Anyone who closely follows the statistics on the dips and rises in the American economy knows that the economy usually crashes during Republican administrations and thrives under Democratic leadership in the White House. From the Great Depression which started under the watch of Republican Herbert Hoover to the Great Recession under George W. Bush, the supposedly business friendly-party has presided over the financial ruination of many a company and the bankruptcies of many individuals.
One would wonder how Republicans continue to get elected given their track record, but one underestimates the gullibility of the American electorate at one’s own peril, given the number of times they’ve bought the “trickle-down theory” fraud that has led to an ever-increasing gap between wealth of the richest CEO’s and that of the average worker.
Now, one of the nation’s biggest banks, JP Morgan Chase, is predicting that despite Trump’s much-hyped tax cuts for the country’s wealthiest citizens and all the promises of jobs and prosperity that accompanied them, the only thing that’s likely to trickle down in the next two years is a massive recession. According to Bloomberg News, the economists at the bank predict a greater than 50% chance that the economy will crash during the next two years while Trump is still in office and almost 28% that it will tank within the year. Stretched out past 2020 to three years, the analysis predicts the likelihood of a recession reaching past 80%.
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JP Morgan Chase’s model factors in economic indicators including everything from consumer and business sentiment to prime-age male labor participation, compensation growth, and durables and structures as a share of the gross domestic product. The prediction they make is considerably more pessimistic than that of the Federal Reserve Bank of New York which predicts the chances of a recession at about half of what the banking giant’s economists have forecast.
With the Republicans and Trump tampering with the effective formula that Obama and a Democratic Congress put in place after Bush’s disastrous Wall Street meltdown by cutting regulations on financial institutions, slashing taxes for the rich, and ballooning the nation’s deficits with their latest example of voodoo economics, It’s not surprising that Trump will prove to the most recent in an unbroken string of Republican presidents dating back to Teddy Roosevelt to preside over a recession during their first term.
The question at this point seems to be not so much exactly when the next recession will start, but just how bad it will be. Given President Trump’s insistence that everything he does is bigger and grander than any President in history, you had better start preparing for the bread lines now. Trump isn’t going to let Herbert Hoover have anything on him when it comes to overseeing the biggest financial calamity in American history.
Still, you can be certain that whenever the economic collapse comes, Trump will blame it on Obama, Hillary, and Democrats in general, despite the fact that he and the Republican party exclusively control all three branches of government…until the midterms at least.
Perhaps the only chance of avoiding the recession is a blue wave that gives the Democrats control of both the House and the Senate so they can enact legislation to reverse the disastrous decisions made by the historically economically destructive Republicans. Now that you know that, how can you not make sure that you vote blue in the upcoming elections?
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