You can’t discredit your opponents; they can only discredit themselves. That was my hope for authoritarian populism during Trump 1.0, but it didn’t happen in spite of the man on golf cart’s best efforts during the pandemic and after the election. Trump’s reputation survived for three reasons: the adults in the room saved him from some of his worst impulses; the voters decided he couldn’t be blamed for his chaotic response to the virus; and his economic program, a souped-up version of Abenomics, worked well in its time. When Biden tried it under different conditions, inflation was the result, and the rest is history.
Trump 2.0 gives us a much better shot at permanently discrediting MAGA. Trump’s worst impulses are becoming policy. No one else can be blamed for tariffs and the war. AI is a threat to everyone, including the base. Only a handful of investors are better off than they were in 2024.
We’ll see what the public really thinks in November.