Connect with us

Economics

Checks and Balance newsletter: Trump’s erstwhile allies

Published

on

This is the introduction to Checks and Balance, a weekly, subscriber-only newsletter bringing exclusive insight from our correspondents in America.

James Bennet, our Lexington columnist, considers the former allies of Donald Trump and their refusal to endorse him

Bill Clinton had his share of scandals, as I wrote in Lexington this week, but he was an effective and popular president, and he left office with an approval rating of 66%, according to Gallup. Barack Obama also left on a high note, at 59%. When the two former presidents appeared with President Joe Biden in New York on March 28th, they were plumping for money for his campaign, but they nevertheless presented a dignified tableau of mutual respect and affection, solidarity and continuity. 

What a contrast with Donald Trump. The only other living former Republican president, George W. Bush, has never even endorsed him, let alone embraced him in public. Mr Trump makes a virtue of that, of course. His politics are grounded in the idea he is breaking with everything that came before. 

What’s weird, though, is that the discontinuity increasingly applies to his own term in office. His own vice-president, Mike Pence, said in mid-March he will not endorse his former boss—not a huge surprise, since Mr Pence has accused Mr Trump of putting himself “over the constitution”, and yet it is still a shocking repudiation, one without obvious precedent at that level of American politics. It puts Mr Pence on a list of officials who served Mr Trump but have since broken with him that includes an attorney-general (Bill Barr), two defence secretaries (Jim Mattis and Mark Esper), two national security advisers (John Bolton and H.R. McMaster), two chiefs of staff (John Kelly and Mick Mulvaney), a chairman of the joint chiefs of staff (Mark Milley), a secretary of the Navy (Richard Spencer), a secretary of state (Rex Tillerson), a secretary of education (Betsy DeVos), and a secretary of transportation (Elaine Chao), among others. 

Maybe some of these people will have a change of heart, though that doesn’t seem probable. (Those Republicans, such as Senator Lindsey Graham, who repudiate their repudiations of Mr Trump tend to still have political ambitions. For that reason Nikki Haley, who was Mr Trump’s most formidable opponent for the Republican nomination, may come around, though she appears to be resisting so far.) Mr Kelly has called Mr Trump “a person with nothing but contempt for our democratic institutions, our constitution, and our rule of law”. Mr Esper has said “his actions are all about him and not about the country.” Mr Bolton has said he thought foreign leaders saw Mr Trump as “a laughing fool”. 

It seems to defy not just conventional politics but even common sense that such condemnation and contempt from formidable people who worked closely with Mr Trump does not matter much. At least not so far.

Economics

UK inflation September 2024

Published

on

The Canary Wharf business district is seen in the distance behind autumnal leaves on October 09, 2024 in London, United Kingdom.

Dan Kitwood | Getty Images News | Getty Images

LONDON — Inflation in the U.K. dropped sharply to 1.7% in September, the Office for National Statistics said Wednesday.

Economists polled by Reuters had expected the headline rate to come in at a higher 1.9% for the month, in the first dip of the print below the Bank of England’s 2% target since April 2021.

Inflation has been hovering around that level for the last four months, and came in at 2.2% in August.

Core inflation, which excludes energy, food, alcohol and tobacco, came in at 3.2% for the month, down from 3.6% in August and below the 3.4% forecast of a Reuters poll.

Price rises in the services sector, the dominant portion of the U.K. economy, eased significantly to 4.9% last month from 5.6% in August, now hitting its lowest rate since May 2022.

Core and services inflation are key watch points for Bank of England policymakers as they mull whether to cut interest rates again at their November meeting.

As of Wednesday morning, market pricing put an 80% probability on a November rate cut ahead of the latest inflation print. Analysts on Tuesday said lower wage growth reported by the ONS this week had supported the case for a cut. The BOE reduced its key rate by 25 basis points in August before holding in September.

Within the broader European region, inflation in the euro zone dipped below the European Central Bank’s 2% target last month, hitting 1.8%, according to the latest data.

This is a breaking news story and will be updated shortly.

Continue Reading

Economics

Why Larry Hogan’s long-odds bid for a Senate seat matters

Published

on

FEW REPUBLICAN politicians differ more from Donald Trump than Larry Hogan, the GOP Senate candidate in Maryland. Consider the contrasts between a Trump rally and a Hogan event. Whereas Mr Trump prefers to take the stage and riff in front of packed arenas, Mr Hogan spent a recent Friday night chatting with locals at a waterfront wedding venue in Baltimore County. Mr Hogan’s stump speech, at around ten minutes, felt as long as a single off-script Trump tangent. Mr Trump delights in defying his advisers; Mr Hogan fastidiously sticks to talking points about bipartisanship, good governance and overcoming tough odds. Put another way, Mr Hogan’s campaign is something Mr Trump is rarely accused of being: boring. But it is intriguing.

Continue Reading

Economics

Polarisation by education is remaking American politics

Published

on

DEPENDING ON where exactly you find yourself, western Pennsylvania can feel Appalachian, Midwestern, booming or downtrodden. No matter where, however, this part of the state feels like the centre of the American political universe. Since she became the presumptive Democratic presidential nominee, Kamala Harris has visited Western Pennsylvania six times—more often than Philadelphia, on the other side of the state. She will mark her seventh on a trip on October 14th, to the small city of Erie, where Donald Trump also held a rally recently. Democratic grandees flit through Pittsburgh regularly. It is where Ms Harris chose to unveil the details of her economic agenda, and it is where Barack Obama visited on October 10th to deliver encouragement and mild chastisement. “Do not just sit back and hope for the best,” he admonished. “Get off your couch and vote.”

Continue Reading

Trending