Trump’s Flip-Flop on Economic Blame
Back when Joe Biden was getting ready to hand over a thriving American economy to his successor, Donald Trump attempted to take credit for the strong growth. According to him, just the idea of his potential return to office had investors and “job creators” buzzing with excitement, which supposedly sent the economy soaring.
Shift in Blame After Economic Struggles
However, following Trump’s second inauguration, the U.S. economy faced serious challenges. Suddenly, the same Republican who once claimed glory for robust growth quickly shifted blame, stating that the poor economic news was all Biden’s doing.
Initial GDP Data Released
In late April, the Commerce Department released figures showing that the U.S. economy was actually contracting during the first quarter of the year (from January to March). Just one day later, Trump not only pointed a finger at his Democratic predecessor but also warned that Biden would probably bear the brunt of the blame for the upcoming second quarter GDP as well (April to June).
Surprising Growth Report
At that time, Biden was anxious about potential ongoing economic woes as spring unfolded, so he sought to preemptively deflect any responsibility. But fast forward three months, and the Commerce Department shared a new report revealing that the economy had indeed improved in the second quarter. Strikingly, Trump decided to disregard any association with Biden in this context. As noted by CNBC:
Context Matters
While it wasn’t surprising to see Trump tout the positive data, the underlying details can’t be ignored. According to The New York Times, the data from both quarters has been affected by fluctuating trade and inventories due to Trump’s shifting tariff strategies.
The Times further explained that, overall, the first half of the year presented a more nuanced picture of slim yet steady economic growth.
Other Reports Reflect Market Weakness
Moreover, a report from Reuters echoed these concerns, indicating that the second quarter data veiled existing weaknesses within the domestic economy. They pointed out that the topline numbers exaggerated the state of the economy, as much of the bounce back was attributed to declining imports, while domestic demand increased at its slowest rate in two and a half years.
What to Expect from Trump
With all this information in mind, I wouldn’t be surprised to hear Trump craft a narrative in which he deserves credit for the headline GDP growth but still pins the blame on Biden for the gritty details hidden within the same report.
This article was originally published on MSNBC.com
