Biden is handing over a world that is running perilously amok under a permissive environment that began with his disastrous withdrawal of U.S. forces from Afghanistan. Wars in Ukraine and Israel, and Beijing threatening Taiwan and the Philippines are the results of this permissive environment created by the Biden administration. It's crucial for America to return to leading firmly, as adversaries like Iran and Hamas respond more to strength than leniency in foreign policy.
Inflation arose from a government that spent too much and a central bank that printed too much. Trump's incoming administration will inherit a fiscal and monetary mess, with inflation levels still 40% higher than the Fed's target. Any inflationary effects stemming from tariff policies are likely far less significant than the potential disinflationary impact from deregulation and spending cuts that Trump intends to implement.
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