Political Capital, Squandered
Author: Greg Valliere
November 22, 2024
THERE’S NOTHING AS VALUABLE — OR CONTROVERSIAL — than political capital, which politicians covet but often squander. Which brings us to the curious case of Matt Gaetz, now out of the running to head the Justice Department.
WITH NEARLY TWO MONTHS before Donald Trump’s inauguration, he has lost some altitude, suddenly facing aggressive hearings on other pending nominations.
SEVERAL OTHER CANDIDATES LOOK VULNERABLE: Peter Hegseth, also facing sex-related charges, Tulsi Gabbard, with virtually no experience, and Robert F. Kennedy, who lit up the internet last night with old quotes comparing Trump to Adolf Hitler. Cabinet meetings should be wild.
THE MESSY GAETZ DEPARTURE has two major implications for Trump: a sense that the president-elect is not invulnerable, and the likelihood that some important business could stall. Appointing a Treasury Secretary has been delayed by over a week, largely because of the Gaetz drama.
TRUMP SUDDENLY HAS LOST POLITICAL CAPITAL, and we anticipate bruising confirmation hearings (the Gaetz replacement, Pam Bondi, will easily win confirmation). Gabbard, with her controversial views, is not a shoo-in.
TRUMP IS PREPARING A TIDAL WAVE of new policies, to be released as part of the Jan. 20 inauguration ceremony. Mass deportations and the imposition of stiff trade tariffs will be on the agenda.
BUT DEMOCRATS AND AT LEAST A HALF DOZEN REPUBLICANS are now emboldened, which could have been avoided if Trump had picked a different Attorney General.
IRONICALLY, SOME DEMOCRATS WILL WELCOME signs of division among Republicans. The quotes from Kennedy are so over-the-top that Democrats believe he will be their secret weapon, a gift that will keep on giving.
WELCOME TO WASHINGTON, where mass deportations and huge new tariffs suddenly don’t appear to be certain without compromises with Republicans who have lost a little political capital.
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