While President Trump continues to tout the strength of the US economy – and take credit for it, he is no doubt keenly aware that a recession before the 2020 election would put a dent in his chances for reelection.
To that end, a new poll by Morning Consult found that 42% of Trump voters would hold him at least partially responsible for an economic downturn, while 7% say it would be all his fault. Meanwhile, the poll revealed that Trump has a 48% approval rating on the economy.
Perhaps that’s why he’s continued to push for rate cuts and tax cuts; an attempt to avoid the economic chaos which liberal HBO host Bill Maher is praying for in the hopes of ushering in a Democratic president in the next election.
Still, Trump appears confident that the wheels won’t fall off the economy anytime soon.
“I don’t think we’re having a recession,” he said on Sunday. “We’re doing tremendously well.”
That said, Trump also floated an idea during Oval Office comments this week that he may temporarily cut payroll taxes to temporarily boost the economy, while also slamming the Federal Reserve for abdicating its duties by not approving a large interest rate cut.
“So Germany is paying Zero interest and is actually being paid to borrow money, while the U.S., a far stronger and more important credit, is paying interest and just stopped (I hope!) Quantitative Tightening,” he tweeted on Wednesday.
So Germany is paying Zero interest and is actually being paid to borrow money, while the U.S., a far stronger and more important credit, is paying interest and just stopped (I hope!) Quantitative Tightening. Strongest Dollar in History, very tough on exports. No Inflation!…..
— Donald J. Trump (@realDonaldTrump) August 21, 2019
Meanwhile, as Morning Consult notes, “Data is starting to pile up that an economic downturn could be coming sooner rather than later. Economists surveyed by the National Association for Business Economics expect a recession in 2020 or 2021.”
via ZeroHedge News https://ift.tt/2PbGCms Tyler Durden