This is the era of “economic narcissism” in the words of Gene Sperling, an economic adviser to both Clinton and Obama, as Donald Trump wends his way to this year’s G-7 summit, all set to brag about how “incredible” and “phenomenal” the American economy is, and the rest of the world economy, isn’t. It’s all about grandstanding for the base. Washington Post:
“The irony here is that Trump’s erratic, chaotic approach to the economy is probably the most significant economic risk factor in the world right now,” said Gene Sperling, who served in top economic roles during the Clinton and Obama administrations. “Their response is just to show even more erratic behavior. It’s economic narcissism. It’s economic policy by whim, pride, ego and tantrum.”
The Dow Jones Industrial Average is bouncing up and down like a yo yo. On August 14, the day of the inverted yield curve news, it dropped 767 points, today it dropped 623, as China announced it’s own tariffs on $75Billion in U.S. goods. Anybody with the sense God gave a goat is filled with trepidation, but not Trump: he just plans to ignore everybody and bullshit his way out of these problems.
Even as his aides warn of a business climate at risk of faltering, the president has been portraying the economy to the public as “phenomenal” and “incredible.” He has told aides that he thinks he can convince Americans that the economy is vibrant and unrattled through a public messaging campaign.
And now the Liar in Chief is on his way to G-7, where despite his advisers worries, he’s going to gaslight everybody about how great everything is and is going to be. “It shows that Trump’s appearance will in reality demonstrate that the very nationalist agenda he will be touting is, thus far, a record of deep fraudulence and failure, covered up with lies,” per Greg Sargent, Washington Post.
With President Trump set to attend the Group of Seven this weekend, it’s already emerging that he has “shaken up” the schedule. Trump has called for a special meeting focused on the global economy, where he’ll tout his message about jobs and trade, while contrasting the stupendous Trump economy with Europe’s economic struggles.
In other words, Trump will proclaim his “America First” agenda a smashing success, and throw that in the faces of our European allies.
Trump’s obvious intention, then, is to rub those Euro-weenie elites’ faces in his alleged “America First” successes, which he has undertaken in defiance of them, as his supporters at home cheer.
But the reality is that Trump’s “America First” agenda, particularly the trade war with China, is a key reason the U.S. economy is now at greater risk of tipping into recession. Even Trump’s GOP allies admit this. And Trump constituencies are bearing the brunt of those trade hostilities.
What’s more, the tax cuts that Trump will boast about are not providing the economic rocket fuel Trump proclaimed. In pursuing them, Trump sold out on the economic populism he promised his supporters in 2016, embracing conventional GOP plutocracy in a way that benefited those hated elites far more than workers.
Trump is nothing, if not ironic. Again, the people that he says that he’s committed to help, the workers, are the very group he’s hanging out to dry. He’s going to put on a performance for the base at G-7, because that’s all he does, is perform. He’s a reality TV actor, not a leader and most emphatically not a successful businessman. This is all television for him and G-7 is just the next episode. So, sit back and watch, as the Meglomaniac in Chief disrupts the summit. The plot thickening element is that they’re all onto him, and Trump is too stupid to know it. They’re not the dummies in his base. Every leader at this summit has forgotten more about the American economy than Donald Trump will ever know. So, get some popcorn, sit back and watch the farce unfold. This one should be good.