In the Washington Post, I argue that President Trump should have kept in mind that inflation was the top reason he won the 2024 election, and kept his focus on fighting it.
Trump could have said, upon winning in 2024, “Biden and the Democrats have let inflation get out of control and I welcome the Fed’s efforts to tamp it down, even though it will be painful for a time.” He could also have held off on his trade wars. With that support and without the complication of large-scale tariffs, the Fed might have been able to bring inflation down further. Maybe then Americans could have, as in the 1980s, looked forward to a steeper downward trajectory for interest rates in 2026, giving Republicans a better shot at keeping Congress.
It’s not too late to change course, but the risks to the economy have gotten worse over the course of the year.