Thoughts on Life, Love, Politics, Hypocrisy and Coming Out in Mid-Life
Friday, April 11, 2025
Trump Is Demonstrating Why Dictatorships Fail
He blinked. But we don’t really know why. Whether it was the stock market cascading downward, investors fleeing from U.S. Treasury bonds, Republican donors jamming the White House phones, or even fears for his own portfolio, President Donald Trump decided yesterday afternoon to lift, temporarily, most of his arbitrary tariffs. This was his personal decision. His “instinct,” as he put it. His whim. And his decision, instinct, or whim could bring the tariffs back again.
The Republicans who lead Congress have refused to use the power of the legislative branch to stop him or moderate him, in this or almost any other matter. The Cabinet is composed of sycophants and loyalists who are willing to defend contradictory policies, even if doing so makes them look like fools. The courts haven’t decisively intervened yet either. No one, apparently, is willing to prevent a single man from destroying the world economy, wrecking financial markets, forcing this country and other countries into recession if that’s what he feels like doing when he gets up tomorrow morning.
This is what arbitrary, absolute power looks like. And this is why the men who wrote the Constitution never wanted anyone to have it. In that famously hot, stuffy room in Philadelphia, windows closed for the sake of secrecy, they sweated and argued about how to limit the powers of the American executive. They arrived at the idea of dividing power between different branches of government. As James Madison wrote in “Federalist No. 47”: “The accumulation of all powers, legislative, executive, and judiciary in the same hands … may justly be pronounced the very definition of tyranny.”
More than two centuries later, the system created by that first Constitutional Congress has comprehensively failed. The people and institutions that are supposed to check executive power are refusing to restrain this president. We now have a de facto tyrant who thinks he can bend reality to his will without taking any facts or any evidence into consideration, and without listening to any contrary views. And although the economic damage he has caused is easier to measure, he has inflicted the same level of harm to scientific research, to civil liberties, to health care, and to the civil service.
From this wasteful and destructive incident, one useful lesson can be drawn. In recent years, many people who live in democracies have become frustrated by their political systems, by the endless wrangling, the difficulty of creating compromise, the slow pace of decisions.
Just as in the first half of the 20th century, would-be authoritarians have begun arguing that we would all be better off without these institutions. “The truth is that men are tired of liberty,” said Mussolini. Lenin spoke with scorn about the failings of so-called bourgeois democracy. In the United States, a brand-new school of techno-authoritarian thinkers find our political system inefficient and want to replace it with a “national CEO,” a dictator by a different name.
But in the past 48 hours, Donald Trump has just given us a pitch-perfect demonstration of why legislatures are necessary, why checks and balances are useful, and why most one-man dictatorships become poor and corrupt. If the Republican Party does not return Congress to the role it is meant to play and the courts don’t constrain the president, this cycle of destruction will continue and everyone on the planet will pay the price.
Thursday, April 10, 2025
What Trump Just Cost America
I have many reactions to President Trump’s largely caving on his harebrained plan to tariff the world, but overall, one reaction just keeps coming back to me: If you hire clowns, you should expect a circus. And my fellow Americans, we have hired a group of clowns.
Think of what Trump; his chief knucklehead, Howard Lutnick (the commerce secretary); his assistant chief knucklehead, Scott Bessent (the Treasury secretary); and his deputy assistant chief knucklehead, Peter Navarro (the top trade adviser), have told us repeatedly for the past weeks: Trump won’t back off on these tariffs because — take your choice — he needs them to keep fentanyl from killing our kids, he needs them to raise revenue to pay for future tax cuts, and he needs them to pressure the world to buy more stuff from us. And he couldn’t care less what his rich pals on Wall Street say about their stock market losses.
After creating havoc in the markets standing on these steadfast “principles” — undoubtedly prompting many Americans to sell low out of fear — Trump reversed much of it on Wednesday, announcing a 90-day pause on certain tariffs to most countries, excluding China.
Message to the world — and to the Chinese: “I couldn’t take the heat.” If it were a book it would be called “The Art of the Squeal.”
But don’t think for a second that all that’s been lost is money. A whole pile of invaluable trust just went up in smoke as well. In the last few weeks, we have told our closest friends in the world — countries that stood shoulder to shoulder with us after Sept. 11, in Iraq and in Afghanistan — that none of them were any different from China or Russia. They were all going to get tariffed under the same formula — no friends-and-family discounts allowed.
Do you think these former close U.S. allies are ever going to trust getting into a trench with this administration again?
This was the trade equivalent of the Biden administration’s botched exit from Afghanistan, from which it never quite recovered. But at least Joe Biden got us out of a costly no-win war for which America, in my opinion, is now much better off.
Trump just put us into a no-win war.
How so? We do have a trade imbalance with China that does need to be addressed. Trump is right about that. China now controls one-third of global manufacturing and has the industrial engines to pretty much make everything for everyone one day if it is allowed to. That is not good for us, for Europe or for many developing countries.
But when you have a country as big as China — 1.4 billion people — with the talent, infrastructure and savings it has, the only way to negotiate is with leverage on our side of the table. And the best way to get leverage would have been for Trump to enlist our allies in the European Union, Japan, South Korea, Singapore, Brazil, Vietnam, Canada, Mexico, India, Australia and Indonesia into a united front. Make it a negotiation of the whole world versus China.
But instead of making it the whole industrial world against China, Trump made it America against the whole industrial world and China.
Now, Beijing knows that Trump not only blinked, but he so alienated our allies, so demonstrated that his word cannot be trusted for a second, that many of them may never align with us against China in the same way. They may, instead, see China as a better, more stable long-term partner than us.
What a pathetic, shameful performance. Happy Liberation Day.
As for the pending financial crisis that prompted the Felon to blink, The Atlantic has this (the New Yorker largely echoes the same storyline):
Only yesterday, President Donald Trump was mocking Republicans nervous about his global trade war as “Panicans.” In a defiant speech to the National Republican Congressional Committee, he insisted, “This time I’m doing what I want to do with respect to the tariffs,” and that only he had the courage to defy “the globalists.”
But the globalists turn out to have had enough power to bring Trump to heel after all. This afternoon, the president announced a 90-day pause on what he has called his “reciprocal tariffs” against every country other than China.
According to Charlie Gasparino of Fox News, Trump retreated in the face of troubling developments in the bond market. Asked by reporters, Trump didn’t deny this, noting that, even with a “beautiful” bond market, “I saw last night where people were getting a little queasy.” This was a completely new layer of danger that appeared overnight. Before yesterday evening, the interest rate on Treasury bonds had fallen slightly, a sign of increased demand as nervous investors retreated to the historically safe strategy of lending their savings to the U.S. government. Then, suddenly, investors began pulling money out, sensing that the U.S. government was no longer safe, a prospect that created the risk of everything from higher interest payments on the debt to a full-scale financial crisis.
All of this is to suggest that if a stock-market swoon, or even a recession, does not frighten Trump, the prospect of a 2008-style meltdown apparently still does. And so the gargantuan trade war is back off, for now.
Where does this leave the economy? The new 10 percent tariff on almost every good imported from every country not controlled by Vladimir Putin remains in place.
That policy is, to be clear, quite harmful. Despite Trump’s rhetoric about reindustrialization, the universal tariff applies indiscriminately to almost every country and product. Some of those products, like coffee and bananas, cannot be practically grown in the United States, and will just get more expensive. Others, like metals and other industrial inputs, will make American manufacturing less competitive, not more.
The stock market surged after Trump’s “pause” announcement, but once the relief wears off, reality is likely to dull investors’ enthusiasm. Goldman Sachs, absorbing the news, has returned to its previous economic forecast, which calls for meager 0.5 percent economic growth this year and a 45 percent chance of recession. That is not the blinking-light disaster that the economy was facing before the pause, but it is still terrible, and much worse than the situation Trump inherited when he took office.
Nobody has made a new trade agreement with Trump. To the contrary, other countries have found the administration unable to even articulate its goals or objectives, because Trump’s “reciprocal” tariffs are the product of a nonsensical formula putatively serving a grab bag of mutually exclusive goals.
To the extent that the reciprocal tariffs created any leverage, it rests on the side of Trump’s counterparties, who now know that he may be a madman, but is not mad enough to risk a full-blown global economic meltdown. The gun on the table is pointed at Trump’s own foot.
Trump could very well restore the gigantic tariffs, especially if he feels humiliated by today’s events. The likelier outcome is that he will muddle through with policies that push prices up and growth down, but don’t directly precipitate an economic collapse. Trump’s allies will tolerate an enormous amount of damage to the country, especially damage that takes place over an extended period of time or primarily hurts people who aren’t rich. Immediate, massive harm to his wealthiest supporters appears to be one of the few red lines that Trump still won’t cross.
The end result of all the insanity? America is weaker and more isolated than ever in recent memory while its enemies smile as they gleefully watch the self-inflicted harm the Felon has wrought.
Wednesday, April 09, 2025
So Many People Delude Themselves About Trump
Donald Trump’s 2024 election sent many finance types into spasms of anticipatory ecstasy as they imagined freedom from regulations, taxes and unfamiliar pronouns. “Bankers and financiers say Trump’s victory has emboldened those who chafed at ‘woke doctrine’ and felt they had to self-censor or change their language to avoid offending younger colleagues, women, minorities or disabled people,” The Financial Times reported a few days before Trump’s inauguration. It quoted one leading banker crowing — anonymously — about finally being able to use slurs like “retard” again. The vibes had shifted; the animal spirits were loose.
“We’re stepping into the most pro-growth, pro-business, pro-American administration I’ve perhaps seen in my adult lifetime,” gushed the hedge fund manager Bill Ackman in December.
One Wall Street veteran, however, understood the risk an unleashed Trump posed to the economy. After Trump’s victory in November, Peter Berezin, chief global strategist at BCA Research, which provides macroeconomic research to major financial institutions, estimated that the chance of a recession had climbed to 75 percent. “The prospect of an escalation of the trade war is likely to depress corporate investment while lowering real household disposable income,” said a BCA report.
The surprising thing isn’t that Berezin saw the Trump tariff crisis coming, but that so many of his peers didn’t. You don’t have to be a sophisticated financial professional, after all, to understand that Trump believes, firmly and ardently, in taxing imports, and he thinks any country that sells more goods to America than it buys must be ripping us off. All you had to do was read the news or listen to Trump’s own words. Yet Berezin was an outlier . . . .
On Monday, as stocks whipsawed on shifting news and rumors about the tariffs, I spoke to Berezin, who is based in Montreal, about how Wall Street had gotten Trump so wrong. He told me that many investors who pride themselves on their savvy are in fact just creatures of the herd. “All these cognitive biases that amateur retail investors are subject to, the Wall Street pros, are, if anything, even more subject to them because they’ve got career risk associated with bucking the trend,” he said.
People in finance, said Berezin, are more likely to be punished for being too cautious and pessimistic than for being too hopeful and aggressive. . . . . “You don’t get fired for being bullish, but you do get fired for being bearish on Wall Street,” said Berezin.
Some investors also felt a cultural affinity with the new administration that further clouded their judgment. When wokeness was ascendant, plenty of people in tech and finance quietly seethed at being guilt-tripped and forced to feign concern about social justice. “When the opportunity came to jettison all that, they were happy to do it,” said Berezin. “And Trump enabled them to do it.”
So last October, when Scott Bessent, soon to become Treasury secretary, said that Trump was really a free trader who used tariffs as a negotiating tactic, Wall Street was eager to believe him.
This claim was obviously absurd. Trump has been obsessed with tariffs, which he called “the most beautiful word in the dictionary,” for decades. In his 2018 book “Fear,” Bob Woodward reported that Trump scrawled “TRADE IS BAD” in the margin of a speech he gave after the G20 summit. It makes sense that Trump would see things this way. When he makes sales, whether of Trump University courses or Trump-branded cryptocurrency, he is usually taking advantage of the buyer, and he views global trade through the same zero-sum lens.
It’s widely known that during his first term, the so-called adults in the room thwarted some of Trump’s most destructive whims. There have been far fewer such figures in the Trump sequel, resulting in the wholesale degradation of American governance. The conspiracy theorist Laura Loomer just directed a purge of the National Security Council. Thanks to Elon Musk’s haphazard cuts, employees who once worked to prevent the spread of diseases like Ebola are gone, as are nuclear safety experts. . . . . Somehow, traders failed to recognize that there would eventually be economic fallout from such profound misrule.
“The markets should have put two and two together that if you’re talking about annexing Greenland, Canada, the Panama Canal, you’re probably going to be more radical on trade as well,” said Berezin.
But Wall Street professionals, like so many other ostensibly smart people, refused to see Trump clearly, mistaking his skill as a demagogue for wisdom as a policymaker. . . . . What an odd assumption to make about a man who bankrupted casinos.
Berezin thinks Wall Street still hasn’t come to terms with the cost of the nascent Trump presidency. “I do think that at this point we might have passed the event horizon, meaning that even if Trump backs off from the tariffs, there’s been enough damage done to the U.S. economy, to the global economy, to investor confidence, consumer confidence, that we’re probably going to see a recession regardless of what happens,” he said.
He points out that while public attention is focused on the stock market, there are alarming signs in the bond market. Usually, if stocks go down, so do yields on U.S. Treasuries . . . . right now, that’s not happening, which he thinks could signal a crisis of confidence in the stability of the U.S. government and the debt it issues.
“If we’re moving to this new world where the U.S. just can’t be trusted, then do we really want to hold a lot of Treasuries?” he said as he sketched out investors’ thinking. “Do we really want to use the dollar as a reserve?” It turns out that there’s a price for taking all the soft power America has accrued since World War II and setting it on fire. Who knew.
Tuesday, April 08, 2025
Political Styles of the Rich and Clueless
As we wait to see what fresh hell awaits us this week, one obvious question is, who put these malevolent clowns in power?
The short answer is ignorant people. But political ignorance takes two different forms.
On one side there are “less-engaged” voters who don’t follow politics closely. And to be fair, ordinary Americans have good excuses for not paying close attention to the news: They have jobs to do, children to raise, lives to live. Unfortunately, many of these voters believed Trump’s fabulist promises. They are only now beginning to understand what they voted for.
But less-engaged voters weren’t the only people who missed the warning signs and supported Donald Trump. Trump also had a number of ultra-wealthy backers, both on Wall Street and in Silicon Valley, who are now shocked, shocked to discover that he is who he always was.
Over the weekend Bill Ackman, a hedge-fund billionaire who has been one of Trump’s most vocal supporters, suddenly turned on his champion, declaring on X that
by placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital.
But Ackman refused to take any responsibility for enabling the destruction:
I don't think this was foreseeable. I assumed economic rationality would be paramount. My bad.
Indeed. Who could have foreseen that the self-proclaimed Tariff Man, who posts crazy stuff on Truth Social every day, would impose destructive tariffs? Who could have imagined that the many economists, myself included, who warned that a Trump victory would be very bad for the economy would turn out to have been right? Or if we were wrong, it was only because we underestimated the damage.
OK, Ackman is a fool, but he wasn’t alone in getting Trump all wrong. Many wealthy people imagined that Trump II would be like Trump I, mostly a standard right-winger with a bit of a protectionist hobby. They thought he would cut their taxes, eliminate financial and environmental regulations and promote crypto, making them even wealthier. They expected him to back off his tariff obsession if the stock market started to fall. If he ripped up the social safety net, well, they don’t depend on food stamps or Medicaid.
It's also true that successful businessmen often believe that their financial success makes them experts on economic policy even though they haven’t made any effort to understand the issues.
I was struck over the weekend when Elon Musk (I know, I know), seemingly breaking with Trump, called for zero tariffs between the United States and Europe. I think it’s safe to assume that Musk has no idea that trans-Atlantic tariffs were, in fact, close to zero in 2024: The average European Union tariff on U.S. goods was 1.7%, the average U.S. tariff on EU goods was 1.4%.
Finally, great wealth often enables great pettiness. Some readers may remember Wall Street’s “Obama rage”: Financial titans were furious at the president who bailed them out after the global financial crisis because he dared to hint that they had played some role in causing that crisis. Why, he even called them “fat cats!”
To be honest, I’m actually glad that Trump II is proving to be such a disaster for the economy. If he had exercised some restraint, if he had simply claimed credit for the very good economy Joe Biden left him, many wealthy people would have cheered him on while he destroyed democracy. Now they may turn on him.
But I hope the rest of us have learned a lesson from the oligarchy’s support for Trump, even if it’s now cracking: Extreme wealth inequality has given great power to people who exert a malign influence on our politics.
Monday, April 07, 2025
Trump Is Gaslighting Us
The first Trump administration began with a lie. On January 21, 2017, President Donald Trump’s then–press secretary, Sean Spicer, claimed that Trump had drawn the largest audience to ever witness a presidential inauguration. Photographs clearly showed that the assertion was false; Trump’s predecessor, Barack Obama, had drawn a much larger crowd at his first inauguration. But it didn’t matter.
In one sense, Spicer’s lie was trivial. But in another sense, it mattered quite a lot, because it was a lie about a demonstrable fact. Kellyanne Conway, then a counselor to Trump, memorably defended Spicer by claiming that he was offering “alternative facts,” treating observable reality like hot wax, to be molded at will.
Fast-forward eight years. Trump is once again president. Jeffrey Goldberg, the editor in chief of The Atlantic, was mistakenly included on a private group chat—via Signal, a nongovernmental messaging app—in which Trump-administration officials discussed a planned bombing campaign in Yemen. Goldberg reported on the reckless and devastating breach of national security. But rather than acknowledging the mistake and promising to address it, the Trump administration reflexively followed its standard approach: attack. Smear. Prevaricate.
Karoline Leavitt, the White House press secretary, said on social media, “This entire story was another hoax written by a Trump-hater who is well-known for his sensationalist spin.”
As The Washington Post reported, “The Yemen attack timeline that Defense Secretary Pete Hegseth posted to a Signal chat group would have been so highly classified, under Pentagon guidelines, that the details should have been restricted to a special, compartmented channel with its own code word and with access tightly limited, according to former Defense Department officials.”
[T]he Trump administration once again wants you to believe that two and two make five.
IN THE 1944 FILM GASLIGHT, a young woman, Paula Alquist, falls in love with and marries an older man, Gregory Anton. Over the course of the film, Gregory—cunning, moody, charismatic—deceives Paula into thinking that she is losing her mind. He does so by manipulating her memory, accusing her of hiding paintings and stealing things, isolating her, diminishing her self-worth and confidence, and denying reality. The film’s title refers to Gregory’s trick of secretly dimming and brightening the indoor gas lighting while insisting that Paula is imagining the changes.
The film gave us the term gaslighting, which describes a certain type of psychological manipulation. To succeed, it requires those who are targeted to become so disoriented that they begin to doubt themselves, to become confused, and to question their own perception of reality. Clinical psychologists say that as gaslighting plays out, not only do its victims start to deny reality; they begin to accept the false reality of the person gaslighting them.
Gaslighters are manipulative and controlling, comfortable belittling and insulting others. They are accomplished at denying, lying, and projecting. And sometimes, if they’re lucky enough and skilled enough, they make it to the White House. When they do, the horrors that are usually visited on an individual are instead visited on an entire nation.
At that point, the enormous machinery of the federal government, supported by outside groups and media outlets, becomes part of a massive and relentless disinformation campaign. The aim is to provoke distrust, confusion, and disorientation, which corrodes people’s confidence in institutions and undermines their grasp of reality. The ultimate goal is to divide and weaken civil society, and to undermine its ability to mobilize and cohere.
When there is no objective truth, when everyone gets to make up their own reality, their own script, and their own facts, authoritarians thrive.
AS DISINFORMATION INCREASES, and as more and more individuals and institutions go silent, it becomes ever more important for truth tellers to speak up, if only to assure those who don’t believe the propaganda that they’re not losing their mind.
They need to do for their fellow citizens what the police inspector did for Paula Alquist.
Getting through America’s epistemic crisis—where there’s no agreed-upon reality, where there’s a breakdown of a society’s system for deciding what’s true—won’t be quick or easy, especially because the Trump administration still has more than 1,350 days to go. The task of reconstructing truth is a generational one, and a lot of pieces need to come together.
It starts by asking the right questions, such as the one recently posed by Kristin Du Mez, a history professor at Calvin University: “How do we as citizens participate in a democracy when disinformation is so prevalent, and when so many seem so willing to believe the lies and ignore the reality that is right in front of us? When so many are willing to abandon all values to choose their side, every single time?”
People who feel more and more powerless have asked me a version of this question: “What can I do practically as a citizen, apart from vote and call my representative, to help preserve American democracy against Trump’s assault against our institutions and truth itself?”
Experts in the field of misinformation say that we know a lot about different kinds of misinformation, who is targeted and why, and the means to spread it. . . . . Figuring out how to scale up trust and truth is a central challenge of our time. It will take individuals and groups working together to insist on seeing the world as it actually is. Think of it as a dissident movement, an American Solidarity movement.
I HAVE A HUNCH, OR AT LEAST A HOPE. As Donald Trump’s malevolence intertwines with his incompetence, public disenchantment will grow. We’re already seeing signs of that as public fury at Elon Musk is being directed at Tesla. We’ve also seen it in town halls in red districts, where Republican members of Congress are being met not just with anxiety but also with anger. Republicans are being told to stop holding in-person town halls with constituents. And we see it in the rising panic caused by the stock-market collapse, the result of Trump’s carelessly destructive tariff policy, which is destabilizing the world’s trading system and shattering the American-led world order.
If disenchantment with Trump and Musk and the rest of this freak show leads to mass protests, it could be an inflection point, not just against Trump’s policies but also against the vertigo-inducing disinformation he promotes during almost every one of his waking hours.
I’ve long wondered how long it will take Americans to stop tolerating the unrelenting conflict and antipathy, which divides not just citizens but also families, that is endemic to life in the Trump era. The answer may be that they will stop tolerating it at the point when the quality of their life is degraded, when preventable diseases spread, when car prices and egg prices skyrocket, when 401(k) accounts start losing significant value. At that point, Trump-style nihilism may lose its appeal; his disinformation campaign may begin to blow apart, and people may be reminded that living in truth is better than living within lies.
The drama has a long way to go, but the whirligig of time brings in his revenges.
Sunday, April 06, 2025
American Life Expectancy Falls Compared to Europe
Today, the wealthiest middle-aged and older adults in the U.S. have roughly the same likelihood of dying over a 12-year period as the poorest adults in northern and western Europe, according to a study published Wednesday in The New England Journal of Medicine.
Some medical and health policy experts say the trend is a sign of deep-seated issues not just within the U.S. health care system, but with the typical American lifestyle of overconsuming junk food, not getting enough exercise and facing loneliness or financial stress.
The study looked at the relationship between wealth and mortality among nearly 74,000 adults from 2010 to 2022. More than 19,000 of the adults were in the U.S., and roughly 54,000 were spread across 16 countries in Europe. All were ages 50 to 85.
The researchers divided the participants into four groups based on their overall assets (not including their homes). In both Europe and the U.S., the group with the most assets — the wealthiest — had a 40% lower mortality rate than the poorest group.
The poorest people in the U.S. had the highest mortality rate of any group, which is consistent with previous research showing that health outcomes are worse in America.
“We were expecting to find greater inequity in the U.S. But what was surprising was how the richest in the U.S. compared to the richest in Europe,” said Irene Papanicolas, the study’s lead author, who directs the Center for Health System Sustainability at Brown University’s School of Public Health.
The wealthiest group in northern and western Europe had mortality rates about 35% lower than the wealthiest group in the U.S., she said.
Poor health outcomes in the U.S. are often attributed, in part, to a lack of access to affordable health care, which can result in high out-of-pocket costs for medication or procedures — or in some cases, not seeing a doctor at all.
“Certainly health care must have something to do with it, but it cannot be even a dominant part of the story if we’re seeing wealthier Americans having similar or worse outcomes than poor individuals in other wealthy countries.”
In addition to universal health care, many European countries offer free or heavily subsidized higher education and more comprehensive unemployment benefits compared with the U.S.
“A lot of these countries have social welfare programs that don’t prevent people from losing their jobs or experiencing poverty, but when they go through those tough times, it doesn’t threaten their health,” said Dr. Steven Woolf, a professor of family medicine and population health at Virginia Commonwealth University School of Medicine.
Woolf said the Trump administration’s recent gutting of federal health agencies and termination of research grants puts the U.S. on the wrong trajectory when it comes to lowering risk factors for mortality.
“The thing that’s alarming us so much in the health and medicine world is that the policies that are now being pursued in a pretty muscular way are the opposite of what you would want to do to make America healthy again,” he said, referring to Kennedy’s agenda.
“In all likelihood, my prediction will be that the gap in health between Americans and people in other countries is now going to widen even more dramatically,” Woolf said.