Any with a decent understanding of economics is aware that the continued growth we’ve seen since Donald Trump took office is merely a continuation of Barack Obama’s economic policies, and that the slowdown in growth we’ve seen over the past year has been a result of Trump’s failed tariffs and tax giveaways. We all knew Trump’s ineptness and corruption would take the economy off a cliff eventually.
It’s increasingly starting to look like we’ve gone over that unfortunate precipice. The Dow Jones Industrial Average has plummeted around 700 points thus far today. It’s now dropped a total of around 1600 points over the past two weeks, meaning that – by stock market standards at least – about six percent of the U.S. economy has gone poof since the month started. Naturally, Trump is blaming everyone but himself – and he’s getting frantic about it.
At 11:39am eastern time, Donald Trump posted a tweet blaming the Federal Reserve for the freefall. Then at 11:51am he seemed to blame China. Somewhere in there he sent Commerce Secretary Wilbur Ross on television to try to turn things around, but no one could tell what the half-asleep Ross was babbling about. At 12:42pm, Trump tried delusion as a strategy, tweeting: “Tremendous amounts of money pouring into the United States. People want safety!” By 1:15pm, he was back to blaming the Federal Reserve.
What stands out through all of this is that every time Donald Trump said something in the hope of turning things around, the stock market then dropped even lower. Wall Street investors know full well that Trump is a two-bit criminal who’s spent his entire life going bankrupt and who’s never made a dollar that he didn’t steal, and that he has no idea how economics works. Whatever the “Trump economy” is, it’s in freefall.
Bill Palmer is the publisher of the political news outlet Palmer Report