October 13, 2019

Attacking the Trump Economy

“Donald Trump tried to turn Independence Day into a celebration of himself. It was—thanks to poor planning, bad weather, and his hubris—a catastrophe. But a day later, Trump found another, less expensive way to throw a victory parade: the release of the unexpectedly good jobs numbers from June.

Quieting worries that a long-expected economic slowdown was imminent, the economy added over 200,000 jobs in June. (The unemployment rate ticked up, but only because more people without jobs were looking for them than in the previous month.) At the same time, the stock market has continued to shoot upward, perhaps thanks in large part to the widespread belief that the Federal Reserve will cut interest rates—though that may have just become less likely, thanks to the new, robust jobs numbers. (That did not, of course, stop the president from continuing to push the Fed to cut interest rates. “If we had a Fed that would lower interest rates we would be like a rocket ship, but we’re paying a lot of interest and it’s unnecessary,” Trump said. “We don’t have a Fed that knows what they’re doing, so it’s one of those little things.”)

But regardless of what the stock market does Monday, the numbers are a boon for Trump, and bolster one of the reelection arguments he has made (and, honestly, should make, from a pure politics point of view) again and again: The economy is booming because of his leadership.”

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