Donald Trump seems worried about the economy, at least about how it affects his reelection chances. God knows he cares little about how it impacts the rest of us. His tax cuts for the rich have had a lot to do with what’s happening right now, and his tariffs have merely exacerbated the already-simmering problem. In typical fashion, Trump blames everyone but himself.
One of his more ridiculous claims is that the media is “trying to crash the economy.” If someone can tell me how reporting the news can do that, please share your wisdom. Again, all the media does is report. Yes, they sometimes report for attention, but they can’t report news if it’s not there to begin with.
Bloomberg has reported that consumer sentiment is in decline, with both Republicans and Independents “losing faith in the economy.” Further, the manufacturing sector continues its decline, the bond markets announced an “inverted yield curve” (which indicates a decline), and the stock market has been extremely unstable. All of these factors point to a down-turning economy. Trump, on the other hand, continues to crow about his “strong economy” for most of his “presidency,” which merely indicates that the economy was already on track to perform as it has. Trump has effectively halted it with his tax cuts for the rich and his tariff wars. It takes time for a president’s policies to impact the economy, and we’re seeing the beginnings of Trump’s economy.
Tax cuts for the rich have a history of collapsing our economy. The Hill published a piece just last week that shows the effect of these tax cuts. 2018 marked the first year of revenue decline during a strong economy. That decline comes courtesy of companies like Amazon that made over $18 billion in profit but paid no taxes. What a boon those taxes would have been to our overall stability. Instead, we collected less overall.
The U.S. Treasury released graphics that show the long-term impact of the Bush tax cuts in 2001 and 2003. These cuts have cost the Treasury over $3 trillion in revenues to date. Add Trump’s tax cuts, and you see where this is headed. At the same time, this data shows the positive impact of tax increases on the wealthy on our debt. President Clinton, who had the benefit of a Democratic Congress, raised taxes on the wealthy in 1993. Even as Republicans claimed those increases would have a detrimental effect on the economy, federal deficits began to decline immediately following those increases, and the economy boomed. By the time Clinton left office, he was well on his way to a budget surplus, which Bush squandered with tax cuts for the rich and unnecessary wars, handing President Obama the worst economy since the Great Depression. President Obama dug in his heels and started us on the road to recovery that Trump now enjoys and claims, but it won’t last.
Trump claims that Democrats are “hoping for a recession,” which is ridiculous. No, Democrats understand historical data and know what’s coming. Fortunately, that may well impact Trump’s reelection prospects, not to mention his already dismal poll numbers. Stop pointing your fingers, Trump, and look at the man in the mirror. You are your own worst enemy. Unfortunately, you’re ours as well.
Shirley is a former entertainment writer and has worked in the legal field for over 25 years