Hmmm . . .

“I think the president of the United States matters less and more than people think. Less meaning a low number on a scale of one to 10, because the overall economy is moved by very big factors. In technology, in globalization, in developments in consumer tastes, and so on. But a president has more influence than people think in the sense of the very large regulatory and administrative state which report to the president.” Glen Hubbard, professor of finance and economics at Columbia University, Does the President Matter as Much as You Think? Freakonomics Radio, February 5, 2020.