When Donald Trump was installed in office, he inherited an economy that had been humming along and steadily climbing in recovery from the cataclysmic financial failure that the Republican administration of George W. Bush instigated in 2008 with its failure to properly regulate a runaway housing market and rogue investment institutions.
Although Trump would never admit it, the subsequent continued economic success of our nation since he’s taken office has largely been due to the continuing momentum of the economic stewardship of President Barack Obama during his term, which has endured despite the efforts of the Trump Administration to reverse every policy that originated with his predecessor.
With today’s huge stock market drop — inspired by the bond market’s inverted yield curve that has successfully predicted the beginnings of all of the major recessions of the modern era – Trump’s free ride on the back of Obama’s accomplishments is officially over, according to The New York Times Op-Ed columnist Charles M. Blow.
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— Charles M. Blow (@CharlesMBlow) August 14, 2019
Blow correctly attributes any financial success that America has managed during the past two and a half years to Obama by labeling any credit that Trump tries to grab for himself as “#StolenGlory.”
The noted opinion columnist describes Trump’s own contributions to the fiscal policies of the nation as “disastrous,” and it’s a difficult view to argue against.
After Democratic President Bill Clinton managed to eliminate the federal deficit while he was in office, George W. Bush took it back to record levels due to his deceitful and unnecessary Iraq war and the subsequent “Great Recession.”
The efforts to restabilize the economy after the crash of 2008 brought the deficit to over a trillion dollars in the first years of the Obama presidency, a number that he managed to cut more than in half by the end of his term due to the economic growth he oversaw.
With Trump’s ill-advised signing of the Republican tax giveaway to oligarchs and corporations, America’s deficit has ballooned back up over a trillion dollars and rather than pushing for the rescinding of the wealth-transferring tax cuts for the rich, he and his Republica cronies are trying to make up the difference by cutting vital social services, including Medicare and Social Security.
All of this comes after constant Republican lies that the tax cuts would “pay for themselves” through increased corporate investment and economic activity.
With cuts to the regulatory environment that favor corporate profits over public safety and a foolish and unnecessary trade war imposing tariffs not just on China but on our closest allies, Trump’s selfish and paranoid world view has done nothing to help the American economy.
His push to deport undocumented immigrants has left farmers struggling to find workers to harvest their crops, which may be just as well since his trade war has helped eliminate foreign markets for the products that they grow.
No wonder Mr. Blow calls his policies disastrous and is notifying him that the chickens have come home to roost.
Hopefully, enough Americans will see and accept Charles Blow’s assessment to prevent another four years of economic mismanagement by the disgraced and crooked businessman currently occupying the Oval Office.
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