The most socialist administration in American history has been resoundingly repudiated by voters. The opposition won the House of Representatives in a landslide and is on track for roughly 255 to 260 seats to about 175 for Trump’s party—its largest House majority since 2008. In the Senate, the opposition holds at least 54 seats to 44 for Trump’s party, with two races in former “Trump country” still uncalled: in Mississippi, its candidate holds a narrow lead, while Alaska’s contest remains too close to call.
Lawlessness, socialist cronyism, corruption, tariffs, and war seem to have sucked the wind out of the MAGA sails. Depending on precise definitions of the extent of government ownership and control, across Donald Trump’s two presidential terms, the federal government acquired ownership or control over about 45 major firms. Those ownership stakes, with one exception (U.S. Steel, where a “golden share” gives the government explicit veto power), do not entail explicit control, but with the added regulatory and subsidizing powers in government hands, effective control over the companies was handed to Donald Trump.
