After the shellacking Republicans just took in the midterm elections, a common refrain among conservatives is that we should all be terrified of what comes next. Whether you get your commentary from X, Instagram or friends on Facebook, you may have heard fear that the Democrats will vastly expand the size and scope of government, usher in socialism or destroy Western civilization.
There is no doubt that a lot of bad, big-government policies are in store. But if the prospect of Democrats returning to power is so terrifying, why on earth did Republicans elect a president and vice president as controversial as Donald Trump and JD Vance? Why did they support so many policies in clear opposition to the promotion of a free and virtuous society? Did they think a majority of voters would enjoy the result?
You cannot spend years governing this way, adopting tariffs and other policies that raise the cost of living, defying a clear directive to lower prices from voters in the previous election, and then expect the fear of what Democrats might do to spare your party from accountability.
Start with the moment Trump’s 2024 voters began drifting away: April 2, 2025. On “Liberation Day,” the president displayed a chart in the White House Rose Garden featuring tariff rates calculated with laughably incompetent mathematics. He then proceeded to raise taxes on nearly everything we buy from abroad, including from allies and uninhabited islands.
It’s true that voters were told there would be tariffs. In fact, they were sold the theory that tariffs could solve every problem. What they got was a president who taxed importers at his whim based on how he felt on any given day. Americans quickly realized they were the ones footing the bill, not foreigners. Everything was more expensive, from steel to food to luxury products and basic necessities. When a conservative Supreme Court ruled last February that Trump’s tariffs were not authorized by the statute he relied on, the president quickly doubled down by turning to another faulty statute.
Meanwhile, the failed and chaotic tenure of the Department of Government Efficiency alongside a refusal to reform entitlement spending, additional war spending, damaging tax carve-outs for tips and overtime and fresh giveaways to seniors left us with a $2-trillion deficit. It also fed inflation that no amount of blame directed at Fed Chairman Jerome H. Powell could hide.
Immigration policy followed the same pattern. The administration did, in some respects, close the border, which many Americans supported. But after that, it decided the job wasn’t complete without raiding farms, meatpacking facilities, building sites and hotels. Beyond the negative effects for workers and employers, shocking images of draconian raids added to the political damage.
Farmers got the worst of it: In 2025, soybean exports to China fell 76%, beef by 69% and cotton by 85%. In December, the USDA announced a $12-billion bailout for farmers hurt by “unfair market disruptions.” It was indeed unfair, but that’s because farmers were repeatedly punched in the face by U.S. trade policies that destroyed their export markets. Now, the unfairness extends to everyday Americans taxed to compensate the farmers.
Then came the war in Iran. Gasoline went from $2.98 a gallon in February to $4.15 on election day. Diesel, which rides along in the price of everything trucks deliver, hit $6.28, 65% above its prewar level. Moody’s puts the Iran bill at roughly $2,000 per household once mortgage rates, airfares and heating oil are counted.
Farmers took a second hit because one-third of the world’s traded urea, a product heavily used in agriculture, moves through the Strait of Hormuz. The price of nitrogen fertilizer roughly doubled in a matter of weeks.
Not everyone suffered, of course. Lobbyists and cronies thrived. When a tax on their inputs can be raised or waived by one erratic man, firms slow hiring and investing and plead for exemptions. In 2025, the number of registered clients lobbying on tariffs rose by 218%. Tech companies that pledged big domestic investments were rewarded with exemptions. Unsurprisingly, the AI industry did well. The administration also took an equity stake in 41 companies, many of which have connections to members’ friends and family.
Vance now implies that the electoral drubbing happened only because of the war. That’s convenient. If the war explains everything, nobody has to ask about the failing populist promise that moving away from free-market policies will make America great again, or about how such a top-down system feeds corruption. Both are trademark policies of a MAGA movement that will presumably soon be led by Vance himself.
So yes, fear the Democrats. I certainly do. They’ll keep most of the tariffs, expand industrial policy, cheer the equity stakes and run even bigger budget deficits — or worse. That fear should have mattered before so many Republicans chose to tolerate intolerable MAGA policies and behaviors.
Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University. This article was produced in collaboration with Creators Syndicate.
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