So the Trump administration is creating a $1.776 billion slush fund — 1776, get it? — to pay off victims of “lawfare and weaponization.” Just to be clear, if you’re a U.S. taxpayer, this action means that almost $1.8 billion of your money will be handed out to whomever a panel appointed by Donald Trump decides to reward. The beneficiaries are likely to include January 6 insurrectionists, as well as Trump, his family, and his allies.

Few things shock me these days, but this development — in which a Justice Department that works for Trump is paying a vast sum to “settle” a lawsuit brought by Trump himself — is a new nadir in self-dealing, further revealing Trump’s utter contempt for the American people.

Now, massive corruption on the part of Trump and his minions isn’t new. But the shamelessness of this latest episode of looting takes it to a new level. Until now, we’ve seen a combination of crony capitalism and insider trading. Plutocrats and corporations have been enriching Trump through back channels, especially crypto, in return for government contracts and policy favors, while Trump himself and people close to Trump have been making hugely profitable market bets thanks to advance knowledge of government policies.

But now Trump has eliminated the middlemen, effectively telling his officials to pay money directly to him or anyone else he favors.

Granted, we already knew that Trump was, by orders of magnitude, the most corrupt president in U.S. history. But now Trump is the most explicitly corrupt leader in today’s world. After all, Vladimir Putin has obviously stolen billions, but never this brazenly. Even Third World dictators normally try to mask their corruption.

Don’t say that this taxpayer-financed slush fund won’t have political consequences.

On the contrary, the polling and focus-group analyses I’ve seen say that voters are very angry about corruption. Trump’s theft of taxpayer money, while people are losing healthcare coverage and food aid while suffering from Trump-induced higher prices, is perfect fodder for the Democrats in the upcoming elections.

So we should ask ourselves why the Trumpists have abandoned all restraint. There have been many corrupt politicians in U.S. history – although they were pikers in comparison to Trump. Yet they at least attempted to hide their corruption, or at least keep it discreet and deniable, in order to avoid a voter backlash.

I would argue that the blatant nature of the new looting is a signpost of where America under Trumpism is heading in the months and years ahead.

It’s true that Trump has a base that will support him no matter what, in many cases literally believing that he has been chosen by God. This puts a floor under this support. But his disastrous recent polling, as Nate Cohn writes in the Times, suggest that this floor may be lower than many thought.

Now, we already know that Trump and his allies have no intention of facing free and fair elections. With the unstinting help of the Roberts Supreme Court, they have already rigged the midterms through redistricting. Trump minions are actively trying to depress Democratic-leaning voter turnout, by demanding from states the right to challenge their voting rolls. And it would be naïve to think that redistricting will be the end of the MAGA effort to undermine democracy.

Still, Trump is aware that, even with Republican gerrymandering, November may deliver a blue wave big enough to hand Democrats the House and, quite possibly the Senate. G. Elliott Morris estimates that Democrats will need a 4-point popular vote advantage to win the House, but the latest Times poll gives them an 11 point lead. Why, then, isn’t he trying to be at least slightly discreet in his corruption?

One answer is that even if MAGA loses big in November, Democrats can’t count on wave elections every cycle, and the field is now strongly tilted against them. As Morris writes.

While the situation for Democrats is not necessarily dire for 2026, the situation for democracy in 2028 and beyond certainly is.

So you can think of the $1.8 billion slush fund as a promise to MAGA-world that there is a payoff to be had if they just stick with him for the next two and a half years.

Beyond that, we are, in effect, watching what happens when a quasi-authoritarian regime’s corruption and criminality pass the point of no return.

At this point Trump and his MAGA minions have stolen so much, committed so many crimes — not just theft but taking America to war illegally, abusing ICE detainees, and much more — that if and when they lose power many of them will face personal ruin at best, years of jail time at worst. This would happen even if they stopped committing more crimes.

So there’s no incentive for them to end their criminality, or to end the attempts to bribe others to go along. Either they succeed in destroying America as we know it, or they won’t. And until that’s resolved, they may as well engage in even more corruption and criminal acts.

Think of it this way: The gravity of what the Trumpists have already done has created a sort of black hole at the center of American political life — and the Trumpists have already crossed the event horizon, the boundary beyond which there is no escape. So they will do ever more terrible things, because they have nothing more to lose.

Paul Krugman is a Nobel Prize-winning economist and former professor at MIT and Princeton who now teaches at the City University of New York's Graduate Center. From 2000 to 2024, he wrote a column for The New York Times. Please consider subscribing to his Substack.

Reprinted with permission from Paul Krugman.