Finally, there is the economy. Here’s what Trump has done in his first seven months:
- Pushed through the BBB, a regressive tax and spending bill with a few temporary shiny objects to fulfill campaign promises;
- Jacked up tariffs in a completely madcap fashion;
- Attempted to deregulate AI in spite of the dangers it presents;
- Dramatically cut spending on clean energy in spite of the growing demand for electricity generated by data centers;
- Started acquiring shares of companies he thinks are critical for national security;
- Began the mass deportation of essential workers, including those in health care, agriculture, and construction, thereby creating labor shortages;
- Demanded that the Fed reduce interest rates regardless of the evidence; and
- Fired the individual responsible for collecting and publishing economic statistics.
As you would expect, we are already starting to see the effects of stagflation. Worse is to follow as companies either raise prices or go out of business.