If you weren’t concerned months ago about the implications of a second Trump term, you clearly weren’t observing closely. The assault on democracy and the rule of law—transforming the land of the free into a place where government agents snatch individuals off the streets and dissent is criminalized—was foreseeable.
There’s an air of melancholy about the trajectory under Trump’s leadership. Even those anticipating some missteps have been surprised by the swift erosion of American strengths. There was always a likelihood of misguided policies, yet few foresaw a crisis unfolding in mere months. The degradation of governance and assault on science, particularly climate research, has been alarming.
America at the close of Biden’s years held a rather glum outlook, mainly due to consumer price surges post-COVID. This inflation wasn’t unique to the U.S.; Europe witnessed a similar plight, as did Canada until Trump’s dramatic rescue. See details here.
Despite the gloom, earlier this year America was thriving in many respects. Most workers’ wages outpaced inflation post-pandemic. Disinflation occurred without prolonged high unemployment, which many economists wrongly predicted. In perspective, the U.S. economy’s 21st-century performance was the “envy of the world,” as per The Economist.
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the america that was
America’s advancements were not just economic. Homicide rates reached near 65-year lows. From 2,262 murders in New York in 1990 to merely 382 by 2024, the progress was tangible.
Yet, disparities persisted. Income inequality, albeit reduced in Biden’s term, remained significant. Deaths of despair, from suicide and substance abuse, stayed high. America faced falling life expectancy, with strong electoral ties to regions marked by low male employment and high Trump support.
While under Trump, the nation faced turmoil on several fronts, he stepped into a country that was performing robustly in numerous areas. Yet, his governance swiftly altered that landscape.
mganomics
Many eagerly anticipated the prosperity from Trump’s prior term; however, his 2024 campaign platform drew scepticism among economists. His proposals of substantial tariff hikes were alarming, promising inflation and reduced real incomes.
Trump’s agenda for large-scale deportations posed threats to industries reliant on foreign labour. His intention to politicize the Federal Reserve caused concerns, given its role in managing recessions and inflation.
The imposed tariffs have been extreme, reaching 145% on China imports, dwarfing previous rates since 1934. The ensuing trade collapse is likely to yield price hikes and job losses. West Coast ports report a stark drop in Asian shipments, foreshadowing further economic woes.
demolishing government, waging war on the poor
Despite being labelled a populist, Trump’s administration embraced a right-wing fiscal approach. A May budget bill proposed cuts nearly $700 billion from Medicaid, potentially stripping millions of healthcare, alongside severe SNAP reductions, imposing hunger on many.
The deficit projections are dire, with tax cuts potentially adding trillions. Investors are losing faith, evident in the U.S. bond market’s rising interest rates and a plunging dollar.
Moreover, the government’s core functions are under siege. Elon Musk’s Department of Government Efficiency has sown chaos rather than savings. Arbitrary dismissals and mistreatment of civil servants risk eroding valuable public assets.
the war on knowledge
American science, once a beacon of excellence, faces devastation. The administration has essentially halted funding for pivotal research agencies like the National Institutes of Health and the National Science Foundation.
The cuts and silencing of perceived opposition to MAGA’s agenda mark a frontal assault on intellectual inquiry and may deter future scientific pursuits.
crypto’s new gilded age
A surprising development under Trump is the embrace of cryptocurrency. Long viewed as niche, cryptocurrencies now serve dubious purposes, such as large-scale bribery.
triumph of resentment
Why does this devastation persist? Many see it as oligarchs’ governance. Others, however, attribute it to the rulers’ deep-seated resentment. Trump, Musk, and their ilk are characterised by anger and insecurity, shaping policies steeped in grudge rather than rationality.
Such resentment-driven leadership spells trouble, but there remains hope for eventual recovery. Yet, the damage inflicted could linger far beyond our lifetime.
