by Jim Rickards, Daily Reckoning:
There’s been so much happening over the past 24 hours that it’s hard to keep up. The Supreme Court has been releasing several key rulings that will have a major impact on American politics.
Just this morning, they overturned the so-called Chevron deference that’s been in operation since the 1980s. Chevron handed the federal bureaucracy extensive authority to interpret statutes as it sees fit. It largely removed judicial oversight of the administrative state, which was a license for rampant bureaucratic abuse.
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In many ways, the Chevron deference formed the underpinnings of the deep state. Now the Supreme Court has dismantled those underpinnings, which restores judicial proper oversight.
This is a huge story, and I’ll have more to say about that in future issues. But of course, the biggest news today is last night’s debate.
The first presidential debate of the 2024 election season is now in the books. The result is undisputed and indelible.
The following analysis is an objective evaluation of what happened last night. It’s not partisan.
The Undisputed Winner
Trump won and Biden lost badly. It was so one-sided that if it were a boxing match, the referee would have called the fight and awarded Trump a technical knockout.
That’s clear. The question is why.
Each of the candidates went through the usual talking points. Trump talked about the dangers of the open border, the disaster of the war in Ukraine and the impact of Biden’s inflation. Biden talked about the dangers of Russia winning in Ukraine and moving to attack Poland and other NATO members.
Biden talked about presidential scholars who rate Trump as the worst president in U.S. history; at the same time, Biden touted his student loan forgiveness and support for Black colleges.
None of this matters. We know the respective views of the two candidates. We’ve heard about them thousands of times. We all have our opinions. That’s fine; that’s what democracy is all about.
But the policies and views were the least relevant part of the debate.
A Stark Contrast
What was most relevant was the appearance and carriage of each candidate. Trump had his usual orange tan and red necktie tied too long. But he seemed fit, energetic and mentally sharp. He may be 78 years old, but aging is not a uniform process.
Trump was Trump but gave no reason to believe he could not carry out the duties of the presidency for another four years. (He even mentioned the ‘green new scam,’ a phrase I originally coined. Thank you, President Trump!).
Biden was a funereal zombie. It was easy to tell he was heavily medicated because the usual “slit look” in his eyes was gone (for one night) and his eyes were bugging out because of the medication he was pumped up with.
He was over rehearsed after spending eight days with 16 advisers in a Hollywood-produced set at Camp David. The problem with rehearsing your lines and not being able to speak extemporaneously is that if you get one fact wrong or even slightly confused you go off track and can’t get back on.
Biden did that time and again. He mumbled, he slurred his words, he tailed off into nothing and lost his train of thought. He stared off into space with a vacant stare. He looked weak and acted weak.
Biden’s Favorite Lies
He also droned on about his pet lies. He referred to Belarus as a Russian target after Ukraine. In fact, Belarus is one of Russia’s closest allies and is helping Russia to fight the war in Ukraine.
Biden said, “My son had died… in Iraq.” Not true. Beau Biden served in Iraq, but then returned home and later died of a form of cancer that had nothing to do with the war there. Biden resorted to name calling and used rote phrases like “malarky,” an Irish term of disparagement.
Trump had some zingers. He called Biden “a Manchurian candidate” which is a succinct way to say that Biden and his family are on the Communist Chinese payroll.
Trump was nimble when he connected the open border crisis and flood of illegal aliens to diminished job prospects for Blacks and Hispanics. The illegals are taking jobs that might otherwise be available for disadvantaged Americans.
By doing that, Trump showed that Biden’s policies are actively damaging minorities, a core constituency of the Democratic Party. The polls reflect that, by the way, as significant numbers of Blacks and Hispanics are now supporting Trump. Democrats are deeply concerned about that.
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