The strongest argument that Donald Trump had for reelection was his contention that the economy was booming and that he was the reason why. Of course, neither of those things are true. Before the emergence of the COVID-19 (coronavirus) pandemic, the economy was a house of cards being propped up by artificially low interest rates, a federal Reserve Board that was printing money, and Trump's disastrous tax cuts for corporations and the rich that benefited the stock market, but not the overall economy.
Trump was and is desperate to push off an inevitable recession (or worse) until after the election in November. So he's employing shady tactics to disguise how shaky the economy actually is. The pandemic isn't helping him except as a convenient excuse to blame for the declining GDP and rising unemployment. And he's pretending that those metrics wouldn't be in place but for the health crisis. Even more disturbing, Trump is pushing to “reopen” the nation far too soon to ensure the safety of the American people. Make no mistake, the only reason Trump is advocating this perilous course is to juice the economy and his reelection prospects.
The truth is that the U.S. economy has been teetering for the past 12 to 18 months. Credit is stretched beyond sustainable limits. Trade is at record lows, partly due to Trump's idiotic tariffs. Markets for real estate, oil, transportation, and banking have been noticeably fragile. So even when the effects of the pandemic are removed, prosperity will not magically return. And you'll never guess who knows that.
Despite his daily (hourly) tirades directed at the press, wherein he insists that he's done everything perfectly and there's nothing to worry about, Trump is well aware of the economic trouble that is lying in wait. He has repeatedly said that there will be a rapid rebound and that the country will soar to heights greater than ever before this year is out. However, that optimism is not present in the management of his own businesses. The Miami Herald is now reporting that…
“Trump National Doral Miami, President Donald J. Trump’s Miami-Dade resort hotel and golf course, has announced 250 workers who were originally furloughed indefinitely will now be permanently laid off. […] 'Unfortunately, it now appears that the adverse effects of the COVID-19 outbreak upon our business will be longer and more substantial than previously was foreseeable.'”
So while Trump is telling the press that there is going to be a historic booming economy in the coming months, he is drastically cutting his work force at one of his signature properties. In other words, while he's lying to the people about their economic future, he is making sure that he won't be overextended during the downturn that he knows will be severe and enduring. And he is forcing the hardships onto working folks who are already struggling to survive.
This is typical of Trump's self-serving approach to governing. It's the reason he pressured the Fed to lower interests rates that resulted in him saving millions of dollars on his outstanding debts. It's the reason he's so anxious to get businesses open again, like his own that have reportedly cost him about 30% of his net worth
And it is now the reason that Trump is terminating hundreds of workers that he previously promised to rehire, due to what he openly recognizes will be a prolonged economic recession or depression. But while he is taking these steps to preserve his own wealth, he continues to deceive the American people with happy-talk of the imaginary economic utopia that only he can produce. Anyone who believes that drivel deserves what they get. The sad thing is, the rest of us will suffer along side them. Which makes it all the more important to make certain that you, and everyone you know, vote Trump out in November.
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