The Dow Jones Industrial Average eked out a hundred point gain today, a welcome if minor respite after having plummeted around seventeen hundred points over the past two weeks. Investors are trying to hang in there, but the reality is this: once a struggling economy has reached the point where the public is talking about a recession, the perception is already more or less set in stone.
Just don’t tell that to Donald Trump. He showed a rare moment of humility yesterday, albeit as part of an increasingly frequent moment of desperation, when he openly begged China’s President Xi to bail him out of his failed trade war. But today, even as the U.S. market was looking for some kind of leadership, Trump was only willing to serve up one heaping after another of delusion.
Trump tweeted that U.S. farmers “will be the big winners” of whatever imaginary benefits he still thinks might come from his failed tariffs, even though they’re the ones being hurt the most. When that didn’t get him anywhere, he claimed that the “Fake News Media” was trying to crash the economy. Because we all know that if there’s one thing for-profit media conglomerates are aiming for, it’s a profit-killing recession.
Then Donald Trump claimed that “Biden doesn’t have a clue” and that “I will solve the China problem” while not bothering to acknowledge that he’s spent the past 2.5 years making things worse with China. By the time Trump finally insisted that the U.S. economy is doing great because Walmart is doing great, it was clear that Trump just can’t accept that we’re unfortunately heading into a recession on his watch – because he’s an inept slimy two-bit criminal con man who’s in way over his head.
Bill Palmer is the publisher of the political news outlet Palmer Report