A Sunday editorial in the New York Post is likely burning the ears of President Trump’s critics. It points out that, contrary to the doom and gloom predictions, the economy is doing better than ever under a Trump presidency.
The editorial, titled “Turns out Trump didn’t ruin America’s economy,” outlines the many negative predictions the naysayers tossed out before and after the election. It also outlined the many advances the Trump economy has made – namely, the 3% growth the President predicted, which his critics mocked could never happen.
Ironically, it seems New York City itself, which largely voted against the President, seems to be enjoying an upturn thanks to the Trump economy. Foreign tourism is up nearly 4% this year, after city officials predicted a drop because of Trump’s travel ban and related policies.
Finance expert Steve Rattner foresaw “a market crash of historic proportions” under a President Trump. Moody’s warned of a “weaker” economy. Many said 2 percent GDP growth was the best that could be hoped for.
Other doomsayers included Mark Cuban, CNBC’s Andrew Ross Sorkin and firms such as Bridgewater Associates and Macroeconomic Advisers. (A less-dishonorable mention goes to Nobel-winning economist Paul Krugman, who at least walked back his doomsaying about “a global recession, with no end in sight,” soon after election night.)
In fact, the Dow has climbed more than 25 percent since Hillary Clinton conceded. And the first two full quarters of Trump’s term both saw growth of 3 percent or more. Oops.
More recently, Trump’s cutbacks of money to help folks sign up for ObamaCare brought warnings that enrollment would surely plummet. Hah! Over the first few days of open enrollment this year, a record number of people signed up, The Hill reported Tuesday.
The first day alone saw 200,000 sign-ups, twice last year’s number, and more than 1 million visited healthcare.gov, versus 750,000 in 2016.
As for all the noise about fascism and tyranny: Trump has scrupulously obeyed the law, even as judges came up with unprecedented legal theories to strike down his “travel ban” executive orders.
None of this guarantees that the markets won’t turn south eventually, or that ObamaCare won’t run into the rocks. But it does tell you that talk of Trump-fueled armageddon is partisan hysteria, unhinged from reality.
The editorial is likely to bolster claims by President Trump and Republicans that the new tax cuts they propose will benefit the working class and the economy overall, contrary to some claims. Many who are currently critical of the President’s tax plan were the same predicting an economic implosion once he took office.