The more time a president has in office, the more they can “consolidate power”, which when translated from liberal actually means that they have the time and popularity to take control of the country away from state bureaucracies and entrenched civil society institutions (both of which are the key organs through which the capitalist class’s excercises it’s power).

While trump and the like have no intention of doing anything good with a third term, the reason why so many capitalists/liberals are terrified of fascism/Communism is that these transfer political power from the traditional organs of bourgeois power to the state.

Of course the fascists only do this in order to unify the bourgeoise and eliminate competition amongst them (emergency mode of capitalism).

In this context, term limits in any society come with a big asterisk. Such measures (including stuff like constitutional rights, which in practice only protect the rich) are basically liberal society’s way of operating in normal times. Their degradation across the entire west signals an era of great change. The bourgeoise are gearing up and hardening themselves for class war on a scale never seen before.