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3% of everything is a lot

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I often claim that president’s are only responsible for about 3% of national outcomes. Some readers wrongly infer that this means that I view presidents as being not very important. What they fail to realize that that 3% of everything is a lot.Here’s just one of hundreds of examples of why the US would be better off if Trump were not re-elected: A federal appeals court ruled on Monday that the Trump administration acted within its authority in terminating legal protections that have allowed hundreds of thousands of immigrants to live and work legally in the United States, sometimes for decades, after fleeing conflict or natural disasters in their home countries.The 2-1 ruling by the United States Court of Appeals for the Ninth Circuit effectively strips legal immigration

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I often claim that president’s are only responsible for about 3% of national outcomes. Some readers wrongly infer that this means that I view presidents as being not very important. What they fail to realize that that 3% of everything is a lot.

Here’s just one of hundreds of examples of why the US would be better off if Trump were not re-elected:

A federal appeals court ruled on Monday that the Trump administration acted within its authority in terminating legal protections that have allowed hundreds of thousands of immigrants to live and work legally in the United States, sometimes for decades, after fleeing conflict or natural disasters in their home countries.

The 2-1 ruling by the United States Court of Appeals for the Ninth Circuit effectively strips legal immigration status from some 400,000 people, rendering them deportable if they do not voluntarily leave the country..

If President Trump is not re-elected, a new administration could choose to maintain the program.

The plaintiffs are almost certain to request that the decision be reconsidered by an 11-judge panel hearing the case en banc. They could also ask the Supreme Court to take up the matter.

“It’s a really devastating day for hundreds of thousands of people who have lived and worked in the country lawfully for decades,” said Tom Jawetz, vice president for immigration policy at the Center for American Progress.

Yes, there are issues where a Trump win would be better; for instance Biden favors boosting the corporate tax rate from 21% to 28%. (BTW, Republican commenters did not believe me when years ago I said the Dems favored a 28% corporate tax rate. I was exactly right.) But this issue pales in importance next to the suffering that Trump would impose on many of our most vulnerable groups.

PS. A few of you are still unwilling to accept the obvious, that the US has become a banana republic. Read this.


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Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment".

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