Let’s face it: I don’t know if inflation will be a real problem in 2024, and neither do you. Trump undoubtedly hopes it is, because it will give him a large stick with which to beat the Democrats. If it is, however, it will also betray the vacuousness of his economic thought, and those of his fellow Republicans.
The logical solution to excess demand is enforced austerity. Trump doesn’t do austerity; he’s a populist, after all. It is highly unlikely that he will embrace his inner Rick Scott, if one even exists. Instead, he will call for more tax cuts, which would only make things worse, because that’s what Republicans do. In addition, if the Ukraine war is still going on, he would probably argue that changing sides and aiding Putin would reduce gas prices. More on that in a later post.