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While Donald Trump crows about the bull market and the strong economy being his personal enterprises, which he created and conducts with great brilliance, the actual reality has been going in a different direction for quite some time. In 2018 J.P. Morgan predicted that the next financial crisis would be in 2020. And this time last year the U.S. bond yield curve inverted, meaning that long-term debts had a lower yield than short-term. For the past fifty years this has been a red flag of impending recession. Usually, when the inverse yield happens, a recession occurs within eighteen months. Trump might have skated by until election day with his trade war idiocy and a number of other things, had he not botched the coronavirus response so thoroughly. However, he did and it looks like the chickens will be home to roost early.

And J.P. Morgan isn’t the only one. Trump’s former economic adviser says that we’re in a recession as well.

And it’s not like this is coming out of the woodwork. Maybe to Trump, because he’s a moron who surrounds himself with morons, but not to anybody who’s been watching the economy with even one eye.

Now, coming from David Brooks, who has been greasing the wheels for this occasion for the last 30 years, this is ironic, but nonetheless the point is valid.

But here’s the bottom line.

What is happening in America right now is due to GOP complicity. Trump is their Frankenstein’s monster. However many people die from coronavirus in the United States, the blood will be on their hands. I hope that they sleep well knowing this.

 

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This is a Creative Commons article. The original version of this article appeared here.

3 COMMENTS

  1. Another economic collapse generated by hare-brained conservative economics, call it ‘trickle-down’, or whatever. The Republican Party creates them, the Democratic Party has to bail out the country. Bring back Glass-Steagal! Bernie’s revolution has already happened; the American people want floor to ceiling Progressive Legislation. Implementation please!

  2. The sign of character is to admit and take responsibility for the good things and the bad. Again, please don’t hold your breath waiting for Trump to admit to any failings, mistakes or any accountability. The only good that will come of these dark times is that Trump will be finished.
    One percent…now is your time to step up and pay it forward.

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