Former U.S. President Donald Trump has been a controversial figure, with many labeling him as a threat to the country’s democracy. However, historian Niall Ferguson believes that the claims of Trump being a tyrant have been weakened by the legacy of his first term in office. Despite initial concerns over Trump’s potential authoritarian tendencies, Ferguson argues that the system was able to contain Trump’s impulses successfully during his presidency. While there were dramatic events, such as the rioting and vandalism at the U.S. Capitol on January 6, 2021, Trump’s attempt to overturn the outcome of the 2020 election marked a significant moment in his political career. Despite facing federal criminal cases and being embroiled in scandals, Trump remains a significant figure in U.S. politics.
The events of January 6, 2021, have raised questions about the state of U.S. democracy and the role of Donald Trump in influencing public opinion. While some argue that Trump’s actions threatened the foundations of democracy, others believe that the system was able to withstand his attempts to delegitimize the election process. Ferguson suggests that ordinary U.S. voters may no longer view Democrat claims that Trump is a threat to democracy as compelling, given their previous experience of his presidency. Despite the controversies surrounding Trump, his supporters remain loyal, and his opponents face challenges in gaining traction with voters.
The upcoming presidential election between Trump and Democratic nominee Kamala Harris raises concerns about the economic future of the country. Harris has proposed a tax plan that includes a 28% tax on long-term capital gains for households with an annual income of $1 million or more, which is lower than the rate proposed by Biden. In contrast, Trump has advocated for a reduction in the top rate of long-term capital gains to 15%. The differences in taxation and regulation policies between Trump and Harris could have significant economic implications for the country, especially in dealing with the growing U.S. deficit.
Whoever wins the November election will inherit a significant fiscal problem, as described by Ferguson. The growing U.S. deficit poses a challenge to the future president, requiring tough decisions on taxation and spending. While Trump argues for raising the growth rate to address economic issues, Harris may opt for raising taxes as a solution. The contrasting approaches of the two candidates highlight the importance of the upcoming election in shaping the economic trajectory of the United States. As voters consider the candidates’ policy proposals and track records, the impact of the next president on U.S. democracy and economy remains uncertain.