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The Guardians of Democracy

The Guardians of Democracy

Trump Claims A Recession Isn’t Possible Because Everyone Is Now ‘Rich’ Thanks To Him


Trump Claims A Recession Isn’t Possible Because Everyone Is Now ‘Rich’ Thanks To Him

President Trump lashed out at his Federal Reserve chief and Democrats on Monday, accusing them of intentionally making the economy “bad for purposes of the 2020 Election,” as a growing number of economists predict a new global recession.

In a pair of tweets, the president renewed his call for the Fed and its chairman, Jerome Powell, to cut interest rates. Trump also accused Democrats of attempting to tank the economy to damage his chances ahead of the 2020 election, but did not explain how they were doing so.

“Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to ‘will’ the Economy to be bad for purposes of the 2020 Election,” Trump tweeted on Monday. “Very Selfish! Our dollar is so strong that it is sadly hurting other parts of the world. The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well. If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!”

“I don’t think we’re having a recession,” Trump told reporters on Sunday in an attempt to quell fears over a potential market crash. “We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they’re loaded up with money.”

“I don’t see a recession,” he continued. “I mean, the world is in a recession right now. Although, that’s too big a statement.”

RollingStone adds:

This doesn’t exactly inspire confidence, nor does citing his 2017 tax cut, which very much did not load consumers up with money. Despite what Trump promised prior to the tax cut’s passage, the bill did not result in soaring wages for workers, the deficit has skyrocketed, and the primary beneficiaries have been corporations and the wealthiest Americans. Meanwhile, growth is slowing, and Americans who aren’t about to board a luxury helicopter are struggling to make ends meet. A study published by the Federal Reserve earlier this year found that 39 percent of Americans don’t have enough cash on hand to cover an unexpected $400 expense.

Never mind any of this, though. The president says consumers are rich, which means the only explanation for swelling economic anxiety is, what else, a conspiracy. On Thursday, for example, Trump accused the media of deliberately precipitating an economic apocalypse in order to run him out of office. “The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election,” he wrote on Twitter. “The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!”


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