As US economy shrinks Trump appears unaware of crisis: 'This is Biden’s stock market'

30 April

President Joe Biden with President-elect Donald Trump and First Lady Jill Biden on November 13, 2024 (Creative Commons)

To mark his first 100 days in office — “100 Days of Greatness,” he called it — President Donald Trump threw himself a celebration rally in the swing state of Michigan on Tuesday, declaring he has returned America to a “golden age.”

“The arena was surrounded by banners that read, ‘Investing in America,’ ‘Jobs! Jobs! Jobs!,’ ‘The Golden Age,’ ‘Buy American, Hire American’ and ‘The American Dream is Back,'” The Guardian reported. “Trump’s supporters held signs with slogans such as: ‘Make America Great Again’ and ‘Golden Age of America.'”

On Wednesday, the federal Bureau of Economic Analysis (BEA) reported that the American economy shrank in the first three months of 2025, the first time it has done so in nearly three years.

“Real gross domestic product (GDP) decreased at an annual rate of 0.3 percent in the first quarter of 2025 (January, February, and March), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the fourth quarter of 2024, real GDP increased 2.4 percent.”

Economic experts had predicted 3% GDP growth for the first quarter, (some more, some less, but in that neighborhood) before Trump’s tariffs.

Economists and financial experts are pointing to President Donald Trump’s policies, including his tariff war, as the reason for the contraction.

“Real GDP down. Consumption down. Prices up. It’s very easy to criticize what is happening right in front of your eyes when you’re not in a woke cult,” observed Spencer Hakimian, founder and chief investment officer of the hedge fund Tolou Capital Management.

Hakimian pinned the blame for the economy contracting directly on Trump’s policies.

And pointing to the BEA’s numbers, Hakimian added, “Welcome to the recession.”

While the official “we are in a recession” declaration has not yet been made, some are doing so already, given the multiple forecasts predicting a recession, and some saying a recession is the current best possible outcome America (and possibly the global economy) will see this year.

Conservative commentator David Frum of The Atlantic responded to the economic news.

“Trump pushed the US economy into decline by his ignorance and malice, enabled and abetted by advisers who were variously obnoxious, stupid, cowardly, and/or crazy,” said Frum, a former George W. Bush speechwriter.

Despite the declarations of experts, President Trump quickly denied responsibility for any economic pain, and, appeared to not understand the issue.

Forty-three minutes after the economic news — a contraction of gross domestic product — had been announced, Trump declared the “stock market” problem was not his but his predecessor’s.

“This is Biden’s Stock Market, not Trump’s,” the President claimed on Truth Social. “I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang.’ This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”

The issue is not the stock market—although the markets tanked upon news of an economic contraction—but the actual economy.

“CEOs of major retail giants warned last week that prices would rise and shelves would soon fall empty if the president didn’t reverse course,” The Daily Beast reported Thursday. “The S&P 500 is down 8 percent since Trump’s inauguration—its worst run during a president’s first 100 days in office in more than 50 years. Some financial analysts worry the U.S. is heading toward recession.”

The President appears to be in denial.

During his first 100 days interview with ABC News, which aired Tuesday evening, senior national correspondent Terry Moran told Trump tourism is down.

Trump refused to believe him, despite the facts that prove this have been freely available for weeks.

Economist Justin Wolfers, a professor of economics and public policy, posted charts showing tourism “cratering,” along with video of Trump insisting tourism is up.

Despite all the economic data and expert predictions, despite what we now see as an economic contraction, and some say a looming recession, President Trump is steadfast in his position.

ABC’s Moran told the President, “with the economy, the number one issue for so many people, for just about everybody. It — it’s one of the main reasons that you’re back in this office. And now we have this trade war with China that — that Moody’s and other analysts say is gonna cost American families thousands of more dollars per year. And there is a lot of concern out there. People are worried, even some people who voted for you, sayin’, ‘I didn’t sign up for this.’ So how do you answer those concerns?”

“Well,” Trump replied, “they did sign up for it, actually.”

Watch the videos above or at this link.

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