Reagan ran for election in 1981 after 10 years of high inflation in the United States, with the campaign slogan "make America great again".

Interestingly, 44 years later, Trump's campaign slogan was also "maga".

The essence of the high inflation in the United States in the 1970s may be the transfer of the dividends of the automobile and semiconductor era from the United States to Japan, which resulted in high inflation in the United States.

This round is actually similar, but there are significant differences from the previous round:

First, the dividend of the internet era did not "transfer", it was just shared, and the United States still got the lion's share. This is different from the transfer of the manufacturing industry in the past, because the foundation of the internet industry is the vast middle class, and the consumption power of the middle class in China is not as strong as that of the United States.

Second, the manufacturing industry has basically shifted to China, but this shift is not a transfer of the dividend of the era, but an active transfer. The manufacturing industry, in essence, was the dividend of the previous era. Moreover, the shift of the manufacturing industry has offset the tendency of inflation over the past few decades.

Because of the first point, the United States is not as embarrassed in the late stage of this round as it was last time. Because of the second point, the United States is able to continue playing the game of increasing the issuance of the US dollar.

Can Trump make America great again? It's difficult, unless he wants to kill the US dollar. The problem with the United States is that the market needs a major recession to bring wages back to their original levels. Specifically, the government needs to reduce spending and deleverage. But whether it's the Republican Party or the Democratic Party, it's unlikely that they will do this. Therefore, the game of passing the buck continues.

What's different now from the Reagan era is that the deflation in the manufacturing industry often offsets the inflation in services, so people don't feel as bad. For a simple example, if the United States opens up to domestically produced cars, the cost of cars will immediately decrease by one-third to one-half.

Oh, and there's also a tricycle. 😂

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