The entire Right is being undermined by President Donald Trump. When the impact of his tariffs is felt, people won’t blame interventionism, protectionism, or economic nationalism. They will blame capitalism.

Voters are already clocking that Trumponomics doesn’t work. According to YouGov, 57% of people think Trump’s actions on the economy have hurt the country, while only 24% think they have helped. And that’s before the bills come in.

When the full costs become clear — I am still expecting a recession this year — people will see it, not as a failure of MAGA’s statist economics, but as a failure of the market.

In much the same way, there was justified fury about the bank bailouts after 2008. It was outrageous that people on low and medium incomes had to rescue wealthy bankers and bondholders from their mistakes. Who, though, got the blame?

Whatever else the bailouts were, they were not capitalism. In a capitalist system, insolvent banks would have been allowed to collapse, and any profitable operations would have been bought by rivals.........

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