Guest Post by David Stockman
The everlasting irony of Donald J. Trump’s presidency is this: He had all the right enemies, but virtually without exception made all the wrong decisions during his hapless four-year sojourn in the Oval Office.
The list of his enemies is enough to make any right-thinking supporter of peace, prosperity and liberty proud. That starts with the TV networks and print organs of the mainstream stenographers club, who peddle the state’s propaganda and call it news. This most especially includes the masters of mendacity at CNN, the New York Times, and the Washington Post.
It also includes the bipartisan national security mafia, the climate change howlers, the race card hondlers, the Russophobes, the Neocon War Brigades, the NATO/IMF/UN acolytes, the Washington nomenclatura, the careerist racketeers of Capitol Hill, the beltway shills of the Lincoln Project, the Silicon Valley thought police and the celebrity scolds of entertainment and media, among others.
With so many worthy enemies it is amazing that the he managed to do so little good and so very much wrong. But there is really no mystery to it when you cut to the essence of Donald J. Trump, the POTUS Poseur.
That is, the Donald was a principle-free Caesarian Nationalist whose overriding objective was his own personal power and glorification. His route thereto was inflaming a superficial nationalism that allowed him to pose as the defender of the flag, the military, the borders, guns, domestic jobs, policemen and firemen, law and order, religion, middle-class probity (sic!), the right to watch politics-free football games and, above all, to stand tall in the face of foreign malefactors and plunderers of America’s wealth.
Alas, as much merit as might lie among this pastiche of groups, things, purposes and symbols, the Donald’s form of bombastic knee-jerk advocacy added up to nothing that was coherent, urgent or ameliorative of what really ailed the nation, and which had caused the desperate citizens of Flyover America to cast a 63 million-vote Hail Mary during the 2016 election.
Above all, the economy was failing the working and middle classes because millions of well paying jobs had been off-shored and because corporate America has eschewed the hard work of business building to pursue the insider self-enrichment of financial engineering.
But the Donald’s brand of protectionist nationalism had nothing to offer by why of rectifying these ailments. At the same time, his unremitting pressure for even easier money and even lower interest rates only exacerbated the actual problem. That’s because the Fed’s Keynesian money-pumping and mindless 2.00% inflation targeting had been the real cause of the hollowing-out of the main street economy over the past several decades.
We will address this matter in depth in Part 2, but suffice it here to say that “bad trade deals” instituted by his predecessors and nefarious trade practices by foreign suppliers were not the problem. Nor did the Donald’s punitive tariffs on aluminum, steel, appliances, solar panels and China produce an improved outcome.
On that score, the proof is in the pudding. The US trade deficits in goods (red line) have been worsening for decades, but no amount of double-talk and excuse making can say that this downward trend was reversed or even arrested after December 2016.
In fact, the $64 billion trade deficit that month has essentially staggered ever larger since then, ending at an all-time record of $86 billion in November 2020.
In this instance, there is a distinct reason why the modest reduction in the trade deficit which began to materialize during 2019 has now reversed, causing the negative balance to plunge to heretofore unimaginable depths.
To wit, the Donald’s signature policies over the last four years were fiscal promiscuity like never before, coupled with a demand that the Fed recklessly monetize the Trump administration’s massive debt issuance in order to keep interest rates at economically ludicrous rock-bottom levels.
So exactly how did the Trump Administration fight the Covid-Lockdown recession?
Why, by massive spending, borrowing and monetization of the debt, which trillions of proceeds were dropped far and wide on the American public. The latter, in turn, spent its stimmy checks and unemployment insurance top-ups on imported goods via Amazon because services like restaurants, bars, gyms, movies, sporting events etc. were shutdown by orders of the Trump-enabled Virus Patrol.
In fact, the disastrous trade impact of the post-March 2020 Everything Bailouts and $3.6 trillion of money-pumping by the Fed provide a concentrated demonstration writ large of what has been wrong for decades.
That is to say, the massive growth of the Welfare State on the fiscal front and the drastic financial repression and over-issuance of the dollar at the Fed have on the margin sucked-in imports from low wage economies and sent US jobs and middle class incomes to these venues in return.
In the present instance, the Trump Administration just triple-pumped this infernal prosperity wrecking-machine during the last 11 months. Not surprisingly, the US goods deficit has now plunged by 45% from the pre-Covid February level of $59.7 billion.
U.S. Goods Deficit, 1992-2020
Likewise, the Donald’s form of bombastic nationalism and the genuine Taftian concept of an America First foreign policy turn out to be not the same thing at all.
To be sure, the Donald’s instincts about the obsolescence of NATO, the folly of the Forever Wars, the pointless neocon attacks on Russia, the abject failure of regime change interventions were all correct. But he ended up making no difference at all on the actual policy front because of his knee-jerk affinity for nationalist bombast and militaristic grandeur.
What he utterly failed to grasp is that the vast military/industrial/intelligence/think tank/NGO complex about which President Eisenhower famously warned in his 1961 farewell address is the fiscal equivalent of a self-licking ice cream cone.
There is so much loose change to fund self-serving policy research and advocacy – tens upon tens of billions worth – in today’s $820 billion national defense and international affairs and security budgets that what Congressman and executive branch officials are served up in their hearings and briefings is a massively one-sided case in favor of perpetuating the imperial status quo.
Needless to say, the Donald’s massive and utterly unneeded defense spending increases have only made this self-licking ice cream cone far more potent because the loose change has gotten far more ample.
In dollar terms, the national security budget (consisting of the defense and international affairs budget functions) was already massively bloated at $675 billion in FY 2016. The evidence for that lies in the stark contrast with the FY 1962 national security budget that Ike left in place upon leaving office.
In dollars of the day, it totaled $58 billion, but adjusted by the GDP deflator for the cumulative inflation during the interim 54 years that figure is equal to $360 billion of purchasing power in 2016 dollars.
So here’s the thing. The greatest general to ever occupy the Oval Office, and at the peak of the Cold War when the Soviet Union’s industrial might had not yet been euthanized by socialist central planning, believed that $360 billion was more than enough meet the national security needs of the United States.
Of course, 54 years later the Soviet Union had slithered off the pages of history; China couldn’t and dare not attack Europe or the US because without their export markets its economy would collapse overnight and its communist rulers would be strung from this highest towers of Beijing; and the rest of the world consisted of pipsqueak powers like Iran with a defense budget of $18 billion that did not even figure in the calculus of real threats to homeland security.
So in the real world the $675 billion national security budget the Donald inherited could have been cut back by nearly 50% to Eisenhower’s $360 billion benchmark. In turn, that would have required force levels and conventional weaponry to be shrunk back to what was needed for a Taftian homeland defense – sans the foreign bases, power projection and war-fighting capabilities needed for Washington’s failed wars of invasion and occupation all around the planet.
But instead of recognizing that the defense budget problem was one of bloated commitments and improper missions, not inadequate dollar resources, the Donald bought hook, line and sinker the “hollow” military scam that the Pentagon has been peddling ever since Eisenhower’s time. That is, when the great general said nothing doing upon taking office and promptly cut the defense budget by 38% in real terms over the next several years.
In short, American servicemen needed to be brought home – the 62,000 in Germany and Europe, the 27,000 in South Korea, the 54,000 in Japan, the 13,000 in Afghanistan, and the tens of thousands more in the middle east and North Africa. Instead, the Donald gave them modest raises, shiny new weapons, more dollars for pointless patrols and training missions and Washington parades and airshows, too.
The net of it was nearly a $150 billion or 21% increase of the national security budget to $820 billion (FY 2020), including tens of billions more for contractors and think tanks hired to prove why no missions should change and no budgets should be cut.
So the Donald ended-up boasting about the greatest military in history and national military power like never before. So doing, he left America First entombed with the ghost of Senator Robert Taft and General Eisenhower himself.
In further installments we will take on the myths of the Donald’s alleged Greatest Ever Economy; the fact that national energy independence was the work of Mr. Market, not the Donald; the folly of Trump’s trade protectionism and anti-immigrant border policies; and the small government based axiom that the solution to civil unrest and local crime outbreaks is Federalism, not a bombastic law and order sheriff in the Oval Office.
In the larger context, the Donald failed because he aspired to be America’s Caesar, not just because he was an uncouth, narcissistic lout.
PEAK TRUMP, IMPENDING CRISES, ESSENTIAL INFO & ACTION
Reprinted with permission from David Stockman’s Contra Corner.
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One of these years, Stockman will be correct, I now place him up on the mantle with Krugman, very smart, never correct, except once in the past.
Sigh, so guess from now on it’s gonna be one after another Trump bashing articles? Why?
How to survive Biden’s policies….
L. Mallory is famously quoted as having replied to the question, “Why did you want to climb Mount Everest?” with the retort “Because it’s there”.
Likewise, why does Stockman bash Trump? Because he can. It’s the cool thing right now, dontchya know?
Meanwhile, in my meager effort to switch topics, I have what I believe to be an interesting music video, “Mongolia Meets Metallica”, in the pending release box since 11 AM.
Mongolian throat singers? Wow. That’s almost as good as yet another Trump bashing article. Please, release it. Here, I think some techno jewish dance is in order….
I know you’re being sarcastic but, it’s not up to me.
That Techo Party vid was, ummm, retarded.
That Techo Party vid was, ummm, retarded.
Retarded? Is not. How dare you.
So they do not get demonetized. You MUST be against Trump or your life will become a hell on earth and for the guys like Stockman, he could be driven into insignificance, unless he declares Trump to be the worst potus since ever.
So they do not get demonetized. You MUST be against Trump or your life will become a hell on earth
TN: I do believe you are onto something here. Demonize Trump or else off to the camps for you.
In the case of David, his livelihood depends on being anti-Trump and he can be barred from commerce if he is not vocal about it.
Repeat after me: I love Big Brother and I have always loved Big Brother.
First I need a bottle of gin.
Article Summary: Trump fucked up. Trump bad. The End.
How to eat for free from dumpsters…..
Make money picking up trash from roadside….is it worth it? How to survive the Biden created economic collapse…
In other news….
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Stockman is really starting to sound and show like a fucking tool.
If you need to throw out that amount of numeric minutia to justify your (bewitched, bothered, and bewildered) postulation, you *might* just be a moron. (substitute redneck for the Foxworthy effect).
Get with the program pal. Sounds like you’re not a dirt person anymore.
That’s not the reason. Aim small, miss small. From a reader at Ann Barnhardt’s blog:
“King Con”
Unc- Good post, El Trump was a set up and also a “suddenly Republican” after being a lifelong DEM like Cohen. Jarred666 and Ivanka were “Suddenly Republicans” a MONTH before the 2016 election and worked in the interest of Israhell to the very best of their traitor abilities the full four years. At the end of the day ,the mafia criminal cartel stayed in power and continues on with the brain impaired Biden. Nothing new here ,move along folks.
Don’t type so fast MyG, I can’t keep up with your amazing knowledge. A con/sting operation can’t be stolen when it is part of the script…..just sayin’. I’ll bet people still believe there is a two party system and there are actual elections here in Merika….ya know just like when the Bush crime family had two members selected/elected and oh , the Clinton crime family….yeah it’s for realz MyG.
Silly, go back to bashing Trump, why take time off for anything else? That’s all there is anymore, Orange Man Bad. Don’t stop, there are minutes and seconds that aren’t being used to bash Trump, you’re wasting valuable Trump bashing opportunities…carry on, daylight’s burning.
Earth to MyG…..um….I am bashing the American voting public. Guessed that slipped past ya, don’t know how as you are an expert on politics and all. I’ll…..type….s-l-o-w-e-r ……..
Um, you complimented Unc on a Trump bashing post he got off Barnhard’s site. Doesn’t matter how fast you type, type slow, type fast, just bash Trump, we need hundreds more articles that will incessantly rehash and beat to death the topic of how Trump was a failure. There can’t be too many of the same monotonous incessant rehashing and belaboring to death articles regarding what a puke Trump is.
Guess four years of Trump bashing wasn’t enough, withdrawal is evidently tough.
Not Trump…..
The visual emetic.
Ann also believes that contraception is demonic….
Is Trump Derangement Syndrome a mental illness? Why yes, yes it is….
Dorothy,
If you’re addressing me then you really need to learn what the definition of a strawman argument is.
How to Survive Deep Disappointment…
https://www.crosswalk.com/family/singles/4-strong-ways-to-survive-deep-disappointment.html#:~:text=%204%20Strong%20Ways%20to%20Survive%20Deep%20Disappointment,It%E2%80%99s%20in%20these%20moments%2C%20as%20we…%20More%20
Read that last night, Un.
Not a bad list off the cuff and mighty close to the reality of the one side of your own articles.
“* Three weak SCOTUS appointments, two of whom were practically unopposed by the Democrats.”
Kavanaugh 50 – 48
Barrett 52 – 48
Gorsuch 54 – 45
They may be weak, but I would say all three were almost universally opposed by the dems.
Shhh don’t interrupt the narrative….you’re pointing out facts..
Been saying it for years
Lots and lots of criticisms regarding Trump, yet:
Fake News
Crying Chuck
Slow Joe
Low-energy Jeb
Pocahontas
Ridicule is the worst thing that can happen to big shots.
How did all the ridicule Trump delivered as the Trojan Horse benefit TPTB?
Just seems to me that more people are seeing how the government is not our friend since DJT arrived on the scene. Planned? Maybe , maybe not, But more people are not going along to get along then ever before!
Yeah, all bad Trump and did you forget this?
Mentioned Senator Robert Taft in his article, twice as a matter of fact. I guess it was worthwhile wading thru the verbiage.
So, I wonder if Mr. Stockman has faced the fact yet that he too, like the rest of us, will soon eat shit and very possibly die.
Trump DID have “all the right enemies”…..because about 99% of everyone in politics, the media and academia
was arrayed against him. Did he make some bad decisions? Of course….because he is a human. And the WORST
decision he made was in choosing Swamp Creature Mike Pence for a running mate. Because the ONE TIME when
Trump NEEDED his VP to DO HIS JOB Pence betrayed him….AND ALL OF US. Trump’s biggest failing was in not
understanding just how deep, pervasive and corrupt the Swamp is. He repeatedly selected swamp creatures like
AG Barr for positions in his administration who REPEATEDLY obstructed Trump, lied to him and deceived him.
Trump did not REALLY know politics having NEVER been a politician so while he was a gifted and talented amateur
he made the mistake of believing other people in government were like him….there to do a job and serve the public.
THAT was his biggest failing. If he had selected ALL of his aides and associates from OUTSIDE politics….a good
example would be Dr. Ben Carson….he might have been able to have greater success than he achieved. And when
you consider just what Trump was working against he performed MIRACLES while in office.
Pray and stand. Stand and pray. The evil is coming but not the way most think. Satan is a master at deception. He is the most subtle of all the beasts of the field. He does not come at us guns a blazing. He comes at us with offerings that appeal to the flesh. Think of Jesus’ mount of temptation. Or Eve’s temptation in the garden. This is how he gets people to wonder after him(Rev.13:3,4). By making them an offer that is almost impossible to refuse. Yet… we who know the Lord occupy until He comes.