As economists and financial analysts sound the alarm that the risks of a recession rising, President Donald Trump and his advisers have their fingers in their ears.
It’s far from guaranteed that we’re headed for a recession, of course, but the administration’s obliviousness to the warning signs may actually increase the danger. If the economy does start to falter, it seems there’s no plan in place to halt the decline. And perhaps most disturbing of all for those of us who remember the 2008 crash, Trump’s top aides are echoing the empty reassurances delivered under President George W. Bush in 2007.
Kellyanne Conway, counselor to the president and a prominent spokesperson for the White House, even mirrored Bush and John McCain’s own phrasing Monday morning when questioned by the press about the risk of a recession.
“The fact is, the fundamentals of our economy are very strong,” Conway said.
In December 2007, before the worst of the crisis, Bush said similarly: “The basics in the economy are good.”
Then in September 2008, with the financial crisis revving up, then-presidential candidate McCain said: “The fundamentals of our economy are strong,” though he added: “but these are very, very difficult times.” The crisis would worsen into 2009, becoming one of the key struggles President Barack Obama faced in office.
And it’s not just Conway reminding us of a previous Republican Party’s overly rosy attitude in the face of recession. Director of the National Economic Council Larry Kudlow is also echoing failed predictions — his own.
“I don’t see a recession at all,” Kudlow said Sunday when asked about the prospect Sunday on Fox News.
This sounds a lot like Larry Kudlow in 2007 who, just days after Bush’s “basics” comment, wrote a piece for the National Review headlined: “Bush Boom Continues.”
Its opening paragraph is a classic in humiliating predictions history:
There is no recession. Despite all the doom and gloom from the economic pessimistas, the resilient U.S economy continues moving ahead “‘quarter after quarter, year after year’” defying dire forecasts and delivering positive growth. In fact, we are about to enter the seventh consecutive year of the Bush boom.
It was a terrible prediction, and many people pointed out Kudlow’s dismal performance as an oracle when Trump picked him. Since joining Trump’s team, his embarrassing track record of failed predictions has continued unabated. The Washington Post’s Aaron Blake pointed out Monday that Kudlow predicted a falling deficit in 2018, that the tax cut would bring annual growth up to between 3 and 4 percent, and that growth could even briefly hit 5 percent. Each one of those predictions turned out to be wrong — as any credible economist could have told Kudlow when he made them.
The Trump administration has become known for its constant and unrepentant lying, showing a lack of interest in reality. If its predictions about the future prove just as fantastical as its claims about the present and future, the country may really be in for a rough road ahead.
Fox News reporter and right-wing conspiracy theorists planned to wiretap family of slain DNC staffer Seth Rich: report
The Daily Beast on Monday evening broke a bombshell report on a secret 2017 meeting in Texas on a right-wing conspiracy theory where espionage was discussed.
"One of their topics was responding to online critics of wealthy Texas businessman Ed Butowsky, who had recently been outed as a driving force behind a retracted Fox News story about murdered Democratic National Committee staffer Seth Rich," The Beast reported. "The group that gathered at Butowsky’s home included a conspiracy theorist, a Fox reporter fighting for her career, a former private intelligence contractor married to star journalist Lara Logan, and a Democratic PR operative who lost his business in the face of sexual assault allegations."
Maddow breaks down potential ‘direct financial connection’ between the Russian government and Donald Trump
MSNBC anchor Rachel Maddow read bombshell excerpts from a new book set for release on Tuesday.
The host interviewed David Enrich, finance editor at The New York Times, about his forthcoming book Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction.
The host of "The Rachel Maddow Show" read excerpts from the book.
"There was no doubt that Deutsche Bank had extensive business dealings with Russia, and those dealings included acting as a conduit for dirty money to get out of Russia and into the western financial system," Enrich wrote.
Congress still has one big tool left to rein in Trump’s corruption: Oversight Committee Democrat
Senate Republicans may have managed to quash the impeachment trial without calling forth any new witnesses or seriously considering the evidence against President Donald Trump. And the president may feel vindicated and largely invulnerable as a result.
But, Rep. Raja Krishnamoorthi (D-IL) told CNN's Anderson Cooper on Monday, that doesn't mean Democrats don't have one last big play to rein in the president's abuses of power. They can use the first and strongest authority delegated to them: the power of the purse.
"What can Democrats really do when it comes to oversight of the president?" asked Cooper. "I mean, now that impeachment is over, does seem like there are fewer and fewer guardrails, if any."