The Trump Presidency Timeline

The Federal Reserve, now chaired by Trump-approved loyalist Kevin Warsh, bravely decided to do absolutely nothing with interest rates for the fourth time this year, while inflation runs hot and wages get quietly mugged in a back alley. The big headline change? They removed the "easing bias" from their statement, which is central bank speak for "we'd love to cut rates for the president but we’re trying not to make it too obvious."

Trump, naturally, insists he doesn’t "want to have a big influence" on Warsh while publicly demanding rate cuts and praising him as "fantastic" for, presumably, understanding who gave him the chair. This comes after Jerome Powell was conveniently put under federal investigation over a construction cost overrun, an inquiry the DOJ dropped under political pressure, and which Powell accurately described as a pretext to strong-arm the Fed into cheaper money for Trump’s political needs.

Powell then wins a Profile in Courage award for warning that politicizing the Fed could destroy public trust, which is adorable given that the trust-destruction phase is already well underway. The central bank is supposed to be independent, but under Trump it’s more like a slightly fancier campaign office where monetary policy doubles as re-election strategy. Kill the guardrails, call it economic policy.

Keith Sonderling, Trump’s acting labor secretary and full-time Fox News booker, just fired off threat letters to 53 states and territories demanding they "combat waste, fraud, and abuse" in unemployment insurance—or risk having their administrative funds cut off for the first time in history. That’s right: the Department of Labor’s new fraud-fighting strategy is to defund the people who actually run the system, then act shocked when it breaks. Think arson investigator, but he shows up with a flamethrower and a press release.

The department helpfully backed its tough talk with…no data. Instead, it spotlighted three Democrat-led states—California, New York, and Illinois—blurring together "improper payments" and "fraud" like a guy who didn’t finish the GAO summary, much less the report. Meanwhile, actual numbers show Republican-run Florida with a 36.43% improper payment rate, more than double California’s 16.85%, but that didn’t make the cut for the Fox segment. Improper payments, which experts note are mostly about ancient tech and paperwork errors, are being repackaged as a partisan crime wave so Sonderling can go on TV and promise to "cut off" states that don’t bow to the narrative.

This is the same Labor Department that already yanked back unspent American Rescue Plan funds that were supposed to modernize these creaking unemployment systems and fight real fraud. Now they’re blaming states for the mess they helped create, threatening to choke off the money needed to fix it, and calling it fiscal responsibility. It’s less "protecting taxpayers" and more holding unemployed workers hostage until Democratic governors agree to be the villain of Fox & Friends. Governance by talking point: still cheaper than governing.

Hillary Clinton has emerged from the Democratic Museum of Unlearned Lessons to announce that Joe Biden’s decision to run for a second term was “a terrible mistake” that handed the presidency back to Donald Trump and torched Biden’s legacy on the way out. According to Clinton, Biden had privately suggested he’d be a one-term bridge and then decided, actually, no, he’d like to personally supervise the collapse. He clung to the nomination through a catastrophic debate where the country watched in real time while Jill Biden thought he might be having a stroke, and then finally bailed in July 2024 — just in time to give Kamala Harris the nomination and about five minutes to beat a fully armed fascist movement.

Clinton insists that if Biden had stepped aside in summer 2023 and allowed a real primary, any Democrat emerging from that process would have beaten Trump, a statement that pairs nicely with her own 2016 experience of definitely-not-beating Trump. Meanwhile, actual postmortems paint a bleaker picture: voters desperate for economic change, a right-wing media machine blasting nonstop propaganda, and a Democratic Party that’s been bleeding power at every level for nearly two decades. Left-wing movements on Gaza, racial justice, and immigration were badly out of sync with party leadership, while Republicans were perfectly aligned on one core message: give Trump the power and he’ll use it.

By the time Biden finally let go of the wheel, the car was already through the guardrail. Harris inherited a damaged brand, a fractured coalition, and an opponent whose only real platform was vengeance. The party that keeps warning about authoritarianism once again arranged itself into the most efficient formation for losing to it. Trump didn’t just win; he got invited back by a political establishment that knew exactly what he was and still couldn’t stop tripping over its own consultants, egos, and broken promises.

Elon Musk has officially become the world’s first trillionaire, which in our brave new timeline means he doesn’t just buy social media platforms on a whim, he buys governments. After turning Twitter into a one-man Super PAC to shove Donald Trump back into office, Musk is rewarded with his very own quasi-cabinet fiefdom: the "Department of Government Efficiency" (DOGE), because of course the future of public policy is a meme coin.

Once in charge, Musk does what every tech libertarian dreams of between ketamine microdoses: he shuts down USAID. Not trims it, not reforms it—shuts it down. Programs fighting malnutrition, HIV, and preventable diseases around the world? Gone. A Lancet study estimates these "efficiencies" could mean more than 14 million deaths by 2030, including 4.5 million children under five. But hey, the line on the spreadsheet looks cleaner, and nothing says "small government" like using state power to annihilate global health programs while one guy sits on $1 trillion.

Gabriel Zucman points out that this is not some abstract "virtual" wealth story; this is what happens when extreme wealth fuses with an authoritarian-curious presidency: one man’s net worth becomes a planetary death panel. Meanwhile, retirees get their winter fuel allowance cut in the UK to save £1.5bn, while about 1,000 ultra-rich families could cough up ten times that every year with a modest 2% wealth tax and still be obscenely rich. Instead, we’re running a global Hunger Games where the Capitol is Mar-a-Lago plus SpaceX HQ, and democracy is whatever’s left after the trillionaires finish shopping.