Michael Hudson on Trump, Democrats, and the 2026 Midterms
In a Geopolitical Economy Hour conversation, economist Michael Hudson and Radhika Desai analyze the upcoming 2026 US midterm elections, arguing that the Democrats are not guaranteed a victory despite Trump's low approval ratings. They point to the Democrats' own unpopularity, with disapproval ratings at 56.6% as of June 8, 2025, and predict a low voter turnout. The discussion highlights the internal civil war within the Democratic Party between democratic socialists and establishment figures like Rahm Emanuel, who are backed by corporate money. They also discuss Trump's strategies to undermine the electoral process, including voter suppression, gerrymandering, and potential challenges to results, as well as his revival of anti-communist rhetoric. The conversation covers Trump's personal corruption, including his cryptocurrency ventures that lost his followers $2.5 billion, and the influence of billionaires, with 80% of the $433 million already poured into the midterms going to Republicans. They note the disillusionment of the MAGA base and the possibility of a class war being fought in the primaries. The dialogue also touches on the broader failure of the US political system, the role of AI in shaping public perception, and the impact of Trump's economic policies on ordinary Americans.
Key facts
- Trump's approval ratings dropped below disapproval around March 10, 2025, and as of July 28, 2025, his disapproval ratings are rising.
- Democrats' disapproval rating is 56.6% and approval is 40.5% as of June 8, 2025.
- Billionaires have contributed $433 million to the 2026 midterms, with 80% going to Republicans.
- Trump's fortune grew from about $500 million to roughly $200 billion, largely through cryptocurrency, with $2.5 billion lost by his followers.
- The United Arab Emirates reportedly invested $500 million in Trump's cryptocurrency.
- Trump has been laying groundwork to challenge election results, including opposing mail-in ballots and demanding stricter ID requirements.
- Louisiana has been redistricted to create more safe Republican seats.
- The Democratic National Committee has scheduled early primaries in right-wing states like South Carolina, which killed Bernie Sanders's 2016 campaign.
- Rahm Emanuel, Obama's former chief of staff, writes a weekly column calling for crushing socialists.
- The Supreme Court decision removed federal approval requirements for states with histories of racial discrimination to change electoral laws.
- Trump has slashed staff at the IRS and the Weather Service, reducing government regulatory capacity.
- Trump's Fourth of July speech at Mount Rushmore targeted 'communists,' equating them with democratic socialists.
- The conversation predicts a low voter turnout and a potential civil war within the Democratic Party.
- The primaries are seen as the key battleground for the class war between socialists and right-wing Democrats.
Entities
Artists
- Michael Hudson
- Radhika Desai
- Jill Stein
- Bernie Sanders
- Rahm Emanuel
- Elon Musk
- Peter Thiel
- Zohran Mamdani
- Ivanka Trump
- Jared Kushner
- Clarence Thomas
- Bill Barr
- Donald Trump
Institutions
- Geopolitical Economy Hour
- Naked Capitalism
- Democratic National Committee
- Republican Party
- Wall Street Journal
- New York Times
- Fortune
- Guardian
- Financial Times
- OpenSecrets.org
- Department of Government Efficiency
- IRS
- Supreme Court
- Palantir
- Truth Social
- AIPAC
- CIO
- AFL
Locations
- United States
- Michigan
- Minnesota
- Wisconsin
- New York City
- South Carolina
- Iowa
- Louisiana
- Albania
- Iran
- Lebanon
- Mount Rushmore
- Florida
- Minneapolis