Trumponomics History’s Sobering Warning About America’s Future
Nov 20, 2024
Peter Turchin, a professor and author specializing in historical societal cycles, joins Bloomberg's experts to discuss America's political landscape. He highlights anti-incumbency sentiments driven by pandemic impacts and inflation, as well as the limited influence of technology and AI on elections. The conversation probes the challenges for democracy, elite overproduction, and the growing threat of civil unrest. Turchin advocates for a societal reconfiguration akin to New Deal principles to address wealth concentration and restore political balance.
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Anti-Incumbency and Rightward Shift
- This year's elections reveal a trend of anti-incumbency votes, likely fueled by inflation.
- Despite this, right-wing populist movements have generally benefited, with some elections even favoring a restoration of prior right-wing leaders.
COVID's Economic and Social Impact on Elections
- The economic fallout from COVID, including inflation and lockdowns, significantly impacted voting decisions.
- A sense of inequity and scarcity, fueled by COVID's impact and immigration concerns, contributed to this discontent.
Economic and Political Consequences of Pandemic Policies
- Government responses to the pandemic, like furlough programs, had significant economic and political consequences.
- The COVID inquiry should address the long-term financial implications of these policies, especially considering increasing national debt.
