Trump I is starting to look a lot better. Compared to Trump II, the administration was pro-market and pro-enterprise, neither of which can be claimed for the president’s second term. The Trump presidency of 2017 to 2021 certainly had plenty of flaws. But it was arguably the most business friendly administration Washington D.C. had seen since President Ronald Reagan’s in the 1980s. It may have been characteristically chaotic at times, but there was a serious drive to liberalize the economy, cut regulations, control spending and encourage investment and entrepreneurship. The corporate tax rate was slashed from 35 percent to 21 percent, taking it from one of the highest in the world to one more in line with the global average. …Trump II has been very different. The signature economic policy has been the steepest tariffs imposed by an American government since the 1930s. …The president needs to recover some of the free market drive of his first term. He needs to remind himself of all the things that frustrated him when he was a business guy and start doing something about them. If he doesn’t, his second term will continue to flounder.

For what it’s worth, I think his assessment of Trump’s first term is far too favorable. He’s completely wrong, for instance, about there being “a serious drive to…control spending” in Trump’s first term.

But I agree that the second term seems to be worse.

Now let’s look at some more observations.