In some ways, Donald Trump represents what happens if Republicans actually governed on what they say they want to do. "I believe in American manufacturing" becomes ruinous tariffs. "I believe Iran is an outlaw nation" becomes the current fiasco in the Gulf. "I oppose abortion" becomes Dobbs. "I believe in a color blind America" becomes naked white supremacy.
Nowhere is this truer than in Trump most orthodox Republican policy: massive tax cuts for the rich. Reagan famously (or maybe not) raised taxes when the Laffer Curve proved to be laughable. Bush 41 raised taxes in the face of a significant debt crisis. Clinton balanced the budget largely via increasing taxes, and then Bush 43 blew that all to hell.
Trump's tax cuts and overall chaotic stewardship on economic issues is creating a massive debt problem. Roughly half of the entire $39,000,000,000,000 debt was accrued under Donald Trump, a man whose business practice consisted largely of running up debts, then declaring bankruptcy and walked away from the wreckage.
Sadly, we know exactly what is required to solve this issue, and no one is interested in doing the hard work of restraining spending and raising taxes. "Tax the rich" is a nice bumper sticker and we absolutely need to tax capital gains more aggressively. However, you cannot do the things liberals and progressives want to do simply by taxing the rich more aggressively. One reason is that skyrocketing debt crowds out private borrowing and makes interest on the public debt more burdensome.
Clinton's economy was really good. I know there's a whole whining culture about how nothing is affordable, because they can't DoorDash 7 nights a week. The permanent unhappiness about the economy is both real and also imagined. In a lot of ways, things are pretty good, especially compared to 2008 or 2020. It does FEEL worse, and that's before Trumpflation really digs into our wallets.
The spiraling debt will make everything - and I mean - everything more expensive, by driving up borrowing costs for everyone. Economic stagnation caused by trade wars and deportations means that we won't be able to grow out of our debt situation very easily, but that's going to be a requirement of the next administration.
I'm sure that the American people are super duper eager to sacrifice to make that happen.
