Connect with us

Economics

Donald Trump has rewritten the history of January 6th

Published

on

“THIS IS A big one,” Donald Trump said as he signed a clemency order for nearly 1,600 January 6th rioters just hours after being sworn into office. By evening Enrique Tarrio, the leader of the Proud Boys, a far-right group, who had served three years of a 22-year sentence in federal prison for choreographing the attack on the Capitol in 2021, was in a holding cell in Louisiana awaiting release. Back in Miami, Mr Tarrio says a full pardon was what he expected “from day one after the election”.

The plans he made for life after liberation won’t start just yet. His first day home is “a moment of zen” before he figures out what is next for him and for the Proud Boys. To those who say that the pardons represent a whitewashing of what happened on January 6th, Mr Tarrio replies that his imprisonment in the first place was an injustice. “I understand their game, you take the opponents’ pieces off the board,” he says. “And I’m down to play that game, right? But we’re not at that point yet.” He is not “calling for it”, but he means that his team too can lock people up.

Mr Trump’s amnesty was more sweeping than its beneficiaries had expected. “This is leaps and bounds better than I could have hoped,” says John Kinsman, a Proud Boy who served four years in prison. “Never in a million years” did he think that Mr Trump would set every January 6th “hostage” free. All but 14 leaders of the Proud Boys and Oath Keepers, a militia, who breached the Capitol building, were granted full pardons. Their pardons lift penalties that typically arise from felony convictions, such as restrictions on buying guns, visiting certain foreign countries and, in some states, voting. Those who weren’t pardoned had their sentences commuted. In their cases, Mr Trump said, his team needed to do “further research”.

The outcome seemed surprising because a few days earlier J.D. Vance, now the vice-president, told viewers on Fox News that “if you committed violence on that day obviously you shouldn’t be pardoned.” Yet many who had were. Pam Bondi, Mr Trump’s nominee to lead the Department of Justice (DoJ), echoed Mr Vance’s restraint. The fact that Mr Trump overruled them suggests that the scope of his final decision was his own idea. Mr Trump said those imprisoned had served enough time.

To some on the inside, Mr Trump’s actions only reinforce their belief that he sought on January 6th to goad his supporters to sack the Capitol. “This is one of the most candid acknowledgments that what happened that day is what he intended,” says a senior DoJ lawyer. It is indeed reasonable to see the pardons as an endorsement of the mob violence that took place. In the summary of his now-dismissed case, published on January 7th this year, Jack Smith, the special counsel who investigated Mr Trump’s role, wrote that his office had sufficient evidence to “obtain and sustain a conviction”. But Mr Trump has now made sure that the meaning of the January 6th assault will be long contested. To many of the president’s supporters, the pardons rectify an injustice arising from overreach by Mr Trump’s foes.

It is unarguable that soon hundreds of people who punched police, smashed windows and broke through barricades will be home. Though many of them are ordinary doctors and businessmen, at least 200 have pledged allegiance to a militia-like group. In interviews Proud Boys across America say that jail time has subdued their movement—and watchdog groups like Miami Against Fascism agree that their power has been “severely diminished”.

Nonetheless political violence, both on the left and the right, has increased since 2021; there were two lone-wolf attempts on Mr Trump’s life during the campaign. According to an analysis by Robert Pape of the University of Chicago, the DoJ prosecuted 26 threats against members of Congress between 2022 and 2023. Yet Mr Trump’s administration may not pursue domestic radicals as forcefully as Joe Biden’s administration did. 

Stay on top of American politics with The US in brief, our daily newsletter with fast analysis of the most important political news, and Checks and Balance, a weekly note from our Lexington columnist that examines the state of American democracy and the issues that matter to voters.

Economics

Why stricter voting laws no longer help Republicans

Published

on

“The Republicans should pray for rain”—the title of a paper published by a trio of political scientists in 2007—has been an axiom of American elections for years. The logic was straightforward: each inch of election-day showers, the study found, dampened turnout by 1%. Lower turnout gave Republicans an edge because the party’s affluent electorate had the resources to vote even when it was inconvenient. Their opponents, less so.

Continue Reading

Economics

Why the president must not be lexicographer-in-chief

Published

on

Who decides what legal terms mean? If it is Donald Trump, God help America

Continue Reading

Economics

Inflation rate slipped to 2.1% in April, lower than expected, Fed’s preferred gauge shows

Published

on

Inflation rate slipped to 2.1% in April, lower than expected, Fed’s preferred gauge shows

Inflation barely budged in April as tariffs President Donald Trump implemented in the early part of the month had yet to show up in consumer prices, the Commerce Department reported Friday.

The personal consumption expenditures price index, the Federal Reserve’s key inflation measure, increased just 0.1% for the month, putting the annual inflation rate at 2.1%. The monthly reading was in line with the Dow Jones consensus forecast while the annual level was 0.1 percentage point lower.

Excluding food and energy, the core reading that tends to get even greater focus from Fed policymakers showed readings of 0.1% and 2.5%, against respective estimates of 0.1% and 2.6%.

Consumer spending, though, slowed sharply for the month, posting just a 0.2% increase, in line with the consensus but slower than the 0.7% rate in March. A more cautious consumer mood also was reflected in the personal savings rate, which jumped to 4.9%, up from 0.6 percentage point in March to the highest level in nearly a year.

Personal income surged 0.8%, a slight increase from the prior month but well ahead of the forecast for 0.3%.

Markets showed little reaction to the news, with stock futures continuing to point lower and Treasury yields mixed.

People shop at a grocery store in Brooklyn on May 13, 2025 in New York City.

Spencer Platt | Getty Images

Trump has been pushing the Fed to lower its key interest rate as inflation has continued to gravitate back to the central bank’s 2% target. However, policymakers have been hesitant to move as they await the longer-term impacts of the president’s trade policy.

On Thursday, Trump and Fed Chair Jerome Powell held their first face-to-face meeting since the president started his second term. However, a Fed statement indicated the future path of monetary policy was not discussed and stressed that decisions would be made free of political considerations.

Trump slapped across-the-board 10% duties on all U.S. imports, part of an effort to even out a trading landscape in which the U.S. ran a record $140.5 billion deficit in March. In addition to the general tariffs, Trump launched selective reciprocal tariffs much higher than the 10% general charge.

Since then, though, Trump has backed off the more severe tariffs in favor of a 90-day negotiating period with the affected countries. Earlier this week, an international court struck down the tariffs, saying Trump exceeded his authority and didn’t prove that national security was threatened by the trade issues.

Then in the latest installment of the drama, an appeals court allowed a White House effort for a temporary stay of the order from the U.S. Court of International Trade.

Economists worry that tariffs could spark another round of inflation, though the historical record shows that their impact is often minimal.

At their policy meeting earlier this month, Fed officials also expressed worry about potential tariff inflation, particularly at a time when concerns are rising about the labor market. Higher prices and slower economic growth can yield stagflation, a phenomenon the U.S. hasn’t seen since the early 1980s.

Continue Reading

Trending