Donald Trump's decision to take the lead in negotiating business deals while making bold announcements about how he is turning around a faltering economy could end up blowing up in his face.
That is according to the Washington Post's Naftali Bendavid who wrote on Sunday that Trump is going where few presidents have gone before — and he's playing a risky game because it could lead to becoming the poster-child for failure, particularly in a volatile economic climate he had a major hand in creating.
As the Post report highlights, Trump is no more than dabbling in attempts to control drug prices, pressuring the Fed — sometimes with insults — to bring down interest rates and "touting" foreign investment deals that may or may not pan out.
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As Benavid wrote, "Trump has taken an unusually direct and high-profile role in attempting to manage the sprawling American economy — an approach that could bring him enormous benefits if it thrives or danger if it stumbles," that led a former director of the Congressional Budget Office (CBO) to hand out some advice.
“The president of our country is not the CEO of our businesses,” Douglas Elmendorf said. “I think this president likes the idea of being the CEO of businesses, but that’s not the role of the president. They should be setting broad policies, not intervening for particular companies.”
“No one person, however talented or knowledgeable, can understand everything about the world that a collection of experts working for that person can understand. Any individual has blind spots and won’t see some indirect consequences of a policy or won’t know enough about how another party will respond," he added.
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The report went on to note, "Before becoming president, Trump ran his family’s real estate empire, so unlike other politicians, he had little experience making decisions collaboratively with lawmakers or government agencies. Trump’s goals are different as well; he appears far more concerned with winning what he considers economic victories for the U.S. than building a stable system of global commerce."
That could be a problem, cautioned Alex Nowrasteh of the conservative Cato Institute.
“It’s just a major problem with the American system that one man has so much power,” Nowrasteh warned. “It’s been persistent for a long time, but it is far more outrageous now than it’s been in the past.”
You can read more here.
