Of course, it was a bait and switch—Trump filled his administration with former Wall Street executives, made mostly minor changes to trade policy, escalated tensions abroad, and lavished the rich with tax cuts. Of his populist campaign rhetoric, all that really survived was the race baiting—against immigrants, Muslims, Black Lives Matter protesters, and anything having to do with China. It was enough to hold on to his base, but not enough to win reelection, certainly not after his murderous mismanagement of Covid-19.