One of the strongest arguments behind former President Donald Trump’s 2024 campaign is the economic record from his first term in office. Inflation and unemployment were low, economic growth was solid, and many people remember his presidency, at least before COVID-19, fondly as a result. However, Trump’s recent policy evolutions are radically undercutting this case for his reelection. 

Except for his trade restrictions, which were still somewhat narrow in the grand scheme of the U.S. economy, Trump’s first-term economic policies were classically conservative: tax cuts, deregulation, and other pro-growth, free market reforms. But the former president is now straying from this approach with his proposals, meaning he can’t guarantee the same results.