One of Trump’s signature defenses of every horrible remark he makes and every humiliating lack of intelligence he displays is that the economy is doing well. In fact, he even said once that it does not matter how Special Counsel Robert Mueller’s investigation turns out because he can’t be impeached when the economy is doing well.
In recent days, significant downturns in economic progress have come to light. General Motors announced the closing of several plants in the northeast, including in key Trump states from the 2016 presidential elections, Ohio and Michigan. The stock market, always Trump’s yardstick for measuring the economy, is in a decline.
NEW –> @jdawsey1 & I sat down with Trump in the Oval today.
-He slammed Fed Chair Powell
-He explained why he doesn't believe climate change science consensus
-He threatened to cancel meeting with Putin over Ukrainian ships
— Philip Rucker (@PhilipRucker) November 27, 2018
In an interview with The Washington Post, Trump blamed the Federal Reserve for recent layoffs and the stock market decline.
‘When asked about declines on Wall Street and GM’s announcement that it was laying off 15 percent of its workforce, Trump responded by criticizing higher interest rates and other Fed policies, though he insisted that he is not worried about a recession.’
HAPPENING NOW: Pres. Trump threatens to cut subsidies for GM, and more top politics stories: https://t.co/0KiM2xPYFq
— ABC News (@ABC) November 27, 2018
The rambling interview, which The Post called “wide-ranging and sometimes discordant,” Trump ranted about everyone else’s mistakes, refusing to take responsibility for the apparent decline.
‘I’m doing deals, and I’m not being accommodated by the Fed. They’re making a mistake because I have a gut, and my gut tells me more sometimes than anybody else’s brain can ever tell me.’
For 2 years, @realDonaldTrump has boasted about the stock market. That’s great…if you’re invested in it. But almost half of Americans are NOT invested in the stock market. How about we build an economy where you have a career you can count on and wages you can invest with?
— Rep. Eric Swalwell (@RepSwalwell) November 26, 2018
Most notably, Trump blamed his own Federal Reserve Chairman Jerome H. “Jay” Powell for the economic issues he now faces.
‘So far, I’m not even a little bit happy with my selection of Jay. Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing.’
Trump's tariffs have cost GM $1 billion, forcing them to lay off 14K workers & close 5 plants. Now, he's attacking the company, threatening to cut all their subsidies, & hurting their stock price.
His arrogance & fragile ego are ruining American industry.https://t.co/wvNuDzuXe6
— Wes Jordan✌? (@wesley_jordan) November 27, 2018
When things go well, Trump takes credit even when it’s obvious that the gains are an extension of Obama’s policies, but when things go wrong, he blames everyone but himself.