President Donald Trump just declared war on the man he personally picked to head the Federal Reserve. The President is furious that one in three economists are predicting recession by the end of the year, and many believe the U.S. will plunge into a recession within the next 6 to 12 months.
At the top of the list of causes for the Trump recession is the president’s trade war with China, which he said a year ago was easy to win.
Trade wars are not easy to win, and Trump’s lack of understanding of the international economy is harming Americans and people worldwide.
So, as he has been doing for months, late Monday morning the President blasted Jerome Powell, the Chairman of the Federal Reserve – which is supposed to be a wholly independent agency. Some economists believe the Fed’s policies have helped slow economic growth, but it is Trump who is to blame for the possible impending recession.
But this time Trump went nuclear, declaring war on the Federal Reserve Chairman, in a tweet.
The President blasted what he called Powell’s “horrendous lack of vision,” while claiming Democrats are trying to (as if it were even possible) “will” the economy into recession.
Trump also called for the Fed to massively cut interest rates, which would steal a critical tool the Fed uses when facing dire economic crises.
One Washington Post Economics Correspondent noted the same:
Another Washington Post reporter notes Trump is really pushing the envelope:
While this ABC News reporter reminded Trump of his praise of Powell when he nominated him:
In fact, here’s Trump on Nov. 2, 2017, introducing and praising Powell as his nominee, “based on his record”:
Meanwhile, a senior market analyst noticed the illogical juxtapositions in Trump’s tweet:
And this CNBC reporter notes Democrats are not in a position to “will” a bad economy: