David Stockman, US budget director during the Ronald Reagan administration, continues to rake current US President Donald over the coals during a whirlwind press tour designed to promote his new anti- book. In his latest diatribe, Stockman calls the president an “unhinged madman” who is waging not one, not two or three, but four different wars on the US economy.
Donald Trump Will Not Make America Great Again
Speaking to Yahoo’s , Stockman lambasts as “delusional,” saying that when you have an “unhinged madman in the Oval Office…anything is possible.”
Just days ago, Stockman, who himself once frequented the White House, warned that investors should as an inevitable collapse and recession is imminent. A combination of economic headwinds and an “unhinged fellow” at the helm means that this time a recession can’t be held at bay by monetary forces.
In his latest appearance, Stockman says is conducting a trade war, a border war, a political war on the US Federal Reserve, and, as , a war on the very solvency of the United States.
“He’s conducting four wars on the American economy, and it’s not going to make it great again.”
Trump’s Four-Front War on the US Economy
Stockman takes to task for the US- trade war, arguing that it’s really a war on US consumers.
“The trade war is a war on consumers.”
He adds that if tariffs move from 10% – already costing consumers $30 billion per year on imports from – it is going to “be that much worse.”
….I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN
— Donald J. (@realDonaldTrump)
The border war, in the former US representative’s expert eyes, is a “war on immigrant labor.” As the nation’s labor force contracts, Stockman says immigrant labor is needed:
“We shouldn’t be having a, you know, silly battle over a wall in a border where there isn’t a crisis.”
The US Federal Reserve constitutes a point of “political war” for . A Fed which Stockman says was finally “getting enough courage up to normalize interest rates” due to ’s nonstop attacks.
He adds:
“For crying out loud, 10 years, interest rates have been below the inflation rate, which means zero money market costs. It’s been a boon like never before to speculators. It’s done nothing for Main Street.”
The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!
— Donald J. (@realDonaldTrump)
Lastly, Stockman blasts ’s economic spending. He believes the US is in its last months of business growth and that raising the budget deficit at the top of a “business cycle” will only deliver “bad results.”
“He’s conducting a war on the nation’s solvency with a fiscal policy that is more out to lunch than anything I’ve seen since 1970.”
The Trump Fantasy
The title of Stockman’s new book, “Peak : The Undrainable Swamp and The Fantasy of MAGA,” says it all about the Republican heavyweights view on the party’s current leader. But continues to go about the US economy with a veritable sledgehammer of his own self-belief.
…..But if a fair deal is able to be made with , one that does all of the many things we know must be finally done, I will happily sign. Let the negotiations begin. MAKE AMERICA GREAT AGAIN!
— Donald J. (@realDonaldTrump)
On trade, calls himself the “tariff man,” sticking to his on tariffs and celebrating his progress in trade talks. Yet a study in November 2018 put the cost of tariffs for 2019 at $2,400.
American Apparel & Footwear Association’s president and CEO Rick Helfenbein says tariffs are already hitting retail:
“It’s already baking some inflation into our system.”
argues the border war, specifically his beloved wall on the US-Mexico border, will improve the lives of Americans and prevent . The longest government shutdown in history failed to get the full wall funding he desired and may have by billions, potentially more than ’s request.
And, of course, believes he’s an expert on debt. But US national debt reached in recent weeks. That equates to $67,000 in debt per every American citizen.
Rather than Making America Great Again (MAGA), Stockman says is steering the US economy toward something far more ominous: a historic recession that’s been held at bay for three decades.
Donald Image from REUTERS / Carlos Barria
Published at Sun, 24 Feb 2019 23:07:41 +0000
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