The Enormous Risks a Second Trump Term Poses to Our Economy

By Robert E. Rubin and Kenneth I. Chenault for The New York Times

In a provocative New York Times op-ed, Robert Rubin and Kenneth Chenault, two veteran policy hands with over a century of combined experience challenge a growing complacency they're witnessing among business leaders about a potential second Trump presidency. The authors—whose backgrounds span both government service and private sector leadership—argue that while many in finance and business seem to view Trump as essentially a normal Republican candidate on economic issues, this perspective fundamentally misreads both his track record and his stated second-term agenda.

Their piece systematically examines Trump's economic proposals through the lens of fiscal policy, trade, regulation, and institutional independence, painting a picture they believe should deeply concern anyone invested in economic stability. Rather than relitigating 2016 debates, they focus on concrete policy specifics and measurable outcomes, concluding with a stark warning about the risks of assuming that surviving one Trump term guarantees surviving another.