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Trump’s re-election would be dangerous for the world

With one bound, US President Donald Trump was free. With the expected display of naked partisanship, Senate Republicans (with the exception of Mitt Romney) abandoned their constitutionally mandated role as judges of his alleged abuse of power. They have deferred the decision to the voters in November’s presidential election. Mr Trump will possess many advantages: passionate supporters; a united party; the electoral college; and a healthy economy. His re-election seems likely.

The most obvious reason why Mr Trump might win again is the economy. Even by his standards, last week’s State of the Union address was a case of exaggeration piled on hyperbole. As Joseph Stiglitz, the Nobel laureate economist, has pointed out, US performance remains poor by the standards of its peers in salient respects, notably life expectancy, employment ratios and inequality. Moreover, output, employment, unemployment and real wages are largely continuing post-crisis trends. Given the scale of the fiscal stimulus, which has delivered huge and enduring structural fiscal deficits, this is no great achievement. Nevertheless, many Americans will feel that the economy is improving. This will surely play a big part in the coming election.

If Mr Trump wins, this victory could well be even more significant than his first. For the American people to choose a classic demagogue twice could not be dismissed as an accident. It would be a decisive moment.

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马丁•沃尔夫

马丁•沃尔夫(Martin Wolf) 是英国《金融时报》副主编及首席manbetx20客户端下载 评论员。为嘉奖他对财经新闻作出的杰出贡献,沃尔夫于2000年荣获大英帝国勋爵位勋章(CBE)。他是牛津大学纳菲尔德学院客座研究员,并被授予剑桥大学圣体学院和牛津manbetx20客户端下载 政策研究院(Oxonia)院士,同时也是诺丁汉大学特约教授。自1999年和2006年以来,他分别担任达沃斯(Davos)每年一度“世界manbetx20客户端下载 论坛”的特邀评委成员和国际传媒委员会的成员。2006年7月他荣获诺丁汉大学文学博士;在同年12月他又荣获伦敦政治manbetx20客户端下载 学院科学(manbetx20客户端下载 )博士荣誉教授的称号。

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