Donald Trump Vs. Jerome Powell: Keynesian Vs. Keynesian

BusinessPolicyDonald Trump Vs. Jerome Powell: Keynesian Vs. KeynesianByJohn Tamny,Contributor.Follow AuthorMay 10, 2026, 10:00am EDTWASHINGTON, DC - JULY 24: U.S. President Donald Trump and Federal Reserve Chair Jerome Powell tour the Federal Reserve’s $2.5 billion headquarters renovation project on July 24, 2025 in Washington, DC. The Trump administration has been critical of the cost of the renovation and Federal Reserve Chairman Jerome Powell. (Photo by Chip Somodevilla/Getty Images)Getty ImagesOn economic matters, Donald Trump and Jerome Powell aren’t very far apart, if at all. This would likely bother both, but it’s true nonetheless.Still, before getting to why Trump and Powell are economic doppelgangers it’s useful to get the basics of their confrontation out of the way. Powell surely wants an admission from Trump that he did nothing criminal, and that any pretense of investigation will cease immediately. And in a recall of FDR, Trump wants Powell’s Fed seat to “pack the Fed.” What’s that they say about the “difference” between Democrats and Republicans?Trump arguably has the upper hand over Powell when it’s remembered that Powell’s proverbial clock is ticking. In other words, his value as a former Fed Chair is highest right now in a speakers’ circuit sense and memoir sense. Same in a consulting sense. The longer Powell stays, the less his story will matter to domestic and global audiences, the less interest readers will have in his memoirs, and the fewer people he’ll seemingly know at the Fed on the path to selling that knowledge to global clients. Of course, those close to Powell will say he’s got the upper hand in that he can continue to vote against Kevin Warsh’s lower rate desires, and in doing just that Powell’s profile will, if anything, rise. And then Trump being Trump, he’ll keep Powell in the news with routine critiques of his obstreperous ways in a way that will keep Powell in the conversation for much longer, all while extending the shelf life of P...