I'm afraid this goes much deeper, Mr. Krugman. No one has asked what's "Project 2026" yet. Use your imagination a bit. If one controls the Treasury of the United States… One can implement a system of social credit… Much like China… And quell all dissent. Organize some protests? Seditious conspiracy by proxy… You're no longer eligible for your Social Security or your Medicare… Counting on the Federal Courts? They don't even need to fire the judges anymore… Just simply cut off their paychecks. Will they continue to show up when they cease being paid?
Have you asked yourself what Zuckerberg is doing at the table? He's gone a bit quiet hasn't he? He's created the largest psychosocial profile of the American public in the history of the world. He can tell you the top 5% of the opposition in under a minute. He can provide you their homes and their likes and their kids names and where they work. And we all willingly signed up for it…
I'm currently reading Jonathan Taplin's 2023 book THE END OF REALITY: How Four Billionaires Are Selling a Fantasy Future of the Metaverse, Mars, and Crypto. The billionaires are Thiel, Musk, Andreesen, and Zuckerberg. I wish I'd read it when it came out, before Trump was elected again. Watching it play out in real time is both infuriating and terrifying.
This is intellectual masturbation at its worst. There is a shared concept of reality we all agree on, and fascist movements like the current GOP try to destabilize it with relentless propaganda. You need to inject some common sense into your “thinking.”
Simply recognize that no one is in the mood for playful creativity and banter, this morning. It is not personal. We are all stressed. In addition, if the GOP keeps being complicit, and they are, they are part of Trump's fascist movement. They can't have it both ways. They are in or out.
Interesting answer in the sense that it's exactly this, playful creativity and banter that has taken over the GOP and now the entire country. 1st mandate everyone's having a laugh, 2nd mandate everyone's wondering how this happened.
He is a naturalized American, he is a born and raised Apartheid South African, he family was wealthy and he didn't start Tesla, he just bought a lot of stock. He is also a Canadian, his mother was born in Canada and he started college in Canada, finished college here. A company he owned a part of was bought by PayPal.
Yup, not to mention a politicised law enforcement agency who could easily engage in malicious prosecutions of prominent figures who displease the leader. Make an example out of a few, bankrupt them through legal costs or get the militias to threaten them.
Not my fault you can't see that this is his goal, the orange fat chimp has said as much with his threats to our allies. Blue states need to defect to Canada asap.
The politicians of the center-left and even center-right have been, since the lacking in imagination. They consistently - and still do at humdrum places like The Atlantic magazine - fail to understand the true nature of what the radical right is attempting. Thanks for providing some thoughts, since nothing should be considered outside of the realm of consideration now.
Look, Zuck is rich because everybody has a facebook account. The other one is rich (or reputed to be) bcz ppl keep buying Teslas and Gov. keeps giving his companies contracts for space. And bcz everybody has a xTwitter account. We can all delete their damned accounts and sell our Teslas quick and their stock values will drop, the rump will get more unpopular, the Republiscams will lose their loyalty bonds, and the oligarchy risk will decline. Come on everybody! Even if it's just Dems and foreigners.
This is why I have carefully spent only my Social Security and not the other income I could spend over the past few years. I wanted to be sure that nothing he does badly affects my ability to support myself. This said, I realize there are tens of millions of people who will be immediately affected.
Trump was always telling the truth when it came to hurting people. He is doing this because he can, and because he enjoys weilding power callously and indiscriminately like all the other dictators he admires. The thought of people starving in the streets cause of his Ego probably makes him very happy. Trump has been a vile clown for 50 years. If Americans hadn't gotten brain worms from social media propaganda and forgot his entire life story prior to The Apprentice his rise would have never been possible. The man bankrupted a casino, putting him in charge of the most powerful country on earth is insane. We deserve this for our collective stupidity. Shame so many innocents have to suffer because of conservatives selfishness and hatred of minorities.
I fear that is the only thing that could actually pierce the bubble of their consciousness. MAGA will say sacrifices are fine but the majority of folks would finally pay attention. The whole ripoff is that the GOP is going to end aid to foreign countries/groups to spend that money here. But they wont. They’ll spend it all on tax cuts for “job creators”.
Andy...speaking of propaganda, pay attention to the pro trump advertisements on tv now. Yes. Now. I witnessed one recently at my parents' house. It wasn't a fox station as they don't watch fox. I don't know who showed the advert. It took me and my Mom by surprise. Has anyone else seen them?
Dr. Krugman, it’s not just individuals whose financial information has been hacked. Is it not true that competitors of Musk’s companies (and potential competitors) have also been hacked? Musk can now track all government payments to Apple, Google, Amazon, Microsoft, Ford, GM, and others for contracts, contract changes, extensions, overruns, etc. including all of their banking information? Yet, not a peep from them.
The silence of the Congressional lambs is astounding. And I mean both parties. The willingness and cowardice in surrendering their constitutional roles is something I never thought I would live to see. But we voters should have expected as much when business and wealth infiltrated both elections and policy influence.
I worked 43 years at SSA where the respect for and preservation of private records was sacred. And here we are where we let nonvetted hackers set up beds while they violate our rights and personal and collective security. January 6th again.
it is NOT both parties..it is RACIST to lie and say that Bernie and AOC and the Dems are anything like the racist sniveling GOP that installs and greenlights Trump.
The Democrats are the opposition. They have always fought against this modern GOP...it's the white man's party. I guess we should blame the Democrats for putting up a half-black, half Indian woman to occupy a job most of white America sees as white racist property?
The only thing the Democratic Party knows how to do is send texts asking for more money. As if we on the ground could possibly compete with billionaires.
Oh - text for money and send deceitful texts for surveys that can’t be filed without … sending money.
As a collective, the Democratic party has capitulated fully. I see signs of hope from individual members like the ones above (I'd add Chris Murphy and Ro Khanna to that list); but if I were any one of those people I'd mount a run for 2028 as an indepdendent.
It doesn't matter if they aren't racist and then vote for what's happening. Many Dems are voting to approve noms and passed a bipartisan bill to allow non-violent charges (not convictions) against migrants as a basis for deportation. That one slipped quietly by as did the legislation to restart the compulsory military registration of those age 18 to something...I can't recall the details in the flood of shit over the last month. What do we need a draft for if we are no longer fighting external wars?
It's probably the registration they want, more than an actual draft. Yet more information for Elon and his brigade of nerdy 19-year-old incels with no security clearances to paw through.
1. Stop pretending that "bipartisanship" exists - at least on the other side of the aisle.
2. Refuse to compromise. They've bent over backwards for too long already.
3. Loudly point out every mistake His Orange MAGA Majesty makes - and its consequences. Constantly. Without relent. Make him - and the whole Republican party - own it.
There's plenty more, but that would be a decent start.
I tend to agree with your three points- but isn’t it true that the Constitution ( with its checks and balances) requires both sides to compromise to get things done . However, since Newt - the R
Yes, but King Orangutan operates outside the constitution. And who's to stop him? So far, nobody has. He's successfully eliminated those pesky checks and balances.
First with a compliant SCOTUS, then by cowing the rest of the Republican party in both the House and Senate. And this goes back even further than Newt. Maybe even further back than Tricky Dickie.
I worked in permitting which brought in 100s of millions into the federal and state coffers. You are right about protecting privacy and now that is gone so watch your accounts closely.
The last people we need to listen to are the CEOs of the bailed out banks. Why? Because even if the economy turns to shit they will get bailed out...again...while the rest of us will be left to fend for ourselves.
I’m so angry that I can’t type. You are right most likely. But I’ll add something I learned when I studied types of economic systems. In the end, it likely will not turn out well for them but this was before the age of internet.
Thank you Professor, excellent analysis. The plutocrats don’t get it. Trump will play each against themselves. He even brought Sam Altman, Musk’s nemesis to the Whitehouse, just to prove this point.
What happened this election cycle is unprecedented. The plutocrats were buying MSM outlets for the last two years and reprogramming their platform to be more Trump friendly.
Ironically, two of Trump’s biggest supporters on Wall Street are BlackRock and Vanguard; the same two companies that control 6% of the countries $139 trillion in wealth; their assets combined are over $24 trillion. And they also happen to be Trump’s largest investors in TMTG. Oh, and they are also the two biggest investors in the NYT’s. Coincidence? At least it gives us some clues about the sanewashing of Trump.
Then you have the WaPPo that hired Lewis, a Murdoch protege, who was embroiled in a spying scandal on royals and British politicians; a year before the election. And the oligarchs bought Univision (reaches 50% of Latinos in the country), while Sinclair by the Baltimore Sun. And don’t get me started with the LA Times!
I’m not sure what’s happening, but a civil war between the oligarchs is inevitable. And we no more evidence of this scenario, than how quickly all the Masters of the Tech Wall Street universe folded; faster than a cheap lounge chair, or a Texas Hold-em poker player with a 2-7 off-suit as cup hands.
Meanwhile, what’s being ignored, is how quickly Trump is consolidating power within the government through illegal means. Instead, the MSM is being flooded with piles of nonsense, when the real power plays are being underreported, or ignored completely.
That said, at least we have the democrats who can feel proud of themselves for a peaceful transfer of power. And while they’re taking victory laps, our democracy is collapsing from within! Good times!…:)
In theory at least Vanguard is supposed to do what their shareholders want, not doing that should result in a dereliction lawsuit. I don't know why that hasn't happened.
Not to mention, they invested in company with $3 million in sales and $400 million in losses, last year alone. They are literally supporting the stock price ($13 billion market cap).
No one can claim it’s a good investment; a bribe; absolutely! And like you said, “malfeasance and fraud!” Lawsuits to come, if we had a valid legal system left. Good luck with that!….:)
I understand that Vanguard is investor owned. Is this wrong? Unfortunately BlackRock took over management of the TSP (retirement fund for military/feds) from a board of governors.
It will hurt everyone, except the plutocrats, because they use structured collars, and other hedging techniques, to insure against a major market correction.
Not all plutocrats, but I couldn’t imagine Musk not hedging his position when most of your wealth is in one stock.
That said, it’s the 401k investors who are about to retire and retired people living off investments that will be hit hardest; as well as the working poor and blue collar middle class. And when the jobs disappear, they won’t come back. Companies will use the recession to automate further. IMHO…:)
How about when Feb 1 rolls in, tRump sez he's "suspending tariffs for now" coz he's seen "significant progress by Canada and Mexico" in reducing migrant traffic. TRump has done this before, as it's all a part of - wait for it - "The Art of The Deal".
Mission accomplished...after a phone call with Claudia Sheinbaum, tRump is "pausing" tariffs on Mexico "for a month"...and tRump's got a call today to Trudeau, and make bank another tariff "pause" is coming...so shoddy and predictable.
I believe I and most working people will likely personally benefit from them. I think retirees and people in similar situations will probably suffer the most.
Second to last paragraph: I doubt trump is “consoling power.” He couldn’t console anything or anyone if his actual life depended on it. (Damn autotype)
True, but he has the Heritage Foundation doing the leg work, and they’ve been working overtime for the last four years; to reshape our government in their theocratic authoritarian image.
C;mon, you know he meant "consolidate". But you're right that the cold blooded Orange Deity can't console anything - other than the MAGANuts who voted for him.
As an American citizen, I am actively rooting for Canada and Mexico. The economy is likely to crash because most Americans simply cannot afford the high prices for food and energy that is coming.
Probably true for a lot of people commenting. I studied the effects of economic systems, not economics itself other than a few classes. So unless you are pHD in economics you should not post?
A malignant narcissist can never satiate his hunger for approval. First, he wanted to conquer Manhattan, then the TV, then the USA, and now he wants Canada, Greenland, and whatever else he can grab, including Mars. But he's just one grown up toddler in need of psychiatric help. All of his power comes from us. Why?!? Dumb, dumb, dumb...
Dead ones? Current King and Prince control billions ££ real estate and charge public services for use of land and buildings, then cut ribbands for 'food banks' and homeless shelters, oh and pay no tax while receiving Government subsidy to do their job. Nice work if you can get it....
Absolutely wrong. England grew to be a global power and kicked off the industrial revolution when then limited the power of the monarchy. Read up on the Glorious Revolution. Economic growth came from limited government and the rule of law.
Nope, don’t want a king, don’t want an oligarch, don’t want a dictator. None will do. I want a government of the people, by the people and I mean ALL people.
I certainly don’t want rule by “All people” as that would include non-Americans, children, criminals, insane people etc. Frankly I’m not even sure democracy in general is good on its own and it looks like I’m not alone in thinking that.
All true. And most of us reading this newsletter already knew this.
The question is, what can we do now? My hope is that Marc Elias & his crew of lawyers at the Democracy Docket are already working on lawsuits to stop Musk & the rest of his unelected minions from raiding the US Treasury.
Election just passed. If you know someone who voted Green or any of that other BS..."protest genocide vote." you can ask them how is that working for them now?
Some left leaning young people I know who did vote for alternate candidates, were aware that trump would destroy the system that supports their lives and livelihoods, and that they would likely suffer under a trump regime. They don’t want a revolution, and are aware that they, and most people, would suffer from one. But they believe that the system as it stands, is so corrupt and destructive, that it has to fail in order to build something fairer and more sustainable. No matter how I argued that slowly moving in a more progressive direction was better for their ideals than destruction at the hands of totalitarians, they felt they had to vote their consciences rather than for imperfect pragmatism. I argued that it was fine to vote their ideals in a primary - but often necessary to hold their noses and vote for the least harmful candidate in the national, but they felt it was wrong to settle for a compromise with the second worst party, out of fear for the worst one. They live in a blue state and their votes did not matter because their states went blue anyway. They did vote blue in down ballot races which they felt more directly affected them. I’m guessing that their attitude reflects the same feelings and actions as many of their contemporaries, although far from all, since I know other young people who were much more pragmatic, and did hold their noses and voted blue. I also remember being more idealistic and less pragmatic when I was young. As I age, I think it’s a wonder we make any progress as a species at all - but looking at history I can see that we do. We just have to keep at it.
Yeah, but we need Elias and dozen more like him now more than ever. And for every Aileen Cannon, there will be a dozen judges who uphold the law. Trump weaponized the court system in his favor; time for us to respond ten-fold.
We all need to do whatever we're able to. It's going to be a long, grinding, arduous, agonizing process, but we have no choice. And buckle up, it's going to be a wild ride.
Marc, don’t you think it unlikely that the oligarchs would let trump in on the plot? A man with dementia who has no control over his mouth? If so, that was a YU-U-GE mistake!
Hi Marge. I think trump is nothing but the useful idiot.
He's not the man behind the curtains of "the wizard of Oz" pulling the levers, although he thinks he is.
And it is remarkable that everytime trump utters something like "don't have to vote anymore" or "only a dictator on day one" there are a bunch of people jumping in to "trumpsplain" what he said (mostly.... ha ha ha .... that was just trump joking!).
The guys behind the curtain know that trump appeals to roughly 50% of the US voters, so they use him.
So no, trump did not write that horrible book called Project 2025. He's nothing but the useful but very dangerous idiot.
Marc and Marge, you both make good points. Ultimately though, it's YTBD.
I believe the creators of Project 2025 consulted with Trump. I don't think they were counting on him making good on his tariff threats - and I doubt they're all that pleased with it, but they really don't have a say.
Hi Paul, I stopped subscribing for the NYT in October 2023 when, it seemed to me, the editorial pages were once again, just as in 2003, providing a rationale for genocide. The only writer I really missed was you. You really help me understand the world! I'm so glad I found you again here on Substack. Your columns are sorely needed in these trying times.
The takeover of the Treasury is the only concern we should have right now. This means that Congress is now irrelevant. I suspect if they tried to impeach and remove TRump they would find he just ignores them. After all, he would be replaced by Vance, and then by Johnson. None of these three are going to reverse any of TRump's moves.
In the unlikely event that His Orange MAGA Majesty is removed, I don't think we can really predict what either V.P. Hillbilly or Speaker Jackass would do. Other than ban abortion and cut taxes for the rich.
“Congress may have passed a law mandating that money be spent for some public purpose; but Musk and company may simply, in effect, tell the system not to cut the checks.” - Krugman
CONGRESS MUST TAKE CHARGE NOW - PERIOD!
In the federal government of the United States, the power of the purse is vested in the Congress as laid down in the Constitution of the United States, Article I, Section 9, Clause 7 (the Appropriations Clause) and Article I, Section 8, Clause 1 (the Taxing and Spending Clause).
Hello from an EU citizen. I don't know how your government works, so I ask who can stop Musk? FBI? Dismantled. Congress? Republican Nazi majority. Supreme Court? They gave Trump unlimited powers.
It's a shtshow with no upside. The national collective denial of this and the clinging to traditional methods of countering this madness with lawsuits, and quoting the Constitution and Rules of Law are irrelevant.
The Supreme Court did not grant Trump unlimited powers, and he does not have power to control spending. The US Congress has complete control of ALL spending. Republicans have small majorities in the Senate and House of Representatives. It will only take a few honest Republicans to stop him.
OK. Saying there are honest Republicans was a bridge too far! It’s going to take a divide-and-conquer strategy using pet projects and/or sensitive state level issues to make it happen. It’s how all compromises at the federal level occur. Pealing off a handful of congressional votes is all that’s needed.
I really, really hope your strategy works. I like it better than civil war. Or war with NATO, with Americans on NATO’s side. Why not? At least NATO isn’t an enemy foreign power like our present maladminstration.
You do realize that the US Treasury has been hacked and the hackers will have control of it perhaps from another jurisdiction? Seasteading....W-2 people who pay more above payroll taxes & their employers need to shut off automatic payments to the federal government above that level. Work for a multi-national? The only solution is to quit and remove your retirement. All other tax payers refuse to pay "taxation without representation" and why have the idiot public agreed to hook up their bank accounts to any entity online?!...JUST SAY NO! I'm one of the idiots who USED to be on one of the oligarch's social media sites in the .05 top "dangerous" with my personally-edited news shares until I was shut down (unless willing to give it my credit card info).
But if the Techbros have control of the Federal purse... that's a pretty good deal. The biggest question is how long before they put that power in play and who do they start with?
The best hope is they over reach and go for something big like Social Security and Medicare. If they go slow and hide behind DEI and Climate Change the MAGAs will support them.
What happens when your Social Security check is "delayed" or your Medicare provider disallows compensation for that MRI that your doctor wants? They can probably cut at least 10% of these payments without any serious public outcry, much less any consequences.
It’s a constitutional crisis but Congress has decided to roll over and play dead, while citizens are more interested in commercially created “cultural” events” like the Grammies, the Super Bowl, and UFC fights. Bread and circuses won again.
Absolutely right. In addition to 100 law suits, there should be 100 bills filed by Dems halting, correcting, reversing, criminalizing everything the MAGA "team" is doing to trample on the rule of law and dismantle our government.
I’ve got a bad feeling about this (and everything else). It’s going to take decades to repair the damage he and his minion partner M (and his minions) are doing. If even possible.
I have this idea that if all the people in the opposition, including leading democrats, started calling for him to be impeached and reciting all his crimes, those he was convicted of and those he commits every hour of every day, in time people would begin to believe it, maybe even some repubs. I'm thinking of the way he and all his minions relentlessly repeated for 4 years the lie about 2020 being stolen, never allowing one opportunity to pass without going over it and over it. Now after 4 years, a lot of people believe that is what happened. What if all the democrats and followers never spoke without prefacing it with a recitation of his crimes, relentlessly, over and over, like they do? Could it start a real movement with teeth? Or even get a real movement for impeachment going (actually impeaching is a much bigger lift) the threat of impeachment. Right now there is no opposition to speak of. Thanks to those who are bringing suit, but we need 50 new suits a day. Anyway, this is what I'm thinking. There should be vocal objections to each and every action every day. We could start by writing to our representatives and asking them to do it and then other possible sympathizes, e.g., Elizabth Warren, Bernie Sanders. It may be crazy but I'm not sure we have the luxury of formal analysis right now. As everyone is saying, it's a five alarm fire.
I'm begging someone to answer this - who the HELL let Musk's minions into the buildings without security badges as gov't employees? Who the HELL gave them network admin privileges to lock out real gov't employees with security badges? I can't get into my local courthouse without showing ID and emptying my pockets, what the everloving giddyup fuck is going on?
I'm afraid this goes much deeper, Mr. Krugman. No one has asked what's "Project 2026" yet. Use your imagination a bit. If one controls the Treasury of the United States… One can implement a system of social credit… Much like China… And quell all dissent. Organize some protests? Seditious conspiracy by proxy… You're no longer eligible for your Social Security or your Medicare… Counting on the Federal Courts? They don't even need to fire the judges anymore… Just simply cut off their paychecks. Will they continue to show up when they cease being paid?
Have you asked yourself what Zuckerberg is doing at the table? He's gone a bit quiet hasn't he? He's created the largest psychosocial profile of the American public in the history of the world. He can tell you the top 5% of the opposition in under a minute. He can provide you their homes and their likes and their kids names and where they work. And we all willingly signed up for it…
George Orwell doesn't have a thing on these guys.
I'm currently reading Jonathan Taplin's 2023 book THE END OF REALITY: How Four Billionaires Are Selling a Fantasy Future of the Metaverse, Mars, and Crypto. The billionaires are Thiel, Musk, Andreesen, and Zuckerberg. I wish I'd read it when it came out, before Trump was elected again. Watching it play out in real time is both infuriating and terrifying.
How can there be an end to reality when reality (as a singular) doesn't exist? Reality is a ' ensemble' of an
infinite amount of 'realities'.
This is intellectual masturbation at its worst. There is a shared concept of reality we all agree on, and fascist movements like the current GOP try to destabilize it with relentless propaganda. You need to inject some common sense into your “thinking.”
Dimwit, You need to inject some thinking into your common sense!
The GOP is not a fascist movement eventhough it begins look like its heading in that direction. What's fascistic of as now is your reaction!
Simply recognize that no one is in the mood for playful creativity and banter, this morning. It is not personal. We are all stressed. In addition, if the GOP keeps being complicit, and they are, they are part of Trump's fascist movement. They can't have it both ways. They are in or out.
Interesting answer in the sense that it's exactly this, playful creativity and banter that has taken over the GOP and now the entire country. 1st mandate everyone's having a laugh, 2nd mandate everyone's wondering how this happened.
Hint: When you start insulting people who've called you on your BS, you have long since lost the argument.
The right title of the book you mention would have been : The End of A Reality. To say there is just Reality is actual fascism. Think about this.
Well, if it's not too late now when will it be? If it were mere Trump that was the joke we'd all still be laughing.
Not to mention nauseating.
Mere question : does this federal payment system also pays for military personnels ? You see what I'm thinking about ...
Does this system manage the salaries for Senators, Representatives, and their staff? Hold their personal medical information and any job reviews? Etc?
I believe it does but they have their campaign funds (read dark money) to cover their expenses.
It is illegal to use campaign funds for personal expenses.
That's kind of funny....
I used to think they weren't poisoning our food to make us sick..."𝐛𝐮𝐭" this changed everything.... https://t.co/hUjtWGoHBL
just googled. looks like the federal payment system covers military expenditure also.
I like the part of King Don’s reply to the WSJ that thinks Canada is cheating because it people are paying lower RX prices. Now that
S a real leader
Yes, the Treasury pays everything.
Equally bad is now musk’s boys have your bank accounts.
Its the whole fucking point of its existence.
yep, and Republcians have given it to a South African.
Elon Musk is an American citizen, though Trump would theoretically view his citizenship as illegitimate.
He is a naturalized American, he is a born and raised Apartheid South African, he family was wealthy and he didn't start Tesla, he just bought a lot of stock. He is also a Canadian, his mother was born in Canada and he started college in Canada, finished college here. A company he owned a part of was bought by PayPal.
Yup, not to mention a politicised law enforcement agency who could easily engage in malicious prosecutions of prominent figures who displease the leader. Make an example out of a few, bankrupt them through legal costs or get the militias to threaten them.
Or maybe threaten media with lawsuits until they pay up and capitulate. Oh, that's already happening. CBS is the next to bend the knee.
Project 2026 is war with NATO and the Commonwealth Nations.
OMFG!!!! Don't go there!!!
Not my fault you can't see that this is his goal, the orange fat chimp has said as much with his threats to our allies. Blue states need to defect to Canada asap.
If the Canadians let us!
Oh, and just one minor correction: orangutan, not chimp :)
My preferred term is Shit Gibbon.
The politicians of the center-left and even center-right have been, since the lacking in imagination. They consistently - and still do at humdrum places like The Atlantic magazine - fail to understand the true nature of what the radical right is attempting. Thanks for providing some thoughts, since nothing should be considered outside of the realm of consideration now.
Looking forward to my 3 squares and a cot when the time comes. And no, I don't think I'll be joining the work crew today, massa – nor any other day.
I just heard there’s guy on Penn Ave selling the login information to the federal payments system.
Look, Zuck is rich because everybody has a facebook account. The other one is rich (or reputed to be) bcz ppl keep buying Teslas and Gov. keeps giving his companies contracts for space. And bcz everybody has a xTwitter account. We can all delete their damned accounts and sell our Teslas quick and their stock values will drop, the rump will get more unpopular, the Republiscams will lose their loyalty bonds, and the oligarchy risk will decline. Come on everybody! Even if it's just Dems and foreigners.
This is why I have carefully spent only my Social Security and not the other income I could spend over the past few years. I wanted to be sure that nothing he does badly affects my ability to support myself. This said, I realize there are tens of millions of people who will be immediately affected.
Or perhaps you’ll get paid in trumps bitcoin crap and then need to pay a fee to get the money you earned.
Not seeing it… 1st cup of coffee. What do you need fixed.
Dissent, not descent. Damn auto correct?
I call it autotypo.
Yup.
I frequently mix desert and dessert. It's made for some disappointing dinners.
Trump was always telling the truth when it came to hurting people. He is doing this because he can, and because he enjoys weilding power callously and indiscriminately like all the other dictators he admires. The thought of people starving in the streets cause of his Ego probably makes him very happy. Trump has been a vile clown for 50 years. If Americans hadn't gotten brain worms from social media propaganda and forgot his entire life story prior to The Apprentice his rise would have never been possible. The man bankrupted a casino, putting him in charge of the most powerful country on earth is insane. We deserve this for our collective stupidity. Shame so many innocents have to suffer because of conservatives selfishness and hatred of minorities.
"At least he's doing something," say idiots in focus groups.
This! And "it doesn't affect me personally" so who cares, they say. Welp, it's gonna start hitting EVERYONE personally pretty quickly at this rate.
Maybe the idiots in focus groups will change their mind when their SS, Medicare, Medicaid, or welfare checks don’t show up.
I fear that is the only thing that could actually pierce the bubble of their consciousness. MAGA will say sacrifices are fine but the majority of folks would finally pay attention. The whole ripoff is that the GOP is going to end aid to foreign countries/groups to spend that money here. But they wont. They’ll spend it all on tax cuts for “job creators”.
"Trump was always telling the truth when it came to hurting people. "
Yep. When he says he'll do something to hurt people, he's telling the truth. When he says he'll do something to help people, he's lying.
This isn't breaking news, yet most of the country seems not to be aware of it.
He bankrupted a number of casinos and other businesses.
Andy...speaking of propaganda, pay attention to the pro trump advertisements on tv now. Yes. Now. I witnessed one recently at my parents' house. It wasn't a fox station as they don't watch fox. I don't know who showed the advert. It took me and my Mom by surprise. Has anyone else seen them?
Dr. Krugman, it’s not just individuals whose financial information has been hacked. Is it not true that competitors of Musk’s companies (and potential competitors) have also been hacked? Musk can now track all government payments to Apple, Google, Amazon, Microsoft, Ford, GM, and others for contracts, contract changes, extensions, overruns, etc. including all of their banking information? Yet, not a peep from them.
And so it begins...
The silence of the Congressional lambs is astounding. And I mean both parties. The willingness and cowardice in surrendering their constitutional roles is something I never thought I would live to see. But we voters should have expected as much when business and wealth infiltrated both elections and policy influence.
I worked 43 years at SSA where the respect for and preservation of private records was sacred. And here we are where we let nonvetted hackers set up beds while they violate our rights and personal and collective security. January 6th again.
I strongly recommend this old standard:
https://youtu.be/TtdWL1YrNzQ?si=bAP-a0JSU80gGBtv
Some people still believe trump and his minions will only go after OTHER people.....
Who are those other people, your parents, grandparents, cousins, and so on?
They will soon enough find out otherwise.
it is NOT both parties..it is RACIST to lie and say that Bernie and AOC and the Dems are anything like the racist sniveling GOP that installs and greenlights Trump.
I'm sure the Democrats will mount a defensive any day now....
Or maybe next year. Or maybe in the next life.
The Democrats are the opposition. They have always fought against this modern GOP...it's the white man's party. I guess we should blame the Democrats for putting up a half-black, half Indian woman to occupy a job most of white America sees as white racist property?
I can tell that you're upset, and I can respect that, but your analysis is crude and your delivery is unhinged.
The only thing the Democratic Party knows how to do is send texts asking for more money. As if we on the ground could possibly compete with billionaires.
Oh - text for money and send deceitful texts for surveys that can’t be filed without … sending money.
As a collective, the Democratic party has capitulated fully. I see signs of hope from individual members like the ones above (I'd add Chris Murphy and Ro Khanna to that list); but if I were any one of those people I'd mount a run for 2028 as an indepdendent.
It doesn't matter if they aren't racist and then vote for what's happening. Many Dems are voting to approve noms and passed a bipartisan bill to allow non-violent charges (not convictions) against migrants as a basis for deportation. That one slipped quietly by as did the legislation to restart the compulsory military registration of those age 18 to something...I can't recall the details in the flood of shit over the last month. What do we need a draft for if we are no longer fighting external wars?
Since the DUI hire hates women, gays, trans, etc, they won’t be included in the draft correct?
It's probably the registration they want, more than an actual draft. Yet more information for Elon and his brigade of nerdy 19-year-old incels with no security clearances to paw through.
What next election? The last meaningful election has already been held.
But they are few.
What do you suggest congressional democrats do?
They need to:
1. Stop pretending that "bipartisanship" exists - at least on the other side of the aisle.
2. Refuse to compromise. They've bent over backwards for too long already.
3. Loudly point out every mistake His Orange MAGA Majesty makes - and its consequences. Constantly. Without relent. Make him - and the whole Republican party - own it.
There's plenty more, but that would be a decent start.
I tend to agree with your three points- but isn’t it true that the Constitution ( with its checks and balances) requires both sides to compromise to get things done . However, since Newt - the R
Party purges anyone who gives anything to D ?
Yes, but King Orangutan operates outside the constitution. And who's to stop him? So far, nobody has. He's successfully eliminated those pesky checks and balances.
First with a compliant SCOTUS, then by cowing the rest of the Republican party in both the House and Senate. And this goes back even further than Newt. Maybe even further back than Tricky Dickie.
They need to get loud, stop voting for his nominees, start showing up on fox and the rest of the propaganda opinion outlets.
I worked in permitting which brought in 100s of millions into the federal and state coffers. You are right about protecting privacy and now that is gone so watch your accounts closely.
The last people we need to listen to are the CEOs of the bailed out banks. Why? Because even if the economy turns to shit they will get bailed out...again...while the rest of us will be left to fend for ourselves.
I’m so angry that I can’t type. You are right most likely. But I’ll add something I learned when I studied types of economic systems. In the end, it likely will not turn out well for them but this was before the age of internet.
Thank you Professor, excellent analysis. The plutocrats don’t get it. Trump will play each against themselves. He even brought Sam Altman, Musk’s nemesis to the Whitehouse, just to prove this point.
What happened this election cycle is unprecedented. The plutocrats were buying MSM outlets for the last two years and reprogramming their platform to be more Trump friendly.
Ironically, two of Trump’s biggest supporters on Wall Street are BlackRock and Vanguard; the same two companies that control 6% of the countries $139 trillion in wealth; their assets combined are over $24 trillion. And they also happen to be Trump’s largest investors in TMTG. Oh, and they are also the two biggest investors in the NYT’s. Coincidence? At least it gives us some clues about the sanewashing of Trump.
Then you have the WaPPo that hired Lewis, a Murdoch protege, who was embroiled in a spying scandal on royals and British politicians; a year before the election. And the oligarchs bought Univision (reaches 50% of Latinos in the country), while Sinclair by the Baltimore Sun. And don’t get me started with the LA Times!
I’m not sure what’s happening, but a civil war between the oligarchs is inevitable. And we no more evidence of this scenario, than how quickly all the Masters of the Tech Wall Street universe folded; faster than a cheap lounge chair, or a Texas Hold-em poker player with a 2-7 off-suit as cup hands.
Meanwhile, what’s being ignored, is how quickly Trump is consolidating power within the government through illegal means. Instead, the MSM is being flooded with piles of nonsense, when the real power plays are being underreported, or ignored completely.
That said, at least we have the democrats who can feel proud of themselves for a peaceful transfer of power. And while they’re taking victory laps, our democracy is collapsing from within! Good times!…:)
In theory at least Vanguard is supposed to do what their shareholders want, not doing that should result in a dereliction lawsuit. I don't know why that hasn't happened.
Not to mention, they invested in company with $3 million in sales and $400 million in losses, last year alone. They are literally supporting the stock price ($13 billion market cap).
No one can claim it’s a good investment; a bribe; absolutely! And like you said, “malfeasance and fraud!” Lawsuits to come, if we had a valid legal system left. Good luck with that!….:)
What company? This TMTG which I assume is a trump company, correct?
Yes, it’s truth social, that’s the symbol for it
Yes, it’s truth social, that’s the symbol for it. The company is Trump Media & Technology Group.
I suspect it's because a significant percentage of their investors are holders of 401k's who don't really pay close attention to such details.
Yeah back when my 401k was mostly invested in their funds I didn't even know dereliction was a crime.
I understand that Vanguard is investor owned. Is this wrong? Unfortunately BlackRock took over management of the TSP (retirement fund for military/feds) from a board of governors.
can you address the tarrif question? Do you think these tariffs will help you personally or hurt you and people in your economic/ social status?
It will hurt everyone, except the plutocrats, because they use structured collars, and other hedging techniques, to insure against a major market correction.
Not all plutocrats, but I couldn’t imagine Musk not hedging his position when most of your wealth is in one stock.
That said, it’s the 401k investors who are about to retire and retired people living off investments that will be hit hardest; as well as the working poor and blue collar middle class. And when the jobs disappear, they won’t come back. Companies will use the recession to automate further. IMHO…:)
Sorry Brother, you are clear and articulate. I was asking Trump lover Mr. Swiley if he could address your comments or Dr. Krugman's post even.
Thanks…:)
Posted 22 Jan...
Lance Khrome
Jan 22
How about when Feb 1 rolls in, tRump sez he's "suspending tariffs for now" coz he's seen "significant progress by Canada and Mexico" in reducing migrant traffic. TRump has done this before, as it's all a part of - wait for it - "The Art of The Deal".
Mission accomplished...after a phone call with Claudia Sheinbaum, tRump is "pausing" tariffs on Mexico "for a month"...and tRump's got a call today to Trudeau, and make bank another tariff "pause" is coming...so shoddy and predictable.
I believe I and most working people will likely personally benefit from them. I think retirees and people in similar situations will probably suffer the most.
It will screw a lot of people I know who voted for trump. I guess that is the silver lining.
Second to last paragraph: I doubt trump is “consoling power.” He couldn’t console anything or anyone if his actual life depended on it. (Damn autotype)
True, but he has the Heritage Foundation doing the leg work, and they’ve been working overtime for the last four years; to reshape our government in their theocratic authoritarian image.
Appalling, isn't it?
More than you know.
Quite the contrary. I know all too well. Make no mistake about it, I have a >yuuuuge< stack of barf bags at the ready.
I didn’t mean to imply otherwise. It’s an expression of agreement; exemplified…:)
C;mon, you know he meant "consolidate". But you're right that the cold blooded Orange Deity can't console anything - other than the MAGANuts who voted for him.
A prime textbook example of how to execute a coup d'état.
As an American citizen, I am actively rooting for Canada and Mexico. The economy is likely to crash because most Americans simply cannot afford the high prices for food and energy that is coming.
If I hear one more person say we're simultaneously getting global economic deflation and higher oil prices I'm going to start shorting it again.
but no one said that. your comment is not related to where you put your reply and not related to Professor Krugman's article is it?
The problem here is that you’re economically illiterate and have no idea what the words you post even mean.
Probably true for a lot of people commenting. I studied the effects of economic systems, not economics itself other than a few classes. So unless you are pHD in economics you should not post?
A malignant narcissist can never satiate his hunger for approval. First, he wanted to conquer Manhattan, then the TV, then the USA, and now he wants Canada, Greenland, and whatever else he can grab, including Mars. But he's just one grown up toddler in need of psychiatric help. All of his power comes from us. Why?!? Dumb, dumb, dumb...
Poor man wanna be rich
Rich man wanna be king
And a king ain't satisfied 'til he rules everything.
Noted political philosopher Bruce Springsteen
There have been plenty of good kings. England was a monarchy at its peak and declined as the democratic component of their government gained power.
You might want to read a little on the history of England before making statements like this.
As an historian I would love a list of the “good” kings.
Dead ones? Current King and Prince control billions ££ real estate and charge public services for use of land and buildings, then cut ribbands for 'food banks' and homeless shelters, oh and pay no tax while receiving Government subsidy to do their job. Nice work if you can get it....
Absolutely wrong. England grew to be a global power and kicked off the industrial revolution when then limited the power of the monarchy. Read up on the Glorious Revolution. Economic growth came from limited government and the rule of law.
It limited the power but did not eliminate it.
Like Aristotle wrote: good government balances Democracy and Aristocracy. You have to have both.
The UK has been declining ever since they practically eliminated the power of the Monarchy in the 20th century.
so you want our Democracy to end and Trump to be our king? That is your debate point here?
Nope, don’t want a king, don’t want an oligarch, don’t want a dictator. None will do. I want a government of the people, by the people and I mean ALL people.
I certainly don’t want rule by “All people” as that would include non-Americans, children, criminals, insane people etc. Frankly I’m not even sure democracy in general is good on its own and it looks like I’m not alone in thinking that.
All true. And most of us reading this newsletter already knew this.
The question is, what can we do now? My hope is that Marc Elias & his crew of lawyers at the Democracy Docket are already working on lawsuits to stop Musk & the rest of his unelected minions from raiding the US Treasury.
Election just passed. If you know someone who voted Green or any of that other BS..."protest genocide vote." you can ask them how is that working for them now?
The question should be asked of those who did not vote.
Some left leaning young people I know who did vote for alternate candidates, were aware that trump would destroy the system that supports their lives and livelihoods, and that they would likely suffer under a trump regime. They don’t want a revolution, and are aware that they, and most people, would suffer from one. But they believe that the system as it stands, is so corrupt and destructive, that it has to fail in order to build something fairer and more sustainable. No matter how I argued that slowly moving in a more progressive direction was better for their ideals than destruction at the hands of totalitarians, they felt they had to vote their consciences rather than for imperfect pragmatism. I argued that it was fine to vote their ideals in a primary - but often necessary to hold their noses and vote for the least harmful candidate in the national, but they felt it was wrong to settle for a compromise with the second worst party, out of fear for the worst one. They live in a blue state and their votes did not matter because their states went blue anyway. They did vote blue in down ballot races which they felt more directly affected them. I’m guessing that their attitude reflects the same feelings and actions as many of their contemporaries, although far from all, since I know other young people who were much more pragmatic, and did hold their noses and voted blue. I also remember being more idealistic and less pragmatic when I was young. As I age, I think it’s a wonder we make any progress as a species at all - but looking at history I can see that we do. We just have to keep at it.
Elias versus Musk. Money's on Musk.
Because even if Elias gets a case before a non-MAGA judge, Elon can now stop that judge’s paycheck.
Yeah, but we need Elias and dozen more like him now more than ever. And for every Aileen Cannon, there will be a dozen judges who uphold the law. Trump weaponized the court system in his favor; time for us to respond ten-fold.
I hope so too. I’d donate a few bucks but I have not received my SS (equivalent).
We all need to do whatever we're able to. It's going to be a long, grinding, arduous, agonizing process, but we have no choice. And buckle up, it's going to be a wild ride.
During the "campaign" for the 2024 election trump told truth one time and one time only.
When he said to an audience of "christian" people: "You won't have to vote again anymore".
Marc, don’t you think it unlikely that the oligarchs would let trump in on the plot? A man with dementia who has no control over his mouth? If so, that was a YU-U-GE mistake!
Hi Marge. I think trump is nothing but the useful idiot.
He's not the man behind the curtains of "the wizard of Oz" pulling the levers, although he thinks he is.
And it is remarkable that everytime trump utters something like "don't have to vote anymore" or "only a dictator on day one" there are a bunch of people jumping in to "trumpsplain" what he said (mostly.... ha ha ha .... that was just trump joking!).
The guys behind the curtain know that trump appeals to roughly 50% of the US voters, so they use him.
So no, trump did not write that horrible book called Project 2025. He's nothing but the useful but very dangerous idiot.
Marc and Marge, you both make good points. Ultimately though, it's YTBD.
I believe the creators of Project 2025 consulted with Trump. I don't think they were counting on him making good on his tariff threats - and I doubt they're all that pleased with it, but they really don't have a say.
He meant "You won't be able to vote anymore."
Well he also said "I don't care about you, I just want your vote." He was also saying the truth then.
At least that was his intention.
Hi Paul, I stopped subscribing for the NYT in October 2023 when, it seemed to me, the editorial pages were once again, just as in 2003, providing a rationale for genocide. The only writer I really missed was you. You really help me understand the world! I'm so glad I found you again here on Substack. Your columns are sorely needed in these trying times.
First rule- believe the autocrat! He will do what he says he will do. Sigh
The takeover of the Treasury is the only concern we should have right now. This means that Congress is now irrelevant. I suspect if they tried to impeach and remove TRump they would find he just ignores them. After all, he would be replaced by Vance, and then by Johnson. None of these three are going to reverse any of TRump's moves.
In the unlikely event that His Orange MAGA Majesty is removed, I don't think we can really predict what either V.P. Hillbilly or Speaker Jackass would do. Other than ban abortion and cut taxes for the rich.
“Congress may have passed a law mandating that money be spent for some public purpose; but Musk and company may simply, in effect, tell the system not to cut the checks.” - Krugman
CONGRESS MUST TAKE CHARGE NOW - PERIOD!
In the federal government of the United States, the power of the purse is vested in the Congress as laid down in the Constitution of the United States, Article I, Section 9, Clause 7 (the Appropriations Clause) and Article I, Section 8, Clause 1 (the Taxing and Spending Clause).
Hello from an EU citizen. I don't know how your government works, so I ask who can stop Musk? FBI? Dismantled. Congress? Republican Nazi majority. Supreme Court? They gave Trump unlimited powers.
It's a shtshow with no upside. The national collective denial of this and the clinging to traditional methods of countering this madness with lawsuits, and quoting the Constitution and Rules of Law are irrelevant.
Lawsuits as weapons worked wonderfully for Trump and his minions. He literally avoided jail!
We should tie up his worst ideas in court using our own worthless appeals, and ride out the clock for 4 years. Turn about is fair play.
Time is not on our side.
You mean money.
Both.
Do you know what works against weaponized lawsuits? Actual weapons.
The Supreme Court did not grant Trump unlimited powers, and he does not have power to control spending. The US Congress has complete control of ALL spending. Republicans have small majorities in the Senate and House of Representatives. It will only take a few honest Republicans to stop him.
Who are those “honest Republicans“?
OK. Saying there are honest Republicans was a bridge too far! It’s going to take a divide-and-conquer strategy using pet projects and/or sensitive state level issues to make it happen. It’s how all compromises at the federal level occur. Pealing off a handful of congressional votes is all that’s needed.
You have unwavering hope! Bravo!
I hope Matty is correct but I’m not seeing it.
I really, really hope your strategy works. I like it better than civil war. Or war with NATO, with Americans on NATO’s side. Why not? At least NATO isn’t an enemy foreign power like our present maladminstration.
Actually, if they start looking at their investments, a few of them may just wake up. Remember to follow the money.
I wish you that they are fearless and quick
You do realize that the US Treasury has been hacked and the hackers will have control of it perhaps from another jurisdiction? Seasteading....W-2 people who pay more above payroll taxes & their employers need to shut off automatic payments to the federal government above that level. Work for a multi-national? The only solution is to quit and remove your retirement. All other tax payers refuse to pay "taxation without representation" and why have the idiot public agreed to hook up their bank accounts to any entity online?!...JUST SAY NO! I'm one of the idiots who USED to be on one of the oligarch's social media sites in the .05 top "dangerous" with my personally-edited news shares until I was shut down (unless willing to give it my credit card info).
Not sure you can trust the postal service anymore.
But if the Techbros have control of the Federal purse... that's a pretty good deal. The biggest question is how long before they put that power in play and who do they start with?
The best hope is they over reach and go for something big like Social Security and Medicare. If they go slow and hide behind DEI and Climate Change the MAGAs will support them.
What happens when your Social Security check is "delayed" or your Medicare provider disallows compensation for that MRI that your doctor wants? They can probably cut at least 10% of these payments without any serious public outcry, much less any consequences.
Okaaaay?!
It’s a constitutional crisis but Congress has decided to roll over and play dead, while citizens are more interested in commercially created “cultural” events” like the Grammies, the Super Bowl, and UFC fights. Bread and circuses won again.
Until their SS check doesn’t show up or they can’t afford goodies.
Absolutely right. In addition to 100 law suits, there should be 100 bills filed by Dems halting, correcting, reversing, criminalizing everything the MAGA "team" is doing to trample on the rule of law and dismantle our government.
Make it a thousand and we can split the difference.
I’ve got a bad feeling about this (and everything else). It’s going to take decades to repair the damage he and his minion partner M (and his minions) are doing. If even possible.
I have this idea that if all the people in the opposition, including leading democrats, started calling for him to be impeached and reciting all his crimes, those he was convicted of and those he commits every hour of every day, in time people would begin to believe it, maybe even some repubs. I'm thinking of the way he and all his minions relentlessly repeated for 4 years the lie about 2020 being stolen, never allowing one opportunity to pass without going over it and over it. Now after 4 years, a lot of people believe that is what happened. What if all the democrats and followers never spoke without prefacing it with a recitation of his crimes, relentlessly, over and over, like they do? Could it start a real movement with teeth? Or even get a real movement for impeachment going (actually impeaching is a much bigger lift) the threat of impeachment. Right now there is no opposition to speak of. Thanks to those who are bringing suit, but we need 50 new suits a day. Anyway, this is what I'm thinking. There should be vocal objections to each and every action every day. We could start by writing to our representatives and asking them to do it and then other possible sympathizes, e.g., Elizabth Warren, Bernie Sanders. It may be crazy but I'm not sure we have the luxury of formal analysis right now. As everyone is saying, it's a five alarm fire.
I'm begging someone to answer this - who the HELL let Musk's minions into the buildings without security badges as gov't employees? Who the HELL gave them network admin privileges to lock out real gov't employees with security badges? I can't get into my local courthouse without showing ID and emptying my pockets, what the everloving giddyup fuck is going on?
Exactly!
The Secretary of the Treasury.