President Donald Trump may have lost the presidential election, but according to Nobel Prize-winning economist Paul Krugman and historian Niall Ferguson, Trumpism is here to stay.
Former Vice President Joe Biden is expected to take over the presidency after the election earlier this month and could be a way to secure 30 to 30 votes. This would be exactly what Trump described as a “landslide” victory four years ago.
The so-called “Blue Wave” was expected to result in Democrats winning the White House, controlling the House of Representatives and gaining a majority in the Senate.
Instead, Republican Senate and House candidates demonstrated, and Trump’s popularity among his mainstays proved surprisingly resilient. The 74-year-old won more votes for the presidency than any other candidate in history except Biden.
Paul Krugman, a professor of economics at City University in New York’s Graduate Center, told CNBC’s Steve Sedgwick at the ADIPEC 2020 virtual conference that Trump would look at his party and the U.S. political landscape.
The economist, whose research interests include macroeconomics and international economics, won the Nobel Prize in 2008 for his analysis of business patterns and the location of economic activity.
“No president in the United States has ever been less transparent in his personal finances, but it’s possible that Trump will go bankrupt. I mean, let’s be happy about that, in part because people are funneling money to his businesses.” , “Krugman said without elaborating.
“So, does Donald Trump, who is forced into bankruptcy, weigh the same? Or can he do something? Can he build a media empire that keeps him afloat?”
Last month, the New York Times published an analysis of Trump’s tax records in which more than 200 companies, special interest groups and foreign governments mocked Trump’s assets worth millions of dollars, benefited by the president and his administration.
The White House reportedly dismissed the analysis as “just more fake news.” The spokesperson declined to comment for this article.
President Donald Trump overheard Mexican President Enrique Peનાa Nieto talking on the phone, announcing that the United States had reached an agreement with Mexico on Monday, Aug 27, 2018 at the White House Oval Office to sign a new trade agreement.
W. Washington Post | W. Washington Post | Getty Images
“Trumpism, the movement is sustainable,” Krugman said. “It turns out that he stumbles into some deep-seated rage.”
Trumpism is ‘inseparable’ to the Republican Party
Trump has refused to accept the results of the Nov. 3 presidential election, falsely claiming via Twitter on Saturday that he “won this election by a landslide!”
Trump and his campaign have filed lawsuits in half a dozen closely fought states in what many see as an attempt to cast doubt on the legitimacy of Biden’s victory. Legal experts have dismissed voter fraud allegations as baseless.
Trumpism is very much with us, even if Donald Trump himself moves in the direction of a political exit.
Niall Ferguson
Senior Fellow at the Hoover Institute
Separately, in his first speech as president over the weekend, Biden called for unity among Americans.
“It’s time for America to recover,” Biden said Saturday in Wilmington, Delaware. He added that the time has come to “let this monstrous era of the past in America end here and now.”
He then called Trump’s refusal to confess “shameful.”
“Donald Trump is coming out with a very bad grace, but he’s leaving. Trumpism, which is really his contribution to money-making politics, is not going anywhere,” said Niall Ferguson, a senior fellow at the Hoover Institute, told CNBC’s Jumanna Bersech. UBS Virtual European Conference.
“And that’s because Donald Trump tapped into a series of issues about which Central America, just to use the word broad brush, felt very strong and still feels overwhelming. To say this, liberal immigration policies, free trade policies, progressive “From academia to the media, ideas and liberal elites, we still have all these issues,” Shakti told Ferguson.
“And you could say that with the strength of support, President Trump and the Republican Party were still able to pull together between an epidemic and a very serious economic crisis.”
Biden and running mate Kamala Harris, who made history as the first black woman and the first Asian American woman to be elected vice president, acknowledged the gravity of the work ahead but insisted they were ready for the challenge.
“I think the Republican Party’s future is inseparable from Trumpism. Because of old ideas, Bush-era neoconservatism, or, or Reagan-era economic liberalism, you know, when it was all about free trade, it was about liberal immigration. It was about free markets and tax cuts, that kind of austerity is not just about winning elections, “Ferguson said.
“So, Trumpism is very much with us, even if Donald Trump himself moves in the direction of a political exit.”
– CNBC’s Christina Wilkie contributed to this report.
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