Much to fear about another Donald Trump presidency: The existential threat to U.S. democracy. The potential abandonment of traditional allies in Europe and elsewhere. The cozying up to dictators like Vladimir Putin. And the danger he poses to our strong economy.
Our economy? Yes, while Trumponomics 1.0 had major flaws (like the deficit-expanding tax cut giveaways to business and the rich), Trumponomics 2.0 is downright scary.
Although Mr. Trump has yet to issue a formal plan, the unalterable conclusion based on what has dribbled out from his campaign speeches, video monologues and his current set of advisers is that he will follow a course that veers even farther from the traditional Republican lane of a global approach to economic policy and into the populist, isolationist lane. A second Trump term would most likely represent a continuation of Mr. Trump’s unsophisticated instincts and what will appeal to his base.
On tariffs, immigration and regulation, Mr. Trump would continue the troubling trendlines of his first term in office. The United States would sink farther into misguided protectionism with new trade wars. Business and the wealthy would be enriched by lower taxes and increasingly freed from oversight. Legal immigration would be reduced. And we would continue to pour carbon dioxide into the atmosphere while intentionally sandbagging our booming clean energy sector.
It’s a prospect that concerns even some in the business community who generally liked Mr. Trump’s first-term economic program while expressing distaste for the former president’s personal qualities.
Now, executives are in the situation of liking his economic plans less (particularly the international elements) and abhorring the individual — while also being turned off by what they perceive to be the anti-business mien of the Biden administration.
