In case you haven’t noticed, Donald Trump has failed at nearly everything he promised to accomplish. There is no wall on the southern border. Hillary Clinton has not been locked up. He has no denuclearization deals with Iran or North Korea, no trade deals with China or Mexico or the EU, no infrastructure bill, and Obamacare has neither been repealed nor replaced.
The one key issue that Trump has been clinging to for two years is his argument that the economy is booming. Let’s set aside for the moment the fact that that isn’t true. Many critical indicators such as wage growth and job creation are lagging (and trailing Obama’s record).
Trump has been using the stock market as his evidence of a strong economy. That, of course, demonstrates his ignorance of economics. The stock market only reflects the value of equities that are mainly traded by giant financial institutions. It is not a gauge of the economies health.
However, now even Trump’s misapplied measuring stick is biting him in the ass. On Wednesday the market has fallen off a cliff, and specifically due to Trump’s ill-considered policies on trade and taxes. And the site of this downturn has thrown him into a tizzy of excuse-making. If he doesn’t have this to brag about, he’s got nothing but his racism left to hold his cult together.
Consequently, Trump unleashed a series of tweets intended to shore up the catastrophic financial news of the day. Trump’s tweets leaned heavily on his top economic advisers at the White House – er, I mean at Fox News. Trump’s Shadow Cabinet at Fox was busily papering over the bitter truth that everyone can plainly see. And Trump embraced it frantically for fear of having to take any responsibility. Rest assured that he will greedily steal credit for the economic boom times from 2010 to 2017, during the Obama administration, but blame Obama for the crash of 2019.
The tweetstorm began with a familiar Trump whine: “The Fed has got to do something! The Fed is the Central Bank of the United States, not the Central Bank of the World.” Indeed. And the Fed is doing its job. But that job is not to save the stock market. It is to manage inflation and to promote monetary and financial system stability. Trump only wants the Fed to cut interest rates for his own selfish interests. First, he hopes that it would artificially stimulate further over-exuberance in the stock market, boosting his reelection prospects. And secondly, it would reduce his own interest payments on over $350 million dollars of outstanding variable interest loans.
The next tweet was another Fox News reference wherein they blindly praised Trump’s tariffs saying that “you can’t tell me that it has hurt our economy.” That’s obviously true. Not the part that tariffs haven’t hurt the economy (they have), but the part where he says you can’t tell him that. And you can’t tell Trump that or anything else for that matter. It’s like promoting a non-existent border wall. He will continue to tell the same lies, even after he’s been proven to have lied.
Trump then tweeted that “Tremendous amounts of money pouring into the United States,” because “People want safety!” That completely contradicts the movement in the markets. Then Trump quote-tweeted another Fox flunky who said that Fed Chair Jay Powell was making mistakes by, among other things, being “data dependent.” Because why would anyone want to rely on actual data to make important decisions? That’s goes against the core philosophy of the Trump Doctrine of Alternative Facts.
So as the stock market descends, Trump grasps for support from his State TV fluffers who he knows will always prop him up, no matter how ludicrous and desperately they have to revise reality. There is no coherent argument that justifies Trump’s failures but, fortunately for him, Fox News is adept at spinning lies for any occasion. And the glassy-eyed Deplorables will believe anything that Dear Leader tells them.