Trump declares war on Fed head — and falsely claims ‘selfish’ Democrats can ‘will’ a bad economy into existence
President Donald Trump just declared war on the man he personally picked to head the Federal Reserve. The President is furious that one in three economists are predicting recession by the end of the year, and many believe the U.S. will plunge into a recession within the next 6 to 12 months.
At the top of the list of causes for the Trump recession is the president’s trade war with China, which he said a year ago was easy to win.
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with… https://t.co/lPSkkolNRP— Donald J. Trump (@Donald J. Trump)1519987834.0
Trade wars are not easy to win, and Trump’s lack of understanding of the international economy is harming Americans and people worldwide.
So, as he has been doing for months, late Monday morning the President blasted Jerome Powell, the Chairman of the Federal Reserve – which is supposed to be a wholly independent agency. Some economists believe the Fed’s policies have helped slow economic growth, but it is Trump who is to blame for the possible impending recession.
But this time Trump went nuclear, declaring war on the Federal Reserve Chairman, in a tweet.
Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are… https://t.co/ddvKYChbaZ— Donald J. Trump (@Donald J. Trump)1566228380.0
The President blasted what he called Powell’s “horrendous lack of vision,” while claiming Democrats are trying to (as if it were even possible) “will” the economy into recession.
Trump also called for the Fed to massively cut interest rates, which would steal a critical tool the Fed uses when facing dire economic crises.
.....The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps… https://t.co/UYCqLcZbsP— Donald J. Trump (@Donald J. Trump)1566228380.0
One Washington Post Economics Correspondent noted the same:
Need more evidence President Trump is worried about the economy? He's calling on Fed to use the tools it normally… https://t.co/Yu8zKSNEQ4— Heather Long (@Heather Long)1566229161.0
Another Washington Post reporter notes Trump is really pushing the envelope:
It's rare that he gets this specific publicly on what he wants the Federal Reserve to do. https://t.co/2FsxEGHBVg— Josh Dawsey (@Josh Dawsey)1566228952.0
While this ABC News reporter reminded Trump of his praise of Powell when he nominated him:
Pres Trump Nov 2, 2017, announcing Powell as his pick for Fed chair: "He’s strong, he’s committed, he’s smart...I… https://t.co/XEnCt2LyPa— Karen Travers (@Karen Travers)1566228831.0
In fact, here’s Trump on Nov. 2, 2017, introducing and praising Powell as his nominee, “based on his record”:
Meanwhile, a senior market analyst noticed the illogical juxtapositions in Trump’s tweet:
"economy very strong..." BUT "#Fed should cut at least 100 basis points, with perhaps some quantitative easing as… https://t.co/1qsbRw7neb— Michael Brown (@Michael Brown)1566228760.0
And this CNBC reporter notes Democrats are not in a position to “will” a bad economy:
It's unclear how Democrats, who only control the House and have not been able to pass any of their economic policie… https://t.co/AlwVtPh8k2— Jacob Pramuk (@Jacob Pramuk)1566228665.0