Chris Hughes, the co-founder of Facebook, launched an angsty Substack aimed at chronicling quick political and economic changes under President Donald Trump’s administration on Tuesday. In the 41-year-old’s first entry on Marketcraft, Hughes argued that Republicans and Democrats alike have long been trying to crack how market forces can accomplish political goals like lowering inflation or creating relatable sources of energy, which he called marketcraft. But Hughes explains that “when marketcraft works best, it’s because legislators empower an insulated institution with a clear mission and the discretion to accomplish it.” Plugging his upcoming book about the topic, he claimed that Trump is weakening the administrative state with the aid of Elon Musk and Russ Vought. “That’s a tricky line to walk, and it will handicap government in the short term and hollow out its ability to deliver for Americans in the longer term,” he wrote. Hughes argues for revitalizing government institutions to ensure markets serve the common good, which directly counteracts the Trump administration’s attacks on the federal system. According to Hughes, there is a need for a new economic vision that will balance public power to lower costs and raise wages while also addressing long-term challenges like climate change and technological disruption.
