Trump’s Record so far

So far Trump II has made or is making a number of changes that have benefited our economy.  However, his delivery on his key campaign promises is mixed.

Trump promised to “stop the migrant invasion,” and to carry out “the largest deportation operation in American history.” He delivered. Southern border attempted entries that were blocked in 2023 and 2024 of 2,475,670 and 2,135,000, dropped to 237,538 in 2025 and authorized new arrivals dropped from 2.9 to 2.8 million in 2023 and 2024 to less the 2,000 in 2025. Deportations and voluntary exit jumped from over 460,000 and 700,000 in 2023 and 2024 to over 2,500,000 in 2025 of which and estimated 1.9 million were self exits.

However, the behavior of masked ICE agents, including the deaths of over 30 people in ICE custody in 2025 have created a public outcry.  In 2024 and earlier, the majority of ICE arrests focused on those with criminal records. In 2025, the government stated that 70% of ICE arrests involved individuals with criminal charges or convictions. However, independent analyses of 2025 data suggested that only 23% of those targeted in broader sweeps actually had prior criminal convictions, with many of those being for minor traffic or immigration offenses.

Trump also promised to “End inflation and make America affordable again,” and to “Stop outsourcing” and turn the U.S. into a “manufacturing superpower” by bringing factories back to the United States by tightening trade policy. The high CPI inflation rate of 4.1% in 2023 has fallen to 2.9% in 2024 and 2.7% in 2025. Manufacturing value added to US total output was $2.91 trillion in 2024 rising to $2.95 in 2025 all in 2017 dollars.

The US imports more than it exports. The US trade deficit in 2024 of $903.5 billion changed little at $901.5 billion in 2025, but the highly criticized and erratic US tariffs on imports (both threatened and actually imposed) where eventually struct down as illegal by the Supreme Court. They were not approved by Congress and where not justified to correct unfair trade practice by China, the EU and others. Rather they were threatened punishments if the target country did not give in to some other Trump demand. Here is an example of such an attempted abuse of tariffs. https://x.com/spectatorindex/status/2041842665172693207

Trump was right to promise to reduce costly and unproductive regulations and bureaucrat bloat. But his approach with the help of Elon Musk and the DOGE swat teams was misdirected and destructive. https://wcoats.blog/2025/04/27/trumps-chainsaw/

https://wcoats.blog/2025/07/01/econ-101-government-budgets/  Just how bad the Musk DOGE chainsaw was can been seen in the following deposition of one of the totally unqualified kids swinging the chainsaw. He is being questioned by a lawyer for an agency suing DOGE https://www.youtube.com/watch?v=NXXvgZzK0Cc

And then there is the rest. Unlike previous US Presidents, Trump’s style of governing was that of a bully making threats. The result has not been good.

Trump the Egomaniac:  Putting his name on the Kennedy Center was sort of harmless (but distasteful) but then shutting it down all together is much less so and, and as is so often the case with Trump, hard to understand. The United States Institute of Peace is now the Donald J Trump Institute of Peace. Then there are programs he has created in his name: Trump accounts, Trump Gold Card, TrumpRx, Trump National Parks pass, etc. But he hasn’t stopped there, creating the “Trump-class” battleship. Though it violates the tradition of the U.S. Treasurer, currently Brandon Beach, signing our currency notes, Trump will do so in the future. While most of these displays of Trump’s name might be taken as the actions of an immature child, his proposal to issue special one dollar coins with his likeness seems to violate more than just good taste.

Trump the Authoritarian (postliberal)–domestic:  We have gotten used to Trump using his Truth Social or X/twitter accounts to damn and/or label as stupid or evil those who have criticized him, but he has used the power of his office to much more seriously attack his enemies or to force compliance with his policy views.

For example, after firing FBI director James Comey, who oversaw the probe of ties between Russia and Trump’s 2016 Presidential campaign, Trump repeatedly called for investigations of Comey over alleged leaks and handling of memos, and his current Justice Department has pursued renewed inquiries premised on those same grievances. Similarly motivated DOJ indictments or investigations have been made against Trump appointed officials John Bolton, Letitia James, Robert Mueller, Andrew McCabe, John Brennan, and others who played leading roles in Russia‑related or Ukraine‑related investigations.

Beyond criminal investigations, Trump has repeatedly used or threatened non‑criminal tools of the presidency—regulation, funding decisions, security clearances, and administrative enforcement—to punish domestic opponents. He has used threats to cut off federal funds to Democratic‑led “sanctuary cities” or jurisdictions whose leaders criticize him, framing them as “anarchist” or lawless and directing DOJ and other agencies to look for legal hooks to withhold grants.  Reuters and civil‑society trackers describe cases where universities, law firms, and other entities changed diversity or governance policies after threats of lost contracts, funding, or investigations from the administration. https://protectdemocracy.org/work/retaliatory-action-tracker/

If you have wondered, as I have, why the Republicans in Congress have not exercised their constitutional rights to block Trump’s abuses of power, often in direct contradiction of Republican party principles, I assume that it is their fear of his vindictive attacks on anyone who criticizes him.

Trump has both threatened and actually moved to cut federal funds to a small but high‑profile group of universities, mainly to force changes on campus protests, DEI, admissions, and governance policies. At Harvard University billions in federal research grants and contracts were frozen or terminated starting in spring 2025. The reasons given by the Trump administration were the alleged failure to protect Jewish students and to tolerate antisemitism linked to pro‑Palestinian activism and criticism of “woke” policies, DEI programs. The Trump administration demanded leadership and governance changes, review of academic departments for perceived ideological “bias,” and changes to admissions policies. Harvard has filed legal challenges and publicly refused to accept some of the administration’s conditions, while still facing a major funding freeze.

Similar reasons were given for stopping and/or threatening to stop funding of contracts and projects at Columbia, Cornell, Northwestern, and Princeton, University of Pennsylvania and UCLA.  These are the tip of an ugly iceberg that are very inappropriate in our liberal, limited government, freedom loving country.

But not all demands were objectionable.In October 2025, the White House offered a formal “compact” tying preferential access to federal funding to a raft of ideological and policy conditions that were agreed to by nine universities.Vanderbilt University.Dartmouth College.University of Pennsylvania.University of Southern California.Massachusetts Institute of Technology (MIT).University of Texas at Austin.University of Arizona.Brown University and University of Virginia.

Key policy demands in the compact included:

  • Ban consideration of race or sex in admissions and hiring.
  • Cap international undergraduate enrollment at around 15% and subject foreign students to additional vetting.
  • Freeze tuition for several years.
  • Eliminate or sharply curtail DEI offices and programs.
  • Guarantee “ideological balance” or a “vibrant marketplace of ideas” without a dominant ideology

Trump the untrustworthy Bully –International: Trump pledged to serve American interests first, promising to end America’s forever wars and claimed to deserve the Nobel Peace Prize. Virtually every aspect of his foreign policy has been a failure, weakening our standing abroad and our national security.

The second Trump administration has ended no wars, conducted military strikes in at least seven countries, and with Israel started a new war in Iran. It has been complicit with Israel in the ethnic cleaning of Gaza and increasingly the West Bank, and by financial and armament support of Israel. Trump has weakened or lost the support of traditional allies with his threats to annex Canada and Greenland and his insults of European and other countries for not supporting his illegal war in Iran and more generally.

Bully Trump’s approach is illustrated by his spat with Pope Leo XIV. On Truth Social Trump proclaimed:

“Donald J. Trump

@realDonaldTrump

A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will. However, now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS?”

On April 19, 2026, Trump warned that the U.S. would “knock out every single Power Plant, and every single Bridge” in the country if they did not accept a new “DEAL,” Not that Trump cares but many of his threats, specifically those targeting civilian infrastructure like water and power plants, have been flagged by international human rights groups as potential violations of international humanitarian law.

Pope Leo XIV declared President Donald Trump’s threat to destroy “a whole civilization” unacceptable and suggesting Americans should contact their representatives in Congress to stop the conflict.

“Today, as we all know, there has also been this threat against the entire people of Iran.  And this is truly unacceptable. There are certainly issues of international law here, but even more, it is a moral question concerning the good of the people as a whole, in its entirety.

“I would like to invite everyone to think in their hearts of so many innocent children, so many totally innocent elderly people who would also be victims of this escalation. I would like to invite everyone to pray, but also to seek ways to communicate. Perhaps with congressmen, with authorities, saying that we don’t want war, we want peace.”

Trump responded by calling the Pope Weak on crime” and “Weak on Nuclear Weapons” and falsely claiming the Pontiff agreed that Iran should have nuclear capabilities. In his Easter Sunday message the Pope said: “Let those who have the power to unleash wars choose peace.”

Trump’s failure to understand market trades and deals as win-win has fed his zero sum bully approach. America has been seriously damaged as a result.  Trump has either ignored or withdrawn from the international agreements or organizations such as the WTO, and WHO that have provided the basis of global cooperation and flurishing since WWII. And we have suffered as a result. https://wcoats.blog/2026/03/21/america-alone/  

Trump’s disregard for law has also been an element of his financial corruption, the details of which will hopefully be properly investigated.  Since returning to the White House for his second term, Trump’s net worth has grown by approximately $2.5 billion to $3 billion according to most financial trackers. Trump’s Presidency has been very bad for America.

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Author: Warren Coats

I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy.  I joined the International Monetary Fund in 1975 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank's World Development Report team in 1989.  After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017.  Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75.  I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise.  In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.”  My recent books are One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina; My Travels in the Former Soviet Union; My Travels to Afghanistan; My Travels to Jerusalem; and My Travels to Baghdad. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon. I live in National Landing Va 22202

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