President Donald Trump speaks at the Shell Pennsylvania Petrochemicals Complex in Monaca, Pennsylvania on August 13, 2019. (Photo: Nicholas Kamm/AFP/Getty Images)
#TrumpRecession Trends as President Blamed for Rising Fears of Another Economic Meltdown
"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 Post that "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."
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
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 Post that "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."
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 Post that "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."