After Donald Trump signed the Tax Cuts and Jobs Act in December, a number of companies gave their employees one-time bonuses, ostensibly sharing their new corporate windfall. As a PR stunt, these checks were a savvy investment; they allowed the companies to pander to the administration and made themselves look beneficent without incurring any long-term obligation to their workers.

Critics of the new law tried to point out that one-time bonuses are not the same as pay increases, and that the overwhelming majority of corporate savings from the tax cut was likely to go to shareholders. Nevertheless, in parts of the media, the idea that Republicans had been vindicated took hold. “Democrats scramble on taxes as Republicans gain steam,” said a CNN headline. “Democrats go on defense as the Republican tax plan grows more popular,” said CNBC.

Five months later, everything liberals said about the tax bill turned out to be true. Contrary to Republican claims, wage growth has been anemic. Instead of sharing the wealth with employees, companies have spent record amounts of money buying back their own stock. The tax cuts are creating larger deficits than Republicans predicted, and those deficits are now being cited as a pretext for cutting spending on the poor. They remain unpopular. Republicans in some districts have abandoned them as an election issue.

Watching this unfold should have helped inoculate commentators against Trumpist bamboozlement. It has not. In March, Trump spontaneously accepted an offer, conveyed to him by a South Korean envoy, to meet directly with the North Korean leader Kim Jong-un. North Korea has sought a one-on-one meeting with a sitting American president for years, believing it would legitimate it as a global power, but previous administrations have refused. “No American president has ever agreed to meet a North Korean leader before because that is a huge concession in and of itself,” Robert Kelly, a political science professor at South Korea’s Pusan National University, told me.