Soon after Elon Musk slapped the air with a double Nazi salute, his brother Kimbal went on X to say: “This is what success feels like.” And three months ago, he seemed to have a point. The Trump administration, which appeared to have been co-led for a time by big brother Musk, is now in a period of retrenchment. Initiatives focused on Gaza, tariffs, spending, deporting millions of migrantand “government efficiency” have all deflated somewhat. We are admittedly only a small fraction of the way through this second Trump term, but a pattern appears to be emerging: the president proclaims...