Living as we do, on what is—as hard as it may be to believe—the first anniversary of Trump in power, we find ourselves caught in a quarrel between Trump optimists and Trump pessimists, and one proof of how right the Trump pessimists have been is that the kind of thing that the Trump optimists are now saying ought to make you optimistic. Basically, their argument amounts to the claim that the stock market remains up, the government isn’t suspended, and the President’s critics aren’t in internment camps. In the pages of The Economist, as in the columns of the Times, one frequently reads some form of this not-very-calming reassurance: Trump may be an enemy of republican government, and a friend to tyrants, while alienating our oldest friends in fellow-democracies, but while he may want to be a tyrant, he isn’t very good at being one. This is the Ralph Kramden account of Trumpism: he blusters and threatens and shakes and rages, but Alice, like the American people, just stands there and shrugs him off sardonically.