturing inputs while claiming to be protecting manufacturing...
If Trump crashes the economy, the Republicans will lose heavily in the midterm elections in 2026 and will also lose heavily in the general elections in 2028. This isn't Venezuela. The Republicans only have 2-4 years to show that they know what they are doing with the economy. If they actually seriously damage the economy, they will lose power hard and Trumpism as a brand will sustain serious damage even among those who currently support it. Hanania seems to overestimate the degree to which voters being stupid and uninformed could sustain unsuccessful politicians in power. Sure, the overwhelming majority of American voters on both the left and the right are stupid and uninformed. And sure, voters in all democracies seem to have a remarkable level of tolerance for clearly failed government policies and politicians. However, one thing that voters usually do not forgive is economic problems. You do not have to be smart or pay much attention to politics to notice a major economic downturn. If the economy blows up, Trumpism will be done as a political force for the next several years unless the Democrats manifest a level of dysfunction and miscalibrated messaging that eclipses even their recent pathetic performances. Are the Democrats capable of fumbling the ball so hard? Yes, they are. I have never before in my life seen the Democrats be as disorganized, pathetic, incapable of communicating with the average person, captured by insane ideological purity spirals, detached from reality, and happy to sit in their mansions and make money instead of actually going out and winning elections as they have been these last few years.
I don't see how Trump's tariffs are going to make things economically better for the average American. It's literally a tax hike. Yes, there are also some tax cuts supposedly in the works, but I'll believe them if and when I see them. Part of what made America great back in the 1950s wasn't just that you could go easily get a job as a factory worker, it was also that your job as a factory worker would be enough for you to afford housing. Bringing back manufacturing jobs, even if it happens, will not magically create the demand for the sorts of relatively low-skilled positions that existed decades ago. Modern manufacturing is a lot more technological than it used to be. And tariff increases will not magically make landlords and home owners offer their properties to renters or buyers for cheap. What good would it be if you can suddenly get a factory job, but all the housing is still expensive? Trump's administration barely even talks about the housing crisis. When it comes to economics, they seem to be laser-focused on tariffs and on some small cosmetic efficiency improvements such as what DOGE is doing. But realistically, DOGE isn't going to substantially cut the federal budget. I don't believe that the Republicans have either the courage or the political will or the desire to touch any real big spending, such as the military budget. And even the military budget is less than a fifth of the federal budget. Meanwhile, they're laying off a bunch of government workers, thus causing many of those people to enter the private workforce and add more competition to everyone else who is trying to get a job in the private sector. Which could theoretically be beneficial if the resulting federal savings get passed back to the taxpayer... but again, I'll believe that if and when I see it, and in any case, even if the savings did get passed back to the taxpayer, it would take some time for the results to manifest themselves.
I very strongly doubt much of anything could make one of the two parties lose "heavily" at this point, especially the Republicans. Trump and the legion of Trump defenders and Trump cultists have plenty of excuses to blame the outgroup. Off the top of my head, if a recession were to occur then the following excuses could include:
Roughly half of the country will be in echochambers hearing nothing but these excuses. There might be a swing, and Republicans could easily lose, but it will be by a tiny swing of like 2% of the population, involving a handful of seats in the House, and <5 seats in the Senate.
Is that not true?
https://www.statista.com/statistics/1083150/total-us-debt-across-all-sectors/
Total -public, corporate, private - debt in 2000 was 28 trillion. Now it's 93 trillion.
Numbers not accounted for inflation don't mean much. Why is corporate debt a problem?
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