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Tag: Trump presidency

  • How Many Court Cases Can Trump Lose in a Single Week?

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    Is Donald Trump tired yet of all the losing? During the past week alone, federal judges across the country have rejected some of the most important and far-reaching of Trump’s initiatives—from his efforts to reshape the global economy with tariffs and mobilize the military to act as police in American cities to his refusal to spend billions of dollars in congressionally appropriated funds. The President continues to cite nonexistent emergencies to justify his executive overreach and judges continue to call him out on it, issuing stern rebukes in the tradition of Judge Beryl Howell, who, during a case this spring about the firings of civil servants, observed that “an American President is not a king—not even an ‘elected’ one.”

    I’m not sure that this week’s epic losing streak has received the attention that it deserves, no doubt in part because America had other things to worry about, such as whether Trump was actually alive, despite all the internet rumors. It speaks to the present moment that the President is not only very much still with us but has already started fund-raising off the social-media frenzy surrounding his supposed death over Labor Day weekend. (“These rumors are just another desperate attack from the failing left who can’t stand that we’re WINNING and bigly!” the e-mail pitch that arrived in my inbox on Thursday morning said.) But what does it say about the state of things that disputing rumors of his death turns out to be a welcome distraction from underlying political realities for Trump?

    In fact, the President enters the first fall of his second term in office with historically low approval ratings—the only President with worse marks at this point was Trump himself, in his first term—and a radically disruptive agenda whose fate has yet to be determined. I am well aware that this is not currently the dominant narrative about Trump 2.0, which, whether you like it or hate it, has generally been covered as a sweeping and surprisingly successful attack on pillars of the American establishment in and out of government. But, depending on how the next few months play out, it could be. And that’s the point: What’s clear from Trump’s first seven months back in power is that he has embarked on a breathtaking effort to reshape the American Presidency. What’s far from apparent yet is whether and to what extent he will succeed.

    The latest string of defeats began last Friday, when the U.S. Court of Appeals for the Federal Circuit ruled that Trump’s so-called reciprocal tariffs imposing double-digit duties on key trading partners such as Canada, China, and the European Union were illegal. Over the holiday weekend, a federal district judge intervened to stop migrant children from being deported to Guatemala while some of them were already loaded on planes. On Tuesday, the U.S. Court of Appeals for the D.C. Circuit reinstated a Federal Trade Commissioner, saying that Trump did not have the power that he claimed to fire her. Also that day, another federal judge ruled that, in sending hundreds of National Guard personnel to Los Angeles amid protests of Trump’s immigration crackdown, the President had violated a nineteenth-century law prohibiting the use of troops for domestic law-enforcement purposes. On Wednesday, yet another judge, in Boston, rejected billions of dollars in cuts to research funding for Harvard University, part of a broad war on liberal academia that Trump has made an unlikely centerpiece of his second term. And late on Wednesday night, a federal judge in Washington blocked billions of dollars in Trump-ordered cuts to foreign aid, saying that he was usurping Congress’s power of the purse in refusing to spend the money. This, I should add, is an incomplete list. If nothing else, it shows the extraordinary scope and scale of the battles that Trump has chosen to pursue—suggesting not so much a strategic view of the Presidency as an everything-everywhere-all-at-once vision of unchecked Presidential power.

    Important caveats apply, of course, most notably that all these rebuffs to Trump can and may well be overturned on appeal; September’s losing streak could soon enough become next spring’s winning streak, especially with a Trumpified Supreme Court, which, in the first few months after Trump’s return, failed to check many of Trump’s initial excesses, almost certainly emboldening him to push further and faster in applying his favored constitutional theory, what one might call the “I can do anything I want to do” doctrine. Already this week, Trump has appealed the tariff ruling to the Supreme Court, asking for an expedited review in a case that will test not only the legality of his favorite economic tool but his broad assertions of emergency authority to override constitutional constraints. In the foreign-aid case, U.S. District Judge Amir Ali made clear that his word would hardly be the last on the matter, anticipating “definitive higher court guidance” given the “immense legal and practical importance” surrounding the question of whether a President can simply decide to flout Congress’s appropriations bills.

    There’s also the matter of the damage that Trump has already wrought, even if he were to ultimately lose some or even all of these cases—unspent aid that could have saved lives, families divided by harsh immigration policies, companies whose supply chains have been broken or disrupted by a single man’s peremptory demands. So let’s stipulate that winning by losing might be a fine outcome as far as Trump is concerned; when smashing stuff is the goal, the more that’s smashed, the better, whether the judges ultimately agree or not.

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    Susan B. Glasser

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  • Why betting on the Trump trade is a real mistake

    Why betting on the Trump trade is a real mistake

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    If you’re among investors hoping for a robust return of the Trump trade, it might be wise to hold off for a while and stay disciplined.

    “People are way too bullish on Trump at this point,” TastyLive founder and CEO Tom Sosnoff told Yahoo Finance Executive Editor Brian Sozzi on his Opening Bid podcast (see the video above or listen here).

    Those jumping on the Trump trade bandwagon are “making a huge mistake,” Sosnoff added. “This thing is going to go back and forth” and could be a money-losing trade, Sosnoff warned.

    The Trump trade is a market phenomenon where investors bet on possible benefits (see lower taxes, fewer regulations) of a Trump presidency.

    Technology and finance were two sectors that flourished during Trump’s first term, as did industrials and energy as he passed tax cuts and focused on domestic energy production.

    During Trump’s term, between 2016 and 2020, the S&P 500 rose by over 50%. The tech sector rose well over 150%, and consumer discretionary rose over 103%. Individual winners were many, chief among them chip player AMD (AMD), which rose 1,000%. Apple’s (AAPL) stock advanced more than 365%.

    A second Trump presidency could bring a favorable environment for industries such as clean coal, nuclear energy, fossil fuels, consumer finance, and the defense sector, according to Isaac Boltansky of BTIG. Think a broadening of the old Trump trade.

    On the flip side, a Democratic victory looks to favor green energy, global trade, and the defense sector, among others.

    “All else being equal, the US economy has continued to grow no matter who controls the White House,” wrote Boltansky in a note to clients.

    MIDDLETOWN, OHIO - JULY 23: A campaign sign hangs in the window of the Butler County Republican Party headquarters on July 23, 2024 in Middletown, Ohio. Middletown, which has a population of around 51,000 residents, is where Republican vice presidential candidate Ohio Senator JD Vance was raised and attended high school.  (Photo by Scott Olson/Getty Images)

    MIDDLETOWN, OHIO – JULY 23: A campaign sign hangs in the window of the Butler County Republican Party headquarters on July 23, 2024 in Middletown, Ohio. (Photo by Scott Olson/Getty Images) (Scott Olson via Getty Images)

    Political headlines have flown fast and furious over the past two weeks, with an assassination attempt, returning COVID-19 reports, President Joe Biden’s decision to not seek reelection, and Kamala Harris’ rise.

    In the wake of the assassination attempt, private prison and gun stocks went up, while Trump Media and Technology (DJT) enjoyed a bounce as well.

    The Trump trade in full effect.

    If buzz and headlines make investors dizzy, it’s understandable. Still, “it’s not so much about the news,” said Sosnoff, a former CBOE floor trader and founder of trading platform Thinkorswim. “It’s about how the markets are reacting to whatever’s happening.”

    Instead of trading “the political house of cards,” he said, “I would just trade as you would normally trade.”

    Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled, market-focused conversations and chats with the biggest names in business on Opening Bid. Find more episodes on our video hub. Watch on your preferred streaming service. Or listen and subscribe on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.

    In the below Opening Bid episode, long-time NYSE floor trader Peter Tuchman shares his top advice to his fellow trading community. One reminder: trading isn’t a game.

    Click here for in-depth analysis of the latest stock market news and events moving stock prices

    Read the latest financial and business news from Yahoo Finance

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  • The Ego Has Crash-Landed

    The Ego Has Crash-Landed

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    Sign up for The Decision, a newsletter featuring our 2024 election coverage.

    Donald Trump dominated the news cycle this weekend. Everybody’s talking about the outrageous things he said at his rally in Dayton, Ohio—above all, his menacing warning of a “bloodbath” if he is defeated in November. To follow political news is to again be immersed in all Trump, all the time. And that’s why Trump will lose.

    At the end of the 1980 presidential debate, the then-challenger Ronald Reagan posed a famous series of questions that opened with “Are you better off than you were four years ago?”

    Why that series of questions was so powerful is important to understand. Reagan was not just delivering an explicit message about prices and wages. His summation also sent an implicit message about his understanding of how and why a vote was earned.

    As a presidential candidate that year, Reagan arrived as a hugely famous and important person. He was the champion of the rising American conservative movement, a former two-term governor of California, and, before that, a movie and television star. Yet when it came time to make his final appeal to voters, candidate Reagan deflected attention away from himself. Instead, he targeted the spotlight directly at the incumbent president and the president’s record.

    When Reagan spoke of himself, it was to present himself as a plausible replacement:

    I have not had the experience the president has had in holding that office, but I think in being governor of California, the most populous state in the Union—if it were a nation, it would be the seventh-ranking economic power in the world—I, too, had some lonely moments and decisions to make. I know that the economic program that I have proposed for this nation in the next few years can resolve many of the problems that trouble us today. I know because we did it there.

    Reagan understood that Reagan was not the issue in 1980. Jimmy Carter was the issue. Reagan’s job was to not scare anybody away.

    Reagan was following a playbook that Carter himself had used against Gerald Ford in 1976. Bill Clinton would reuse the playbook against George H. W. Bush in 1992. By this playbook, the challenger subordinates himself to a bigger story, and portrays himself as a safe and acceptable alternative to an unacceptable status quo.

    Joe Biden used the same playbook against Donald Trump in 2020. See Biden’s closing ad of the campaign, which struck generic themes of unity and optimism. The ad works off the premise that the voters’ verdict will be on the incumbent; the challenger’s job is simply to refrain from doing or saying anything that gets in the way.

    But Trump won’t accept the classic approach to running a challenger’s campaign. He should want to make 2024 a simple referendum on the incumbent. But psychically, he needs to make the election a referendum on himself.

    That need is self-sabotaging.

    In two consecutive elections, 2016 and 2020, more Americans voted against Trump than for him. The only hope he has of changing that verdict in 2024 is by directing Americans’ attention away from himself and convincing them to like Biden even less than they like Trump. But that strategy would involve Trump mainly keeping his mouth shut and his face off television—and that, Trump cannot abide.

    Trump cannot control himself. He cannot accept that the more Americans hear from Trump, the more they will prefer Biden.

    Almost 30 years ago, I cited in The Atlantic some advice I’d heard dispensed by an old hand to a political novice in a congressional race. “There are only two issues when running against an incumbent,” the stager said. “[The incumbent’s] record, and I’m not a kook.” Beyond that, he went on, “if a subject can’t elect you to Congress, don’t talk about it.”

    The same advice applies even more to presidential campaigns.

    Trump defies such advice. His two issues are his record and Yes, I am a kook. The subjects that won’t get him elected to anything are the subjects that he is most determined to talk about.

    In Raymond Chandler’s novel The Long Goodbye, the private eye Philip Marlowe breaks off a friendship with a searing farewell: “You talk too damn much and too damn much of it is about you.” When historians write their epitaphs for Trump’s 2024 campaign, that could well be their verdict.

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    David Frum

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  • A Warning

    A Warning

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    Like many reporters, I’ve been operating in Casaubon mode for much of the past eight years, searching for the key to Donald Trump’s mythologies. No single explanation of Trump is fully satisfactory, although Atlantic staff writer Adam Serwer came closest when he observed that the cruelty is the point. Another person who helped me unscramble the mystery of Trump was his son-in-law Jared Kushner. Early in the Trump presidency, I had lunch with Kushner in his White House office. We were meant to be discussing Middle East peace (more on that another time), but I was particularly curious to hear Kushner talk about his father-in-law’s behavior. I was not inured then—and am not inured even now—to the many rococo manifestations of Trump’s defective character. One of the first moments of real shock for me came in the summer of 2015, when Trump, then an implausible candidate for the Republican presidential nomination, said of Senator John McCain, “He’s not a war hero … I like people who weren’t captured, okay?”

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    I did not understand how so many ostensibly patriotic voters could subsequently embrace Trump, but mainly I couldn’t understand his soul sickness: How does a person come to such a rotten, depraved thought?

    That day in the White House, I mentioned to Kushner one of Trump’s more recent calumnies and told him that, in my view, his father-in-law’s incivility was damaging the country. Strangely, Kushner seemed to agree with me: “No one can go as low as the president,” he said. “You shouldn’t even try.”

    I was confused at first. But then I understood: Kushner wasn’t insulting his father-in-law. He was paying him a compliment.

    Perverse, of course. But revelatory as well, and more than a little prophetic. Because Trump, in the intervening years, has gone lower, and lower, and lower. If there is a bottom—no sure thing—he’s getting closer. Tom Nichols, who writes The Atlantic’s daily newsletter and is one of our in-house experts on authoritarianism, argued in mid-November that Trump has finally earned the epithet “fascist.”

    “For weeks, Trump has been ramping up his rhetoric,” Nichols wrote. “Early last month, he echoed the vile and obsessively germophobic language of Adolf Hitler by describing immigrants as disease-ridden terrorists and psychiatric patients who are ‘poisoning the blood of our country.’ ” In a separate speech, Trump, Nichols wrote, “melded religious and political rhetoric to aim not at foreign nations or immigrants, but at his fellow citizens. This is when he crossed one of the last remaining lines that separated his usual authoritarian bluster from recognizable fascism.”

    Trump’s rhetoric has numbed us in its hyperbole and frequency. As David A. Graham, one of our magazine’s chroniclers of the Trump era, wrote recently, “The former president continues to produce substantive ideas—which is not to say they are wise or prudent, but they are certainly more than gibberish. In fact, much of what Trump is discussing is un-American, not merely in the sense of being antithetical to some imagined national set of mores, but in that his ideas contravene basic principles of the Constitution or other bedrock bases of American government.”

    There was a time when it seemed impossible to imagine that Trump would once again be a candidate for president. That moment lasted from the night of January 6, 2021, until the afternoon of January 28, 2021, when the then-leader of the House Republican caucus, Kevin McCarthy, visited Trump at Mar-a-Lago and welcomed him back into the fold.

    And so here we are. It is not a sure thing that Trump will win the Republican nomination again, but as I write this, he’s the prohibitive front-runner. Which is why we felt it necessary to share with our readers our collective understanding of what could take place in a second Trump term. I encourage you to read all of the articles in this special issue carefully (though perhaps not in one sitting, for reasons of mental hygiene). Our team of brilliant writers makes a convincingly dispositive case that both Trump and Trumpism pose an existential threat to America and to the ideas that animate it. The country survived the first Trump term, though not without sustaining serious damage. A second term, if there is one, will be much worse.

    The Atlantic, as our loyal readers know, is deliberately not a partisan magazine. “Of no party or clique” is our original 1857 motto, and it is true today. Our concern with Trump is not that he is a Republican, or that he embraces—when convenient—certain conservative ideas. We believe that a democracy needs, among other things, a strong liberal party and a strong conservative party in order to flourish. Our concern is that the Republican Party has mortgaged itself to an antidemocratic demagogue, one who is completely devoid of decency.


    This editor’s note appears in the January/February 2024 print edition with the headline “A Warning.”

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    Jeffrey Goldberg

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  • The Danger Ahead

    The Danger Ahead

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    For all its marvelous creativity, the human imagination often fails when turned to the future. It is blunted, perhaps, by a craving for the familiar. We all appreciate that the past includes many moments of severe instability, crisis, even radical revolutionary upheaval. We know that such things happened years or decades or centuries ago. We cannot believe they might happen tomorrow.

    When Donald Trump is the subject, imagination falters further. Trump operates so far outside the normal bounds of human behavior—never mind normal political behavior—that it is difficult to accept what he may actually do, even when he declares his intentions openly. What’s more, we have experienced one Trump presidency already. We can take false comfort from that previous experience: We’ve lived through it once. American democracy survived. Maybe the danger is less than feared?

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    In his first term, Trump’s corruption and brutality were mitigated by his ignorance and laziness. In a second, Trump would arrive with a much better understanding of the system’s vulnerabilities, more willing enablers in tow, and a much more focused agenda of retaliation against his adversaries and impunity for himself. When people wonder what another Trump term might hold, their minds underestimate the chaos that would lie ahead.

    By Election Day 2024, Donald Trump will be in the thick of multiple criminal trials. It’s not impossible that he may already have been convicted in at least one of them. If he wins the election, Trump will commit the first crime of his second term at noon on Inauguration Day: His oath to defend the Constitution of the United States will be a perjury.

    A second Trump term would instantly plunge the country into a constitutional crisis more terrible than anything seen since the Civil War. Even in the turmoil of the 1960s, even during the Great Depression, the country had a functional government with the president as its head. But the government cannot function with an indicted or convicted criminal as its head. The president would be an outlaw, or on his way to becoming an outlaw. For his own survival, he would have to destroy the rule of law.

    From Trump himself and the people around him, we have a fair idea of a second Trump administration’s immediate priorities: (1) Stop all federal and state cases against Trump, criminal and civil. (2) Pardon and protect those who tried to overturn the 2020 election on Trump’s behalf. (3) Send the Department of Justice into action against Trump adversaries and critics. (4) End the independence of the civil service and fire federal officials who refuse to carry out Trump’s commands. (5) If these lawless actions ignite protests in American cities, order the military to crush them.

    A restored Trump would lead the United States into a landscape of unthinkable scenarios. Will the Senate confirm Trump nominees who were chosen because of their willingness to help the president lead a coup against the U.S. government? Will the staff of the Justice Department resign? Will people march in the streets? Will the military obey or refuse orders to suppress demonstrations?

    The existing constitutional system has no room for the subversive legal maneuvers of a criminal in chief. If a president can pardon himself for federal crimes—as Trump would likely try to do—then he could write his pardon in advance and shoot visitors to the White House. (For that matter, the vice president could murder the president in the Oval Office and then immediately pardon herself.) If a president can order the attorney general to stop a federal case against him—as Trump would surely do—then obstruction of justice becomes a normal prerogative of the presidency. If Trump can be president, then the United States owes a huge retrospective apology to Richard Nixon. Under the rules of a second Trump presidency, Nixon would have been well within his rights to order the Department of Justice to stop investigating Watergate and then pardon himself and all the burglars for the break-in and cover-up.

    After Trump was elected in 2016, he was quickly surrounded by prominent and influential people who recognized that he was a lawless menace. They found ways to restrain a man they regarded as, to quote the reported words of Trump’s first secretary of state, “a fucking moron” and, to quote his second chief of staff, “the most flawed person I’ve ever met in my life,” whose “dishonesty is just astounding.” But there would be no Rex Tillerson in a second Trump term; no John Kelly; no Jeff Sessions, who as attorney general recused himself from the investigation into the president’s connections to Russia, leading to the appointment of an independent special counsel.

    Since 2021, Trump-skeptical Republicans have been pushed out of politics. Representatives Liz Cheney and Adam Kinzinger forfeited their seats in the House for defending election integrity. Representative Tom Emmer withdrew his bid for House speaker over the same offense. The Republican Senate caucus is less hospitable to Trump-style authoritarianism—but notice that the younger and newer Republican senators (Ted Cruz, Josh Hawley, J. D. Vance) tend to support Trump’s schemes, while his opponents in the Senate belong to the outgoing generation. Trump’s leading rivals for the 2024 nomination seldom dare criticize his abuse of power.

    Most of the people who would staff a second Trump term would be servile tools who have absorbed the brutal realities of contemporary Republicanism: defend democracy; forfeit your career. Already, an array of technically competent opportunists has assembled itself—from within right-wing think tanks and elsewhere—and has begun to plan out exactly how to dismantle the institutional safeguards against Trump’s corrupt and vengeful impulses. Trump’s likely second-term advisers have made clear that they would share his agenda of legal impunity and the use of law enforcement against his perceived opponents—not only the Biden family, but Trump’s own former attorney general and chairman of the Joint Chiefs of Staff.

    If Trump wins the presidency again, the whole world will become a theater for his politics of revenge and reward. Ukraine will be abandoned to Vladimir Putin; Saudi Arabia will collect its dividends for its investments in the Trump family.

    First-term Trump told aides that he wanted to withdraw from NATO. Second-term Trump would choose aides who would not talk him out of it. Other partners, too, would have to adjust to the authoritarianism and corruption of a second Trump term. Liberals in Israel and India would find themselves isolated as the U.S. turned toward reaction and authoritarianism at home; East Asian democracies would have to adjust to Trump protectionism and trade wars; Mexico’s antidemocratic Morena party would have scope to snuff out free institutions provided that it suppressed migration flows to the United States.

    Anyway, the United States would be too paralyzed by troubles at home to help friends abroad.

    If Trump is elected, it very likely won’t be with a majority of the popular vote. Imagine the scenario: Trump has won the Electoral College with 46 percent of the vote because third-party candidates funded by Republican donors successfully splintered the anti-Trump coalition. Having failed to win the popular vote in each of the past three elections, Trump has become president for the second time. On that thin basis, his supporters would try to execute his schemes of personal impunity and political vengeance.

    In this scenario, Trump opponents would have to face a harsh reality: The U.S. electoral system has privileged a strategically located minority, led by a lawbreaking president, over the democratic majority. One side outvoted the other. The outvoted nonetheless won the power to govern.

    The outvoted would happily justify the twist of events in their favor. “We are a republic, not a democracy,” many said in 2016. Since that time, the outvoted have become more outspoken against democracy. As Senator Mike Lee tweeted a month before the 2020 election: “Democracy isn’t the objective.”

    So long as minority rule seems an occasional or accidental result, the majority might go along. But once aware that the minority intends to engineer its power to last forever—and to use it to subvert the larger legal and constitutional system—the majority may cease to be so accepting. One outcome of a second Trump term may be an American version of the massive demonstrations that filled Tel Aviv streets in 2023, when Prime Minister Benjamin Netanyahu tried to remake Israel’s court system.

    And what might follow that? In 2020, Trump’s advisers speculated about the possibility of using the Army to crush protests against Trump’s plans to overturn that year’s election. Now those in Trump’s circle are apparently thinking further ahead. Some reportedly want to prepare in advance to use the Insurrection Act to convert the military into a tool of Trump’s authoritarian project. It’s an astonishing possibility. But Trump is thinking about it, so everybody else must—including the senior command of the U.S. military.

    If a president can summon an investigation of his opponents, or summon the military to put down protests, then suddenly our society would no longer be free. There would be no more law, only legalized persecution of political opponents. It has always been Trump’s supreme political wish to wield both the law and institutional violence as personal weapons of power—a wish that many in his party now seem determined to help him achieve.

    That grim negative ideal is the core ballot question in 2024. If Trump is defeated, the United States can proceed in its familiar imperfect way to deal with the many big problems of our time: the wars in the Middle East and Ukraine, climate change, educational standards and equal opportunity, economic growth and individual living standards, and so on. Stopping Trump would not represent progress on any of those agenda items. But stopping Trump would preserve the possibility of progress, by keeping alive the constitutional-democratic structure of the United States.

    A second Trump presidency, however, is the kind of shock that would overwhelm all other issues. It would mark the turn onto a dark path, one of these rips between “before” and “after” that a society can never reverse. Even if the harm is contained, it can never be fully undone, as the harm of January 6, 2021, can never be undone. The long tradition of peaceful transitions of power was broken that day, and even though the attempt to stop the transition by violence was defeated, the violence itself was not expunged. The schemes and plots of a second Trump term may be defeated too. Yet every future would-be dictator will know: A president can attempt a coup and, if stopped, still return to office to try again.

    As we now understand from memoirs and on-the-record comments, many of Trump’s own Cabinet appointees and senior staff were horrified by the president they served. The leaders of his own party in Congress feared and hated him. The GOP’s deepest-pocketed donors have worked for three years to nominate somebody, anybody, else. Yet even so, Trump’s co-partisans are converging upon him. They are convincing themselves that something can justify forgiving Trump’s first attempted coup and enabling a second: taxes, border control, stupid comments by “woke” college students.

    For democracy to continue, however, the democratic system itself must be the supreme commitment of all major participants. Rules must matter more than outcomes. If not, the system careens toward breakdown—as it is careening now.

    When Benjamin Franklin famously said of the then-new Constitution, “A republic, if you can keep it,” he was not suggesting that the republic might be misplaced absentmindedly. He foresaw that ambitious, ruthless characters would arise to try to break the republic, and that weak, venal characters might assist them. Americans have faced Franklin’s challenge since 2016, in a story that has so far had some villains, many heroes—and just enough good luck to tip the balance. It would be dangerous to continue to count on luck to do the job.


    This article appears in the January/February 2024 print edition with the headline “The Revenge Presidency.”

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    David Frum

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