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‘Chilling’: Amid Recession Alarms and Market Nosedive Trump White House Blames Biden

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It’s Monday, March 10, and Donald Trump has been president for 50 days. The stock market continues its steep decline, with the Dow losing nearly 2,500 points over the past month. Today, it closed down nearly 900 points—after losing over 1100—reportedly due in large part to the uncertainty surrounding Trump’s tariffs, their chaotic implementation, and concerns over the possible recession they may bring. Meanwhile, a government shutdown looms. If Congress fails to reach a budget deal by midnight Friday—and President Trump has barely addressed the issue in public—the federal government will shut down at 12:01 AM on Saturday. While Congressional Republicans will likely need some Democratic votes, and it’s unclear how many, if any, they can count on, some political commentators are warning that Speaker Johnson is “devising a trap for congressional Democrats.”

You would not know any of this if you just walked through President Trump’s Truth Social page, where he spent an hour on Monday afternoon posting links to right-wing and far-right websites praising the “Trump effect,” claiming Trump is “rebuilding domestic manufacturing” (something President Joe Biden actually did,) bragging about the historically low number of migrants ICE apprehended at the Southwest border (he said he would deport millions), claiming his tariffs will not cause inflation (despite economists’ warnings), quoting his border “czar” saying he will “bring hell” to sanctuary cities, boasting that European nations are boosting their militaries (because they see the U.S. as aligning with Russia and hence unreliable), and posting a screenshot claiming he has the highest approval rating since being inaugurated (despite reliable polls saying the opposite).

Headlines make clear, however: investors and consumers alike are worried about a Trump recession.

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“Stock Rout Picks Up Steam With Recession Warnings Blaring” (Bloomberg)
“Dow falls 1,100 points in market rout after Trump says he won’t rule out a recession” (CNN)
“White House pushes back against recession talk as household worries grow” (Reuters)
“Stocks slump yet again as fears grow about tariffs — and a recession” (NPR)

Just days ago, the headline at Foreign Policy was, “Trump’s Economy Is Flashing Red”:

“Trade wars, rising prices, falling confidence, and sinking stock markets are not what Wall Street or Main Street voted for.”

The Guardian on Monday reported on the Trump economic crisis.

“Wall Street falls as tariff fears grip markets,” The Guardian’s headline reveals.

“Boom! The US stock market has opened sharply lower, as fears that a trade war could spark an American recession sweep Wall Street,” it explains. After detailing how markets opened lower and continued to fall in early trading, it notes, “This follows last week’s selloff, in which the S&P 500 fell by over 3%, its worst run since early September.”

And it warns about the impact on Americans.

“Stocks are sliding today after China today imposed reciprical tariffs on US imports, targeting agricultural products, in response to the 10% tariff imposed by the US on Chinese imports. Beijing’s tariffs will make American goods, such as soyabeans, pork, beef, chicken and cotton more expensive for Chinese consumers, and may lead importers to buy goods from elsewhere instead, hitting sales for US farmers.”

Most importantly, here’s how the UK-based paper explained the cause: “Hopes that Donald Trump’s more erratic actions could be reined in by the markets appear to be being eroded, after the US president failed to rule out a recession in his weekend interview with Fox. Instead, Trump spoke about how there would be ‘a period of transition,’ implying the White House was relaxed about economic damage, expecting it to be short-term.”

‘Chilling’ and ‘Kind of Mystifying’

Former U.S. Rep. Charlie Dent, a seven-term Republican of Pennsylvania, told MSNBC Monday afternoon that Trump’s actions are having a “chilling” effect on the economy, and said it is “kind of mystifying” that the President “is behaving so recklessly with respect to the stewardship of this economy.”

Accusing Trump of trying to “undermine” North American economic systems, Dent said Trump’s tariffs “will likely cause recessions in Canada and Mexico, and create higher prices here and disrupt manufacturing and agriculture, so that’s going to be very negative for us.”

“He’s also, at the same time, is bad mouthing Europe every day, a major trading partner with us,” Dent added, observing that amidst all of this, Trump is “talking about greater rapprochement with Russia, which has an economy smaller than some of our states.”

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Dent described Trump as “rather destructive and reckless,” noting he “does not understand” the consequences his tariffs will have on American manufacturers and farmers.

Despite Trump’s cycle of tariff threats, implementations, walk-backs, and renewed tariffs—along with his mass firing of potentially hundreds of thousands of government employees in an effort to shrink the federal workforce—his National Economic Council Director, Kevin Hassett, is pinning all the blame for the bad economic news on President Joe Biden.

Former Chair of the Council of Economic Advisers under President Barack Obama, Jason Furman, apparently responding to President Trump’s remarks over the weekend, during which he said the U.S. could expect a period of “transition” as his economic policies take effect.

“If you are implementing a credible plan that entails short-term pain for long-term gain the stock market will go up not down,” Furman, a professor of economics, wrote Monday afternoon.

‘We’ve Got a Biden Economy’ White House Advisor Says

Hassett served as the chairman of the Council of Economic Advisers during the first Trump administration. He is known for his faulty prediction about the DOW reaching 36,000 in 2004 — it did not until 2024, under President Joe Biden. He is also known for his false prediction that by May 0f 2020 COVID deaths would drop to nearly zero. At least 1.2 million people in the U.S. to date have died from COVID.

On Monday Hassett blamed President Biden for Trump’s bad economic results, while calling massive disruptions, like Monday drop in the markets, as “some blips in the data.”

Fox News’ Jessica Tarlov, co-host of “The Five,” responded: “Strange that Biden never had these crappy numbers when it was actually his economy.”

Political commentator Brian Tyler Cohen mocked Hassett: “Oh, right, this is still the Biden economy, except for how the Biden economy had a record high market and now we’re in a market crash. Got it.”

Watch the video below or at this link.

Hassett: “We’ve got a Biden economy. Still, most of Biden’s policies are in place. If you look at the Atlanta Fed GDP now number, it’s showing negative first quarter, which is kind of a metric of the inheritance of President Biden.”

[image or embed]

— Aaron Rupar (@atrupar.com) March 10, 2025 at 11:01 AM

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Image via Reuters 

 

 

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Judge Tosses Kennedy Center’s Lawsuit Against Artist Who Canceled Over Trump’s Name

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A judge on Friday tossed out a lawsuit brought by the Kennedy Center against an artist who withdrew from a performance after the organization’s board voted to add President Donald Trump’s name to the venue, The Washington Post reports.

The artist, jazz musician Chuck Redd, pulled out over what he called “the defiant and illegal name change happening to the Kennedy Center,” according to the Post.

But, as D.C. Superior Court Judge Tanya Jones Bosier found, Kennedy Center officials had not made a legally binding agreement with Redd, and there could be no breach of contract claim as a result.

“There’s no dispute that he did not sign the 2025 agreement,” the judge said.

In a statement, Redd’s attorney, Lisa Banks, said Redd had been sued “because he publicly and rightly objected to adding Donald Trump’s name to the Kennedy Center, a living memorial to former President John F. Kennedy.”

Banks called the lawsuit “political retribution, pure and simple, by the Trump Kennedy Center,” and said that “the Court correctly saw it as such in dismissing the case with prejudice.”

According to the Post, after Redd withdrew, then-Kennedy Center president Richard Grenell said in a letter to Redd, “This is your official notice that we will seek $1 million in damages from you for this political stunt.”

In December, Redd told the Associated Press, “When I saw the name change on the Kennedy Center website and then hours later on the building, I chose to cancel our concert.”

On Thursday, the general counsel for the John F. Kennedy Center for the Performing Arts ordered Trump’s name to “immediately” be removed from the building after a federal judge found adding the president’s name to the Center was unlawful, The New York Times reported.

“The memo gave staff members detailed instructions on the materials that needed to be updated, including social media accounts, email signatures and voice mail messages,” the Times reported. “It specified that outdoor and indoor signage with the barred name must be altered by June 12.”

Late last month, a federal judge ordered that President Donald Trump could not rename the Kennedy Center, nor could he close it for what the Trump administration said were two years of renovations.

“The Kennedy Center’s organic statute makes crystal clear that the Center is to be named for President Kennedy, and it cannot bear any other formal name or public memorial based on the Board’s unilateral say-so,” the judge wrote, CNBC reported. “Congress gave the Kennedy Center its name, and only Congress can change it.”

 

Image via Reuters 

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How ‘Inept’ Trump Is Getting ‘Worse at All of This’: Political Scientist

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“All presidents lose. Trump loses more often, on more things, than most,” says political scientist Jonathan Bernstein in a written conversation with New York Times Opinion editor John Guida.

Bernstein argues that Trump is an “inept” president who “actually gets worse at all of this as he goes along.”

“Trump thinks winning elections is like winning a prize — the United States of America — to do with as he pleases,” he writes. “But what actually happens in elections is that the voters hire you to do a job. It’s a job with some 340 million bosses. And like all jobs, it has constraints and obligations.”

Trump “just doesn’t see that,” says Bernstein, who also notes that “Trump has hardly had a week where his approval exceeded his disapproval.”

What Trump is actually good at is being “a really good reality TV star.”

“He’s very good at grabbing attention,” which “can help a president set the agenda,” Bernstein says. “Political scientists have found that presidents aren’t very good at changing what people think, but they can be good at changing what people think about.”

Trump has been good at creating “a Democratic Party eager to fight — and that may even, in time, undermine the 50 years of successful G.O.P. gains in the courts,” but he has not worked to get his agenda passed in Congress.

“With the power to set the agenda, skilled presidents can get things done: by pressing Congress to vote on something they would rather not vote on or by pressing the bureaucracy to pay attention to their directives,” says Bernstein. “Trump is an inept president, so he mostly squanders the attention he gets — and at least half the time, he winds up drawing attention to things that don’t help him at all.”

Trump has not been successful at getting Congress to pass his most important legislation: the SAVE America Act, or at getting the Senate to kill the filibuster. Recently, even some GOP lawmakers crossed the aisle in a significant rebuke of the president — namely the War Powers Act legislation — and some have balked at Trump’s $1.8 billion anti-weaponization fund.

Meanwhile, “Trump has managed to do a lot of damage that will be truly hard to undo,” says Bernstein. “Legal talent has drained from the Justice Department. The same thing is happening virtually everywhere in the federal Civil Service, especially after work force cuts.”

It will “take time to rebuild,” but it will “be hard for any future president to recover from the foreign policy debacles,” he warns.

 

Image via Reuters 

 

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Why James Carville Says Voters Should Back Graham Platner — Despite His ‘Flaws’

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Democratic political consultant James Carville wants Maine voters to back Graham Platner despite the candidate’s flaws — and partly because of some of them. Platner is currently the likely Democratic nominee in Maine’s U.S. Senate race. If Platner wins the primary, he will face Republican Senator Susan Collins, who was first elected in 1996.

“I understand he’s f—— up,” said Carville on his Politicon podcast. “Yeah, maybe we need a combat veteran right on that Senate floor, who is f—— up.”

Carville berated Senator Collins by calling her “the most pliable member in the history of the United States Senate.”

He warned that he believes the country is “in imminent peril — I mean, imminent peril,” and asked: “Who is most likely to slow this criminal in charge?”

“I think it’s Graham Platner.”

“I ask all of you to understand his flaws, and understand the peril that this nation is in, and maybe he might be the right guy at the right time,” said Carville.

“Graham Platner grew up, I think, pretty privileged,” Carville said, sharing some of the likely Democratic nominee’s backstory. “He went to some kind of fancy fancy boarding school. He graduated, he joined the United States Marine Corps. He was in for eight years. He had three combat deployments. He gets out of the Marine Corps, and he goes to GW.”

Then Platner “joined the Maryland National Guard. Oh, you know what happened? He gets deployed a fourth time.”

“He’s f—— up,” said Carville. “He’s been shot at. He’s a veteran. All right? He’s got a little bit weird. He’s an oysterman. I know what oystermen do. I live in Louisiana. I think that oyster harvesting is the same the world over, it’s hard a—— work.”

Carville acknowledged that he has concerns, but said that maybe senators “need to look at this guy before they start sending young people off to fight wars, and see what the consequence of it is. Maybe he ought to run and say, ‘You don’t know, I’m gonna be on a veterans affairs committee, and I wanna be on a mental health subcommittee, ’cause I know something about… Yeah, I might be five degrees off dead center. So f—— what?’ They need that.”

He said he doesn’t agree with Platner’s economic stances, that they are “to the left of anything I’d say I’m for.”

“But you know what? He recognizes this horrific inequality in this country. And it actually would do some good to have somebody in there.”

Carville called Platner’s tattoo “very troubling.”

He said, “what I have to consider first, is this country is about to lose it. The whole goddamn thing.”

“Okay, we gotta win this,” Carville concluded. “And if we got a person who’s understandably got issues, yeah, good. And maybe people ought to see it, and maybe we ought to just be reminded of what these stupid wars have brought about in the consequence of said stupid wars. It’s [what] stupid Susan Collins been for all her political life.”

 

Image via Reuters 

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