"Trump came along and
deregulated everything, weakening the post-Great Recession laws meant to curb
Wall Street abuses and authorizing a massive tax cut for the wealthiest
Americans."
Fears of another
financial meltdown in the United States and across the globe sent the
hashtag #TrumpRecession to
the top of Twitter's trending list on Wednesday as commentators and lawmakers
pinned the diving stock market on the president's economic agenda, including
his reckless trade war with China.
"Why did the Dow drop
over 700 points this morning and why is #TrumpRecession trending? Because the
yield on the 10-year Treasury note broke below the 2-year rate," tweeted Rep.
Ted Lieu (D-Calif.). "This inverted yield curve has historically signaled
an approaching recession."
As Common Dreams reported earlier
Wednesday, the inverted yield curve—which has predicted every major recession
over the past five decades—sparked warnings from economists that a major
economic downturn could be just around the corner.
On Twitter, Wajahat Ali, a
contributing op-ed writer for the New York Times, rattled off several of Trump's
failed promises that preceded fears of another crash.
"Trump promised to
eliminate the debt in four years; he increased it," Ali tweeted. "He
promised to win the easy trade war with China; he didn't. He promised Mexico
would pay for the wall; it won't. His tax cuts were going to trickle down and
spur the economy; it didnt. #TrumpRecession."
Others echoed Ali:
An anonymous senior White
House official insisted to Politico on
Wednesday "there is no recession coming" despite all of the warning
signs, but economists and other analysts are not nearly as confident.
Chris Rupkey, chief financial
economist at MUFG Union Bank, told the Washington
Postthat "yield curves are all crying timber that a recession is almost a
reality, and investors are tripping over themselves to get out of the
way."
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