Paul Krugman

08/04/2025

It’s now clear, by contrast, that Trump and MAGA don’t have the luxury of time. Trump’s approval has already cratered. He inherited an economy with low unemployment and subdued inflation, but is now presiding over a weakening job market and will soon face a burst of inflation, with nobody but himself to blame. He may manage to bully government statisticians into cooking the books and making the numbers look good, but that’s harder than it looks. And even if the official numbers say everything is great, nobody will believe it.

So if Trump and MAGA want to hold on to power, they’ll have to do so in the face of low public approval and poor economic performance. This, unfortunately, doesn’t necessarily mean that they can’t demolish democracy. It does mean that they’ll have to do it quickly and blatantly.

Indeed, as CNN reported the other day, Republicans are trying in multiple ways to, in effect, rig the midterm elections. Their actions include a plan for an extreme, mid-decade gerrymandering in Texas that could cost Democrats multiple House seats; attempts to interfere in voting procedures, for example by banning states from accepting mail-in ballots after election day and forcing states to require proof of citizenship. Much of this is clearly unconstitutional, but that doesn’t mean it won’t happen.

And what if these actions aren’t enough? Remember, Trump supporters, with his clear encouragement, already tried to overturn the results of the 2020 election.

The important point is that right now Trump has immense power, thanks in large part to the cowardice of many of the institutions that should be holding him in check. But he’s also rapidly bleeding support, in large part because he’s completely failing to deliver on his economic promises.