Trump’s Critics on the Economy: So Wrong, So Often By Stephen Moore for CNS News
There’s an old saying about baseball and life that no one ever had a 1.000 batting average. It turns out that’s not exactly true. At least when it comes to the Trump economy, anti-Trumpers defied the near-impossible statistical odds and somehow have batted 1.000 on their predictions. They managed to get it wrong every time.
A chorus line of President Donald Trump’s critics, including the best and brightest minds of the liberal intelligentsia, predicted an economic and stock market free fall if Trumponomics were implemented. They weren’t just wrong; in many cases, they were fantastically wrong. So wrong that Paul Krugman, the leader of the Armageddon brigades four years ago, recently had to cry uncle. He begrudgingly admitted the Trump economy is doing “pretty well,” which is like saying that Kansas City Chiefs quarterback Patrick Mahomes had a “pretty good year.” Then, he insisted that Trump is a moron.
Having worked as an economic adviser to the 2016 Trump campaign, I had to go to battle almost every day with the whiz kids who predicted economic apocalypse if Trump won. “Under Trump, I would expect a protracted recession to begin within 18 months,” moaned former presidents Bill Clinton and Barack Obama’s chief economist Larry Summers. Well, where is it?
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The former chief economist of the International Monetary Fund, Eric Zitzewitz, warned on the eve of the election, “If Trump wins, we should expect a big markdown in expected future earnings for a wide range of stocks — and a likely crash in the broader market.” The market is up roughly 60 percent.
The New York Times summarized a 2016 study by economist Mark Zandi of Moody’s Analytics by warning, “If Donald Trump were elected president and put in his stated policies, the United States would experience a lengthy recession, enormous job losses, much higher interest rates and diminished long-term growth prospects.” The economy under Trump has precisely the opposite result on every measure.