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.
Translation: JPMorgan is now forecasting a US recession in 2020. https://t.co/Ic9qMd3hh6
— Heather Long (@byHeatherLong) March 12, 2020
And J.P. Morgan isn’t the only one. Trump’s former economic adviser says that we’re in a recession as well.
Moody’s economist Mark Zandi agrees that recession is now underway: “the economy will contract very sharply in March”
— John Harwood (@JohnJHarwood) March 13, 2020
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.
EVEN BEFORE CORONAVIRUS, A TRUMP RECESSION WAS COMING. HERE WERE THE ECONOMIC FACTS **BEFORE** COVID-19:
Economic growth=weak 2.1%
Wages stuck to inflation
Monthly job creation ⬇️
— Nigel St. Hubbins ???????? (@Nigel_StHubbins) March 13, 2020
I get the sense that this is not only the low point of the Trump presidency but the low point of the American presidency ever. Has any president ever been this overmatched by a crisis?
— David Brooks (@nytdavidbrooks) March 13, 2020
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.
NPR: “Trump did not push to do aggressive testing because more testing might have led to more cases being discovered of the Coronavirus outbreak, and Trump made it clear the lower the numbers on Coronavirus, the better for the president and his re-election this fall.” https://t.co/4N9PDRmotT
— Joe Scarborough (@JoeNBC) March 12, 2020
But here’s the bottom line.
A quick reminder to every Republican senator not named @MittRomney that a few weeks ago, each and every one of you voted against removing Donald Trump from office. Every one of you knew he was unfit for office when you did this. Every one of you chose to risk today happening.
— Benjamin Wittes (@benjaminwittes) March 12, 2020
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.
This is a Creative Commons article. The original version of this article appeared here.