The Democrats’ Defeat
Adam Tooze
On 20 January 2025 Donald Trump will be inaugurated as the 47th president of the United States. At the time of writing, it seems likely that the Republicans will win control of the House as well as the Senate. For the Democrats it is a major defeat. Never before has so much money been spent on a US election, to so little avail. For all Trump’s hobnobbing with billionaires, Harris...