BETHLEHEM, Pa. — To understand how much President Donald Trump has altered the conversation around the economy, just listen to Bruce Haines, who spent decades as an executive at U.S. Steel before becoming a managing partner of the elegant Historic Hotel Bethlehem.
In perhaps the greatest reversal of fortune of the Trump presidency, a microscopically tiny virus upended the outsize economic legacy that Trump had planned to run on for reelection. Instead of record-low unemployment rates, supercharged confidence levels and broad-based gains in personal income, Trump will end his term with rising poverty, wounded growth and a higher jobless rate than when he took office.
In the process, he scrambled party positions on key issues like immigration and globalization and helped topple sacred verities about government debt. He took a Republican Party that preached free trade, low spending and debt reduction and transformed it into one that picked trade wars even with allies, ran up record-level peacetime deficits and shielded critical social programs from cuts.
He has also been pushed to finesse his position on fracking and the oil industry, promising not to ban the controversial drilling method on private lands and trying — with mixed success — to walk back comments he had made during the presidential debate about transitioning away from fossil fuels. “Those were not conversations we were having five years ago,” he said. “The exodus of manufacturing jobs — that was considered a fait accompli.”
As a result, in this election, unlike the last, the significance of manufacturing and the need for a more skeptical approach to free trade are not contested. Dealtrey talked as he walked around stacks of giant tires that towered above his own 6-foot frame, a Stonehenge-size monument to wheeled transport. He likes the president’s focus on “big manufacturing” and the way he “instills confidence in businesses to invest in this country.”
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