Photo-Illustration: Intelligencer; Photos: Library of Congress (shantytown); Getty Images The healthy state of the recovery forms the backbone of President Trump’s public message. It is his all-purpose proof of success, and even a defense of his high crimes and misdemeanors. (“You can’t impeach a president for creating the best economy in our country’s history,” he proclaimed.) But Friday morning’s disappointing jobs number adds to a growing list of warning signs that the economy might be heading into recession. JPMorgan and Goldman Sachs have both cut their growth forecasts. Just what kind of campaign will Trump run if the recovery ends on his watch? Traditional presidential polling suggests the answer is, it doesn’t matter. Even with the benefit of a healthy economy, Trump has miserable approval ratings and an, at best, even chance of reelection. The healthy recovery is a necessary but not a sufficient condition for his reelection. Remove … [Read more...] about What Will Trump Campaign On If There’s a Recession?
Democratic presidential candidate Beto O'RourkeBeto O'RourkeDeval Patrick enters 2020 race O'Rourke says he 'absolutely' plans to stay in politics Krystal Ball: Buttigieg is 'the boomer candidate' MORE on Sunday slammed President Trump's tariffs on China, which he said were unsuccessful and have hurt Americans."I'm afraid this president is driving the global economy and our economy into a recession," the former Texas congressman said Sunday on NBC's "Meet the Press."ADVERTISEMENTHe added, "This current trade war with China the president has entered our country into is not working, it's hammering the hell out of farmers across the country who do not want bail outs or payouts, [they] just want profits off what they're growing.""American consumers understand these tariffs are a tax on them."Trump administration officials say the trade war is only hurting China, despite widespread warnings from economists that it is harming the U.S. and that the nation could be heading … [Read more...] about O’Rourke: Trump driving global, U.S. economy into recession
US President Donald Trump and top White House officials dismissed concerns that economic growth may be faltering, saying on Sunday they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.“We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money,” Trump said on Sunday.But he was less optimistic than his aides on striking a trade deal with China, saying that while he believed China was ready to come to an agreement, “I’m not ready to make a deal yet.” He hinted that the White House would like to see Beijing resolve ongoing protests in Hong Kong first.“I would like to see Hong Kong worked out in a very humanitarian fashion,” Trump said. “I think it would be very good for the trade deal.” White House economic adviser Larry … [Read more...] about Donald Trump ‘not ready’ for China trade deal, dismisses recession fears
House Judiciary Committee Chairman Jerrold NadlerJerrold (Jerry) Lewis NadlerMaloney wins vote for Oversight chairwoman House to hold markup Wednesday on marijuana decriminalization bill House to vote on bill to ensure citizenship for children of overseas service members MORE (D-N.Y.) announced Friday his panel would return to Capitol Hill before the summer recess is finished to host a markup hearing on gun violence, which comes after two deadly shootings earlier this month reignited the debate over gun reform.The Judiciary Committee is poised to return to the beltway on Sept. 4, the Wednesday before the lower chamber's six-week recess is set to end. Nadler says the panel will examine three gun violence prevention bills, and then hold a hearing on military-style assault weapons later in September.ADVERTISEMENT“Although we know the issue of gun violence won’t be fixed overnight, there are steps Congress can and must take to … [Read more...] about Nadler: Judiciary panel to hold hearing on gun violence before House recess ends
From the very moment that Donald TrumpDonald John TrumpDem senator says Zelensky was 'feeling the pressure' to probe Bidens 2020 Dems slam Trump decision on West Bank settlements Trump calls latest impeachment hearings 'a great day for Republicans' MORE won the 2016 election, the media has been chattering incessantly about a major recession that is supposedly just around the corner. As the country awoke to the news of his victory as president, the stock market rocketed upwards, yet liberal economist Paul Krugman inexplicably prophesied in the New York Times that we were probably facing a “global recession” with no end in sight. Less than a week later, he wrote about an impending “Trump slump.”Krugman was not alone. Matt Krantz of USA Today thought a recession was on the way because Trump is a Republican president, and that was before Trump even took office. After his inauguration, despite strong growth and impressive job creation, the media continued its … [Read more...] about What economic recession?