The Charlottesville Hysteria
There is media-led mass hysteria about the Charlottesville protests, and Trump’s reactions to them. But polls show that only a bare majority thinks Trump has not reacted strongly enough to the protests, and a strong majority – including a plurality of African Americans – favors keeping Confederate statues. So far, Trump is winning by standing up for “deplorables.” But his support yesterday for the statues invites blame if there are more violent protests. The disbanding of CEO councils are of no consequence. Business – and the GOP congressional establishment – still has every incentive to enacttax cuts, whether or not Trump is a racist. If this is a referendum on the pro-growth forces that elected Trump, it is a moment of risk. We think this will be the first buyable dip of the Trump presidency.