Introduction
When discussing the challenges of democratic socialism and populism with university students, I often quote Margaret Thatcher’s warning about the dangers of such economic policies: “Eventually, you run out of other people’s money.” This statement usually elicits surprised glances, so I add a quote from her 1983 Conservative Party conference speech: “There is no such thing as public money; it’s just taxpayers’ money.”
Thatcher’s Relevance and Legacy
I mention the Iron Lady because she deserves more recognition. A staunch advocate for individual liberty and free markets, Thatcher was a significant political figure on both sides of the Atlantic. She led the Conservatives for 15 years and served as the Prime Minister of the United Kingdom from 1979 to 1990. The fact that she is now marginalized serves as another reminder of how far the political right has strayed, ignoring not only her legacy but also that of her American contemporary, Ronald Reagan.
Divergence from Thatcher and Reagan
Recent headlines demonstrate this divergence. Consider, for instance, President Donald Trump’s suggestion that the government send $2,000 relief checks to households to alleviate concerns about rising prices. Thatcher and Reagan would have been horrified by this, just as they were with tariffs. They would have strongly opposed the Trump administration’s decisions to acquire stakes in private companies and appropriate others’ income, as well as its attacks on immigration.
While Thatcher and Reagan confronted the Soviet Union, much of today’s Republican Party is isolationist, and some right-wing figures are under the influence of the Kremlin dictator.
Beyond Political Discrepancies
The differences go beyond political disagreements. Trump has always viewed the American people as defenseless victims of economic changes imposed by hostile elites. When he accepted the Republican Party’s presidential nomination in 2016, he declared: “I have entered the political arena to ensure that the powerful no longer abuse those who cannot defend themselves.” The Republican establishment and conservative movement have aligned behind him and his politics of resentment.
In contrast, Thatcher championed individual capability and autonomy. As she explained in a 1975 speech: “We must build a society where each citizen can develop their full potential, both for their own benefit and for the community’s as a whole; a society that rewards originality, skill, energy, and thrift; one that encourages diversity and the richness of human nature rather than restricting it.”
She also conducted herself with dignity and decorum, much like Reagan, who was so diligent in defending the dignity of his office that he insisted on walking into the emergency room after being shot, falling only once after being inside and out of public view.
Loss of Dignity and Political Decay
Dignity, decorum, and seriousness are crucial in a democracy. Elected leaders who renounce these qualities lose the trust of those who don’t support them. It becomes harder for a country to unite and confront adversity—be it a pandemic, terrorist attack, economic crisis, or war—while leaders focus on political maneuvering to address challenges.
Under Trump’s presidency, his MAGA (“Make America Great Again”) movement has served as a platform for some of the most harmful forces in politics to try and infiltrate the mainstream. Tucker Carlson’s recent interview with Holocaust denier, Hitler admirer, white nationalist, and anti-liberal MAGA influencer Nick Fuentes was a clear example. Carlson typically employs an aggressive interview style with opponents, but he didn’t challenge Fuentes’ repulsive and dangerous views in this instance. Moreover, Carlson has promoted anti-Semitism before.
Carlson is not a marginal figure. He was seated with the Trump family at the 2024 Republican National Convention, where the party nominated Trump for president for the third time. After conservative activist Charlie Kirk’s assassination, Vance hosted Kirk’s podcast and had Carlson as a guest. Will the right continue to support Carlson? The Heritage Foundation has, but will Vance?
While Trump has been a steadfast ally of Israel, he won’t be in power forever. Will the Carlsons of the right gain more influence once he retires?
Thatcher and Reagan’s Values
Thatcher and Reagan believed in the inherent dignity of every human being. A political movement that shares this belief cannot tolerate racists or anti-Semites. Embracing the latter means renouncing the former.
In her 1975 speech, Thatcher celebrated the “beginning of a new debate—or perhaps I should say, the renewal of an old debate—about the role that government should play” and the “attitudes” underlying it. The glimmer of hope in the gloomy situation facing the Republican Party is that a similar debate seems to be on the horizon as the right navigates its future post-Trump era. Those who appreciate Thatcher and Reagan’s legacy have much at stake, just like all Americans—and the world at large.
About the Author
Michael R. Strain, Director of Economic Policy Studies at the American Enterprise Institute, is most recently the author of The American Dream Is Not Dead (But Populism Could Kill It) (Templeton Press, 2020).
