Donald Trump’s massive economic incompetence and failed trade wars have finally caught up to him, sending the stock market off a cliff over the past few months. Trump can’t accept the blame for any of his failures, so naturally, he’s had to pick a designated scapegoat. After he attacked his own handpicked Federal Reserve Chair Jerome Powell, suffice it to say that investors weren’t happy.
Trump posted this tweet, revealing his own economic ignorance while using a bizarre golf analogy: “The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!”
What Donald Trump doesn’t understand is that because he’s broken the economy and we’re heading into a recession, Jerome Powell is doing what he can to try to make it a soft landing. It’s Economics 101, and we can only assume that Trump skipped class that day, because he clearly doesn’t get any of it. But investors do, and they proved it.
The Dow Jones Industrial Average was down roughly 200 points for the day at the time of Donald Trump’s tweet. After he reminded investors that he has no idea how economics works, they began selling off further, and the DJIA quickly dropped another two hundred points (Update: now down 650 points at close). This guy is wrecking the economy in real time.
Bill Palmer is the publisher of the political news outlet Palmer Report