Despite winning re-election on a platform of lowering costs, President-elect Trump faces significant public skepticism regarding his ability to reduce prices on groceries, housing, and healthcare. While confidence in his job creation abilities is somewhat higher, only a minority of Americans express strong confidence in his economic leadership. Republican support for Trump remains robust, with a large majority anticipating a successful second term, although even within the Republican party, confidence in his ability to lower specific costs remains less than absolute. Conversely, Democratic pessimism, while still prevalent, is somewhat less pronounced than at the end of his first term.
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Donald Trump’s administration, featuring numerous billionaire appointees with a combined net worth of roughly half a trillion dollars, represents a new era of “plutocracy on steroids.” This unprecedented concentration of wealth, fueled by neoliberal policies and asset booms, contrasts with historical patterns where the wealthy were viewed with suspicion and held societal responsibilities. This new plutocracy, exemplified by the intertwining of power and money, mirrors historical parallels in Russia but differs in the lack of overt coercion to maintain loyalty. Ultimately, this system poses risks, as foreign powers could exploit the administration’s vulnerabilities by targeting the financial interests of its wealthy members.
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President Zelenskyy expressed confidence that the war in Ukraine could conclude in 2024, citing the potential for American and European support to pressure Russia. He highlighted the role of strong partnerships with the US and EU, particularly emphasizing increased European arms production as a deterrent to further Russian aggression. Zelenskyy also suggested that a potential Trump presidency could leverage its influence on Russia to facilitate peace negotiations, contingent upon clear security guarantees for Ukraine. This pressure, combined with strengthened European defense capabilities, could force Putin into diplomatic solutions.
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Donald Trump’s carefully cultivated image as a “regular guy” is a sham, as evidenced by a photo of him enjoying a luxury Diet Coke gifted by Coca-Cola CEO James Quincey. This image, along with the presence of tech billionaires at Trump’s inauguration, highlights the burgeoning oligarchy undermining democratic principles. This strategy, employed by Trump and other wealthy figures, leverages “vice-signaling”—public displays of amorality—to connect with working-class voters, obscuring the regressive economic policies that primarily benefit the wealthy. Ultimately, this manufactured populism masks a system designed to redistribute wealth upward, leaving the working class to bear the costs.
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Tulsi Gabbard’s nomination to Director of National Intelligence has sparked controversy, with reports surfacing of her struggling to articulate the DNI’s responsibilities and demonstrating confusion regarding key national security issues during Senate interviews. While some Republican senators expressed concerns about her qualifications, others, like Senator Eric Schmitt, voiced their support. Gabbard’s loyalty to Trump, a key factor in her selection, appears to be outweighing concerns among some GOP members. However, the lack of overt opposition to her confirmation doesn’t eliminate the considerable doubts surrounding her suitability for the position.
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President Biden issued a stark warning about a burgeoning tech-fueled oligarchy mirroring the Gilded Age, where concentrated wealth and power threaten American democracy and freedoms. He urged action to ensure fair taxation of the ultra-wealthy and accountability for social media platforms spreading misinformation. Biden stressed the need for safeguards on AI and advocated for reforms including campaign finance reform and Supreme Court term limits. This call to action echoes past efforts to curb unchecked power, emphasizing the need for Americans to protect their hard-won rights and freedoms. His address concluded with a plea for citizens to stand guard against this threat to American ideals.
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Nobel laureate Paul Krugman argues that Donald Trump’s economic policies, despite their appeal to the working class, will ultimately harm them. Krugman criticizes Trump’s plans to raise tariffs and cut taxes, predicting that these will increase prices for everyday goods while disproportionately benefiting the wealthy. The economist highlights the disconnect between Trump’s promises of lower grocery prices and the reality of rising inflation, characterizing this as a “scam” due to a lack of a viable plan. Furthermore, Krugman warns of negative consequences from Trump’s proposed tariffs and mass deportations, anticipating significant economic disruption and higher prices.
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In his farewell address, President Biden warned of a growing oligarchy in America, characterized by a dangerous concentration of power among the ultra-wealthy. He stressed the need for the wealthy to pay their fair share in taxes and cautioned against unchecked influence in areas like technology and climate change policy. Biden also highlighted the dangers of misinformation and the erosion of a free press, further fueling concerns about the health of American democracy. His address served as a stark warning as President-elect Trump, who benefited from the support of several wealthy individuals, prepared to assume office.
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Former Presidents Obama, Clinton, and George W. Bush, along with Hillary Clinton, will skip President-elect Trump’s traditional inaugural luncheon, despite all former presidents (except for George H.W. Bush) attending the swearing-in ceremony. Michelle Obama will also be absent from the ceremony. This marks a significant departure from tradition, as the luncheon typically unites all living former presidents. The absence of these prominent figures is notable given that none of the former presidents endorsed Trump’s candidacy.
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Following the election, several of Donald Trump’s significant campaign promises have been scaled back. His claims of swiftly resolving the war in Ukraine, quickly lowering grocery prices, and issuing blanket pardons to January 6th rioters have been revised by his advisors and himself, citing the complexities of these issues. Similarly, Elon Musk, tasked with cutting federal spending, downgraded his initial $2 trillion target, acknowledging a more modest goal. These revisions highlight the disconnect between campaign rhetoric and the realities of governing.
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John Q. Hosedrinker