I’m just not sure who to believe any more? One day the papers report (yes, I still read old time print news) that that the U.S. economy is not meeting grow the expectations, and the next day I discover that more jobs have been created than expected. The “devil may be in the details” here, since the key question seems to be “what kind of jobs?” Recent growth statistics may be the most telling. Over the second quarter in the U.S. a predicted growth rate of 2 percent is a far cry from the 4 percent that the so-called president pledged. Using Twitter, Trump will probably be the first person to dispute these numbers and predict even bigger growth rates in the future.
Please don’t accept the Trump tweets as factual or even as “alternative facts.” I often think of Trump’s obsession with tweeting as a modern day equivalent of Nero fiddling while Rome burns. Many expert economists note that so far the economy’s trajectory remains the same as it did under President Obama. Furthermore, without a meaningful change in government policies – greater infrastructure investment, an overhaul of the corporate tax code, a new commitment to improve the skills of American workers – there is no reason to expect the domestic outlook to change. “The safe bet is to expect more of the same. Unless we do things to boost productivity, this is the economy that we are going to see.”
So far, we have not seen these meaningful changes. Time to put down “Nero’s fiddle,” take away Trump’s Twitter account and make him do something Presidential. I don’t think he can really help himself.