Still, it does seem worth noting that even as Republicans denounce President Joe Biden for the inflation that occurred on his watch, Trump’s advisers have been floating policy ideas that could be far more inflationary than anything that has happened so far.

It’s true that inflation surged in 2021 and 2022 before subsiding, and there’s a vigorous debate about how much of a role Biden’s economic policies played. I’m sceptical, among other things because inflation in the United States since the beginning of the COVID pandemic has closely tracked with that of other advanced economies. What’s notable, however, is what the Biden administration didn’t do when the Federal Reserve began raising interest rates to fight inflation.

Trump’s behaviour during the COVID-19 pandemic showed that he’s as addicted to magical thinking and denial of reality as any petty strongman or dictator.

There was a clear risk that rate hikes would cause a politically disastrous recession, although this hasn’t happened so far. But Biden and company didn’t pressure the Fed to hold off; they respected the Fed’s independence, letting it do what it thought was necessary to bring inflation under control.

Does anyone imagine that Trump — who in 2019 insisted that the Fed should cut interest rates to zero or below — would have exercised comparable restraint?

As a number of observers have noted, some of Trump’s policy proposals would surely raise inflation. An immigration crackdown would undermine one of the key factors that have allowed America to combine solid economic growth with falling inflation. Proposals for a wave of new tariffs would raise consumer prices — and the odds are that Trump would raise tariffs well beyond the 10 per cent rate he’s been floating if it didn’t significantly reduce US trade deficits, which it wouldn’t.

What’s really worrisome, however, are indications that a future Trump regime would manipulate monetary policy in pursuit of short-run political advantage, justifying its actions with crank economic doctrines.

The Federal Reserve is a quasi-independent institution, not because of any sacrosanct constitutional principle, but because nations have found that in practice it’s important to limit partisan influence over interest rates and money creation. But in recent weeks there have been reports that Trump advisers want to take away much of the Fed’s independence, presumably so that Trump could juice the economy and the stock market the way he wanted to in 2019.

There are also reports that Trump advisers, obsessed with the trade deficit, want to devalue the dollar, which would indeed help exports but would also be clearly inflationary — raising import prices and overheating a US economy that is already running hot. (In fact, our economic strength is probably the main reason the dollar has been rising.)

And even as they talk about weakening the dollar, Trump advisers are reportedly discussing punishing other countries that reduce their use of the greenback — which seems both contradictory and to involve a delusional view of how much economic power even America possesses.

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The details of these bad ideas are probably less important than the mindset they reveal, one that rejects hard-learned lessons from the past and buys into economic fantasies.

And how would Trump respond if things went wrong? Remember, he suggested we look into fighting COVID by injecting disinfectant. Why expect him to be any less inclined to magical thinking in dealing with, say, a new surge in inflation?

Again, macroeconomic policy isn’t my biggest worry about what could happen if Trump returns to power. But it’s definitely a worry.