Trump advisers push back on reports of serious planning to combat a recession

Trump advisers push back on reports of serious planning to combat a recession
Image via Shutterstock.

Reports that White House advisers are planning a payroll tax cut to put the brakes on the threat of recession aren’t true, officials insisted to The New York Times. They’re not doing any serious in-case-of-recession planning.

Two administration officials told the Times that a payroll tax cut wasn’t under real consideration, while “a third official said that discussions of what tools could be deployed to offset a recession, based on examining what had been done in previous slowdowns, were hypothetical and not being explored with urgency.” So while the warning signs of recession are growing, the Trump administration is treating the possibility as hypothetical and not really urgent. Good to know. And as The Washington Post’s Catherine Rampell recently pointed out, Trump's economic team is a disaster.

Then again, with Trump insisting that the economy is “very strong” and “Our consumers are rich. I gave a tremendous tax cut, and they’re loaded up with money,” how could his advisers make serious plans for combating a recession, even if they knew what they were doing? Trump already has his plan for a recession: He’s going to swing from denying it’s happening to blaming the media and Democrats and his Federal Reserve chair and everyone else in sight.


Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ }}