As the Dow began to crash, Trump panicked. He ordered the Fed to cut loan interest rates to slow losses in the market. Three years ago, the child in the White House made a serious mistake by tying the success of the stock market to our nation’s economy. If you know anything about economics, the rise or fall of the market is an indicator of how well the super-rich are doing economically, not the working class.
Demanding a rate cut was another on a long, long list of mistakes made by your illegitimate and mentally incompetent president.
It was immediately obvious that Trump knows nothing about economics. The last time the Fed used emergency powers to cut the interest rate was at the beginning of the Great Recession of 2008. Even then there was no evidence that the market would continue a downward slide. The market is more susceptible to a severe downturn based on ‘uncertainty,’ the unknown than to world events.
Part of the reason for the current slide is the outbreak of the coronavirus. The threat of a pandemic, combined with growing doubts about Trump’s trade war and his tax cuts for the super-wealthy and corporations caused a sharp drop in the Dow. Trump’s poor decisions added 1.2 trillion dollars to the deficit in 2019.
Indicators of a recession are housing sales, production of manufactured goods, retail sales, and interruptions in the supply chain. None of these situations indicated a drastic change. Trump’s rash decision to order the rate cut was ignorant; totally unnecessary. Anyone who understands the market is aware that fluctuations are normal.
When millions of Americans voted for a failed businessman, they doomed the recovery begun by President Obama. The truth is that Trump made just two changes in our economy. Both were negative and mimicked other Republican’s efforts to implement a policy of ‘trickle-down economics;’ the same policy used by the last three GOP presidents whose fiscal policies harmed our nation’s economy.
The bottom line: Trump doesn’t know what the hell he is doing, and his staff is equally unqualified to offer solutions when a potential crisis occurs.
Just take a look at Trump’s most recent decision. Although Trump planned to cut funding for the CDC by ten-percent, and had fired every employee of the Center for Disease Control tasked with preventing a pandemic, he appointed Mike Pence as the ‘coronavirus czar.’
Pence is not a doctor and does not believe in science. His negligence in addressing an escalating HIV problem as the Governor of Indiana proves that he is incompetent.
Trump and his paid liars are making an effort to claim that criticism of his failure to seriously address this possible health crisis is another effort to oust the orange child from the White House. Let’s tell the truth right here.
It doesn’t matter that Democrats have never made an overt effort to derail and remove Trump from office. Trump alone is responsible for every negative criticism of his presidency. His words and actions have displayed a level of incompetence not seen in the combined mistakes of his 44 predecessors.
He began his illegitimate presidency by attempting to violate the Constitution with a travel ban, and this has continued into his third year in office. Although Trump claimed that he, Moscow Mitch McConnell, and Lyin Paul Ryan would repeal and replace Obamacare with a much better plan, he failed miserably. If Trumpcare had been passed, approximately 24 million Americans would no longer be covered by healthcare insurance.
Let’s move past the many executive orders struck down by federal courts based on violations of Constitutional Law and get to actions which greatly harmed our nation’s economic recovery.
First came his misnamed “tax reform.” The truth is this bill is nothing more than a gift to the wealthy. The super-rich received permanent tax cuts. The maximum corporate tax rate was reduced from 33 percent to 21 percent. Large corporations including Amazon and Wal Mart paid no taxes in 2019. Equally destructive to our economy was an increase in the deficit of 1.2 trillion dollars. This loss of federal money is expected to continue until 2025 based on Trump’s failed policies.
Trump alone made a decision to add additional tariffs on imports. This resulted in a trade war with the world’s second largest economy; it continues today. Jobs have been lost, small business closed their doors, and a record number of small farms faced foreclosure. Consumers are paying higher prices at retail outlets.
Finally, he forced his own impeachment by abusing his powers and obstructing justice. If Republicans would have performed the jobs for which they were elected, Trump would not be in the White House today.
An ignorant loser is in control of what is the largest economy in the world; at least for now.
“The Truth Lives Here”
Op-ed by James Turnage
Image courtesy of DonkeyHotey
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