It’s Not the Economy. It’s the Fascism.

To spend more than a little time toggling between news sites of different bents is to notice a fierce debate over the American economy right now. Which matters more — the easing of inflation or the persistence of prices that many people can’t afford or accept? Low unemployment or high interest rates? Is the intensity of Americans’ bad feelings about the economy a sane response or a senseless funk estranged from their actual financial circumstances?

On such questions may the 2024 election turn, so the litigation of them is no surprise. It’s not just the economy, stupid. It’s the public relations war over it.

But never in my adult lifetime has that battle seemed so agonizingly beside the point, such a distraction from the most important questions before us. In 2024, it’s not the economy. It’s the democracy. It’s the decency. It’s the truth.

I’m not talking about what will influence voters most. I’m talking about what should. And I write that knowing that I’ll be branded an elitist whose good fortune puts him out of touch with the concerns of people living paycheck to paycheck or priced out of housing and medical care. I am lucky — privileged, to use and own the word of the moment — and I’m an imperfect messenger, as blinded by the peculiarities of his experience in the world as others are by theirs.

But I don’t see any clear evidence that a change of presidents would equal an uptick in Americans’ living standards. And 2024, in any case, isn’t shaping up to be a normal election with normal stakes or anything close to that, at least not if Donald Trump winds up with the Republican presidential nomination — the likeliest outcome, to judge by current conditions. Not if he’s beaten by a Republican who had to buy into his fictions or emulate his ugliness to claim the prize. Not if the Republican Party remains hostage to the extremism on display in the House over these past few months.

That assessment isn’t Trump derangement syndrome. It’s straightforward observation, consistent with Liz Cheney’s new memoir, “Oath and Honor,” at which my Times colleague Peter Baker got an advance peek. Cheney describes House Republicans’ enduring surrender to Trump as cowardly and cynical, and she’s cleareyed on what his nomination in 2024 would mean. “We will be voting on whether to preserve our republic,” she writes. “As a nation, we can endure damaging policies for a four-year term. But we cannot survive a president willing to terminate our Constitution.”