The subway train was eerily quiet on the day after the
election. As usual my fellow travelers averted their gaze, but there was a
certain wariness in the eyes of African-Americans that I hadn’t seen since the
Giuliani mayoralty.
I felt like shouting, “Hey, I didn’t vote for Trump.” But
what was the point? Back in the day, I didn’t vote for Giuliani either.
On the other hand, congratulations, President-Elect Trump!
You won fair and square, aided by Secretary Clinton’s spectacularly inept
campaign.
Leaving aside her email server debacle, ceding the campaign trail
to her opponent’s monster meetings, and employing a tone deaf, numbers-cruncher
like Robby Mook as campaign manager was political suicide.
Sure, there was anger out in the hinterland that might have
swept aside any Democrat this year. That anger will not dissipate under a Trump
administration. Coalmines will not reopen due to the availability of cheap
natural gas, and the industries that have moved overseas because of lower wages
are gone forever. Capitalism, indeed, can be cruel.
A nod to the wise, if you were thinking of nailing down a
mortgage or any kind of loan, move fast, interest rates are already rising.
President Trump intends increasing infrastructure spending
to the tune of a trillion bucks. Hallelujah! Many of us have been urging such a
move for years; however, the Republican controlled congress wouldn’t okay it
for President Obama.
One caveat - fiscal intervention seems to work best when
used at the height of unemployment, with the debt repaid during the ensuing boom.
But we are already down to 4.9% unemployment while this year’s third quarter
boasted a not insignificant 2.9% in US economic growth.
Not to mention that the president-elect is also promising to
cut taxes, particularly for the wealthy. These two initiatives combined will
lead to a ballooning of the deficit and a consequent increase in interest
rates.
Still, the new president claims to the “the king of debt.”
So, let’s hope he knows something we don’t.
Don’t get me wrong! I wish the man and his economic policies
much success – we’re all in this together. It’s just that his agenda seems to be
a recipe for a bracing increase in the cost of living.
Send millions of undocumented people south and you cut the
workforce correspondingly. What native-born American is willing to step into
the many poorly paid jobs that will be vacated?
Dump the Affordable Care Act and health insurance costs will
rise – assuming you can get insured in the first place; and forget about
crossing state lines for your new inexpensive coverage – imagine showing your
doctor’s receptionist your brand new Mississippi insurance card.
Of course we’re all to blame for not questioning Mr. Trump on
the specifics of his policies during the campaign. Not that he would have
answered – “kings of debt” rarely do – they renegotiate or declare bankruptcy.
I don’t doubt that income inequality and the loss of decent
paying jobs fueled the pitchfork uprising that we just witnessed.
Unfortunately, Mr. Trump’s policies will likely lead to more of the same,
particularly if he gets into trade wars with China, Mexico, or God forbid,
Pearl River.
I hope I’m wrong but inflation looms on the horizon.
Mercifully we have been spared this specter over most of the Bush/Obama years.
Once inflation rises it’s a tough nut to crack, as anyone who lived through the
Carter years will remember.
Leaving aside economics, we should not forget that the genie
of racism, anti-Semitism, and other taboos were deliberately uncorked during
the election. It didn’t take a brain surgeon to notice that Mr. Trump did not
disavow the despicable David Duke’s support until after some important Southern
Republican primaries were won.
It’s hard to put that genie back in the bottle. This
malignant and powerful little fellow was only too apparent on my subway train the
morning after the election.
The country has done major work banishing his like and
influence over the last eight years. Let’s hope this genie does not become a
major player in President-Elect Trump’s campaign to make America great again.
If so, we have a hot four years ahead of us.