The Republican National Convention (RNC) kicked off Monday with an old song: “It’s the economy, stupid.”
The phrase dates back to the early 1990s and comes from Democratic strategist James Carville, an adviser to Bill Clinton’s first presidential campaign. But in testament to the staying power of this message and its resonance across political parties, it reappears tonight in the form of MAGA: “Make America Rich Again.”
A noble goal. Can the Republicans deliver?
It’s difficult to answer that question based solely on Monday’s program, which, as is typical at political conventions across the country, focuses more on platitudes than policy prescriptions.
There was a lot of discussion on opening night about rising grocery and gas prices. President Joe Biden has often attributed the problems to “corporate greed” – a charge he reiterated at a much-anticipated news conference last week. (Which raises the question: Did the grocery store owner just think he was charitable until he recently became greedy?)
A more realistic villain is inflation. But it’s doubtful that a second term for President Trump — or any president — will be the antidote.
That’s because, like most problems, inflation is complex and multifaceted and cannot be solved or blamed on one person, no matter how convenient the meeting venue.
trump card An increase of about $8 trillion Biden’s debt woes soon followed during his term $1.9 stimulus package. Crazy spending has not helped. But there are many other factors, including energy market volatility caused by the global pandemic and international conflicts.
Trump has proposed some deflationary policies as part of his deregulation agenda, which could increase the supply of key commodities and lower prices. That’s fine. But other parts of the Republican Party’s Trump-inspired platform resemble the protectionist policies Democrats were once more familiar with. That they were surrounded by a brand of nationalist conservatism did not change the outcome.
Consider, for example, Trump’s fondness for tariffs, which raise the price of manufacturing inputs and thereby increase actual price For consumers. Trump’s newly appointed vice presidential pick, J.D. Vance, will not necessarily alleviate these concerns because Vance’s Comparative Advantage According to Trump, his protectionist appeals to blue-collar workers in swing states are to blame.
What happened andThe point brought up tonight may be more instructive in figuring out how a second Trump term will address government spending and, by extension, inflation. For example, it is unpopular these days for Republicans to be the adults in the room on Social Security and Medicare reform, even as the former is accelerating bankruptcy.
“Failure to act will result in a fiscal situation where Republicans will have little leverage while Democrats push for their preferred ‘solutions,'” Write reason Veronique de Rugy, Writing Editor. “The resulting higher taxes and increased debt will have profound and unhealthy consequences for the economy and for future generations.” That sort of thing may not play out well on the Republican National Committee stage this week, but if the G.O.P. If you want to take inflation seriously, it’s worth considering.
