On Wednesday's edition of CNN's "The Situation Room," Tom Steyer, the billionaire progressive activist who founded Need to Impeach and is now running for president, told anchor Wolf Blitzer that President Donald Trump is leading America to economic ruination — and will make it all but impossible to use our normal methods to alleviate recessions.
"What would you say to those American families who are feeling rather optimistic about this Trump economy?" asked Blitzer.
"I would say this," said Steyer. "What Mr. Trump has done is what he did when he was running Atlantic City casinos into the ground. He's over-promised and alleged up and borrowed a ton of money. It feels very good in the short run. But long-term, he's not doing the things that actually make Americans safe, prosperous and well-paid. He's not investing in education, he's continuing to favor only the richest Americans. Actually more equal societies where the money is spread more evenly throughout our much more stable."
"And in fact he's leading us in a position when if we get into a recession, we don't have a response because he's already spent the money that you would normally use to boost demand at the bottom of the a recession," added Steyer.
Asked about the president's attempts to blame the Federal Reserve, Steyer had some more harsh words.
"The Federal Reserve is supposed to be independent of politics, Wolf. That is an important part of their charter," said Steyer. "Because every politician like Mr. Trump is always going to want the Federal Reserve to pump out as much money as they possibly can every single day of the year, every year. So what he's doing is in and of itself wrong, but the other thing that is true is he's trying once again to get the Fed to use all of their bullets right now, so that if we go into recession there is nothing they have left to do."
"That is exactly what he always does," said Steyer. "That is how he drove those Atlantic City casinos into bankruptcy, and he's treating the United States of America like the Trump Taj Mahal. Like we're going to borrow and borrow and borrow and then when the bills come due, he disappears and blames somebody else. Which is exactly what he did today."