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Sigh! Trump now to blame for the coming recession?

Luckyone

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I was watching Bloomberg TV this morning and they had a guest analyst on (didn't get his name) that stated that without a shadow of a doubt that the upcoming recession (due to arrive either later this year or next year) was caused by Trump's Trade War.

I tried to find some recent article that supports that statement but I was unable to do so. Nonetheless, I did find a couple of articles from 2020 and 2019 that do talk about the subject

Trade war will lead to global recession: survey

  • Seven in 10 manufacturing executives believe an extended trade war will lead to a global recession, with 61% saying the recession is likely this year, according to a LevaData survey of more than 100 manufacturing and production executives across automotive, consumer goods, life sciences, industrial and tech industries.
  • Survey respondents expected the electronics, automotive and agricultural industries to "bear the brunt of the trade war," LevaData said.
  • Nearly half of respondents said tariffs mean higher costs for goods, services, parts and labor, although they were about equally split on whether tariffs in the long term will lead to economic growth or decline.

Trump's trade war could spark a recession, Goldman Sachs warns

Economists are increasingly worried that the president may have set in motion a chain of events that can’t be controlled.

I do know that recessions are not something that happens overnight. There is usually some "root" cause that gets the ball rolling and sometime over the next couple of years, lo and behold a recession is occurring.

There are certainly established guidelines that talk about the repercussions of trade wars that makes the scenario highly probable. Here is one such example of what Trump's trade war actually did to our economy:

How has trade war affected US economy?

Our trade war escalation and decoupling scenario sees the US economy produce $1.6 trillion less in real GDP terms over the next five years and results in 732,000 fewer jobs in 2022 and 320,000 fewer jobs in 2025.

As such, it can now be safely stated and assumed that Trump's Trade War was a huge miscalculation (mistake) made by our former president.

Trump's trade war was a total flop - Yahoo Finance

 

Grandpappy

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Trump created over 300,000 manufacturing jobs in the first 30 months of his presidency.

Joe? Created inflation.
 

ttwtt78640

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I suppose this will supply a rationale for 'plausible deniability' for the Dems.

It’s certainly valid to argue that tariffs (government imposed increases in the price of imported goods) could be inflationary, but hard to explain them having a much delayed effect.

After all, anything imposed by EO/EA can be reversed by the same method - the “Trump” tariffs became the “Biden” tariffs the day Biden took office. Biden had no problem reversing “Trump” border security measures and drilling lease policy for federal lands.
 

Chomsky

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It’s certainly valid to argue that tariffs (government imposed increases in the price of imported goods) could be inflationary, but hard to explain them having a much delayed effect.

After all, anything imposed by EO/EA can be reversed by the same method - the “Trump” tariffs became the “Biden” tariffs the day Biden took office. Biden had no problem reversing “Trump” border security measures and drilling lease policy for federal lands.

Like I said, that above, & Putin, supply a plausible deniability defense in political terms.
 

Jkca1

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Soon Biden will be blamed for the Civil War and Trump for the dark ages. And it will be "news" to someone....
 

Mycroft

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Haha. You actually buy that crap, right?
Because they want to.

Biden is incapable of creating worldwide...or even nationwide...inflation because he's only the President of the United States, not President of the World. But Trump CAN and DID create a worldwide recession.

SMH
 

ttwtt78640

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Like I said, that above, & Putin, supply a plausible deniability defense in political terms.

Very weak, IMHO, but politicians often try to assert outside forces (rather than their reactions to them) are totally responsible for bad things, while taking full credit for any good things.
 

Mr Person

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Haha. You actually buy that crap, right?

Much better to stick a plunger up one's ass and hop down the street shouting "commies!" at interesting plantlife. That's how you own the libs and take America back from China ANTIFAs. But, you say, what about her emails? There's the rub.

:rolleyes:

He posted articles about financial institutions and manufacturing execs criticizing Trump's useless and self-defeating trade war. Meanwhile, all you can do is throw your stupid bumper sticker crap around. I suppose it's no surprise that the people who claim to be the biggest patriots are America's worst enemies.
 

Razoo

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Trump has never displayed a particular money management savvy either with our tax dollars or his own.

Trump admin mismanagement of the COVID 19 process across the board certainly had a massive negative impact on the nations economy which pushed thousands of small business owners out of business. Small business is the largest overall employer in the USA.

Too many have zero respect for Trump except for those in charge of BS political rhetoric. The ALEC RINO Right Wing Fascist party have this thing about maintaining a false togetherness image no matter the
expense.
 
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Chomsky

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Very weak, IMHO, but politicians often try to assert outside forces (rather than their reactions to them) are totally responsible for bad things, while taking full credit for any good things.

'Weak' has never been an impediment to attempts at propagation!
 

Razoo

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Goldman Sachs Charged in Foreign Bribery Case and Agrees ...​

https://www.justice.gov › ... › News

Oct 22, 2020 — Goldman Sachs entered into a deferred prosecution agreement with the department in connection with a criminal information filed today in the ...

Goldman Sachs to pay $3bn over 1MDB corruption scandal​

https://www.bbc.com › news › business-54597256

Oct 22, 2020 — Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to end a probe of its role in the 1MDB corruption scandal.

1MDB scandal: bribery and bigamy loom large in ex-Goldman ...​

https://www.theguardian.com › world › feb › 1mdb-gol...

Feb 14, 2022 — Leissner, a former partner for Goldman Sachs in Asia, in 2018 pleaded guilty to conspiracy to launder money and conspiracy to violate the ...

Goldman banker linked to $4.5B global corruption scandal ...​

https://www.courthousenews.com › goldman-banker-lin...

Feb 11, 2022 — Goldman Sachs paid nearly $3 billion as part of a deferred prosecution agreement related to the 1MDB scandal, while Goldman Sachs Malaysia ...

Goldman to pay $3 billion, claw back executive pay over role ...​

https://www.reuters.com › article › goldman-to-pay-3-b...

Oct 22, 2020 — Goldman Sachs Group Inc on Thursday said it was clawing back $174 million in executive compensation and had agreed to pay $2.9 billion over ...

Corruption trial opens for ex-Goldman banker in 1MDB scandal​

https://abcnews.go.com › wireStory › corruption-trial-o...
Feb 14, 2022 — Federal prosecutors say a former Goldman Sachs executive pocketed $35 million in “secret kickbacks” in the multibillion-dollar ransacking of ...

The Goldman Sachs 1MDB Settlement Was Just and ...​

https://globalanticorruptionblog.com › 2021/01/04 › th...

Jan 4, 2021 — After admitting to breaking US corruption laws, Goldman announced it would cut bonuses for the company's CEO, CFO, president, and the head of ...
 

gbg3

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Haha. You actually buy that crap, right?
I agree with the haha. This will be just as bad as all their other attempts at justifying their disasters. Just like inflation is Putin's fault. Joe pushed and pushed that narrative and polls show just about no one buys it. This new attempt at "blaming" will simply help the right and hurt the left - because the justification and blame something or someone else has just been too overused and abused.
But, then again, what choice do they have? They're 6 months from an election and things are a complete mess. They can hardly admit what serious damage they've done and expect that to help them.
 

tres borrachos

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Because they want to.

Biden is incapable of creating worldwide...or even nationwide...inflation because he's only the President of the United States, not President of the World. But Trump CAN and DID create a worldwide recession.

SMH

So you're saying Biden isn't responsible for worldwide inflation, even though your brethren claim he is?
 

Grandpappy

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These America hating globalists hated Trump.
As far as I'm concerned, they can shove their offshore slave labor factories up their posteriors.
They (their money) may very likely be the source of the sewage river of anti-Trump lies he had to deal with during his presidency.
 

Mycroft

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phoenix2020

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I've observed a roughly two-year latency between federal policy and the subsequent global macroeconomic impact, and instinctively tend to associate the economic trends of the first two years of an administration more closely to the decisions of the prior administration. This cuts both ways (for me) regardless of whether it was a D->R or R->D transition.
 
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