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Trump promised voters revitalization and growth. But he doesn’t know the first thing about economics.

Remember the Golden Age? That was the main pitch behind Donald Trump’s 2024 reelection campaign: On his return, he’d tame the inflationary legacy of the Biden White House, institute a new regime of tariffs to strengthen America’s standing in the global economy, pass yet more tax cuts for the wealthy, preside over a newly resurgent manufacturing sector and investment economy, and revive America’s hallowed extractive industries of oil and coal while mothballing federal subsidies for solar and wind energy.

Cut to a year and a half into his second term, and Trump has accomplished almost nothing in his promised suite of Golden Age breakthroughs. Yes, there were sweeping tax cuts in his 2025 taxation and spending bill, but they have produced no real broadly distributed economic growth; the labor economy has stalled, and manufacturing continues to decline in a service-dominated US economy. Even before the Supreme Court found them unconstitutional, Trump’s tariffs yielded little more than higher retail prices for consumers. And his feckless war of choice with Iran has sent the costs of energy, food, and other mainstay products skyrocketing.

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Trump’s dismal economic record is more than an indictment of his policy agenda: It goes to the heart of the bogus public image he’s lovingly cultivated during his tour through American celebrity culture—the fable that he’s a Promethean business genius whose unerring instinct for exploiting market opportunities has vastly improved both his fortune and the world surrounding him. This was the origin story that launched Trump onto the bestseller lists with The Art of the Deal, landed him in the Rolodexes of a generation of TV bookers and producers, and fueled his mythic political image as an........

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