No one outside of Donald Trump’s deranged base has a positive opinion of him. When it comes to mainstream Americans, Trump’s campaign slogan for 2020 might as well be “Sure, I’m a worthless evil incompetent racist criminal, but hey, the economy hasn’t tanked on my watch yet.”
In reality, the economy has been showing signs of trouble ever since Donald Trump took office. His tax giveaway for the wealthy did nothing to stimulate growth. Various economic indicators have been turning downward. Job growth has become inconsistent. But while most voters don’t have a significant investment in the stock market, most voters tend to judge the status of the economy by the stock market.
That’s why it’s such a big deal that the Dow Jones Industrial Average has plunged around 1700 points over the past two weeks, including a huge 800 point selloff today. It’s the surest sign yet that a recession is just around the corner. Sure enough, the hashtag #TrumpRecession began trending, as Americans accurately assigned the blame for where things are headed.
Just don’t tell that to Donald Trump, who spent the day howling in agony about how it’s somehow all the fault of his own handpicked Federal Reserve Chair Jay Powell. Trump also insisted that this was the fault of the Chinese, even though their recent financial moves have merely been in response to Trump’s idiotic tariffs. The one thing Trump still had going for him in 2020 was the economy. If the stock market keeps tanking, so will his already-weak odds of reelection.
Bill Palmer is the publisher of the political news outlet Palmer Report