Opinion

‘Expert’ predictions of economic disaster were all erroneous

(Getty)

Op-ed views and opinions expressed are solely those of the author.

The American left is chock-full of self-styled mavens who have been predicting economic disaster caused by a Trump presidency. Predictions started during his race, dire warnings about what would happen if America’s “deplorables” carried the day at the ballot box.  Today the fake news media is swarming with disaster-phobes hoping for a coming economic apocalypse.

Time for the gleeful exercise of calling out those doomsayers, and scorning their predictions.

Let’s start with the worst of the worst, a list headed by a guy named Paul Krugman. Krugman is the chief economist writer for the New York Times. When Trump won his election, Krugman predicted Armageddon, bleating that “a terrible thing has happened…we are probably looking at a global recession, with no end in sight”. He named Trump “the mother of all adverse effects”.  But then a funny thing happened. The American economy soared upward, making a liar out of Krugman. Again.

Krugman’s 2016 malarkey was just the beginning. He’s still at it. Two months ago, Krugman wrote a classic piece of garbage entitled “The Day the Trump Boom Died”, stating that “business confidence (has) collapsed”. Trump and his team, don’t you see, “are very strange people who have no idea what they’re doing”, says Krugman.

Apparently it doesn’t bother Krugman that he’s been wrong about nearly everything for years. Could be he has no sense of shame. The bigger mystery for me is how he keeps his job at the Times. Evidently, there are incompetent management people at the Gray Lady, unwilling to hold their writers accountable for stupid predictions and for slamming America. This guy Krugman has won some economist awards, a humiliating indictment of the economics industry.

But let’s move to the predictions of oversized filmmaker Michael Moore, who predicted “post-election economic doom and gloom”. He advised people “not to invest in the stock market, not now. Way too dangerous”. Moore is not Merrill Lynch material.

Then we have MSNBC “economic analyst” Steve Rattner, who was some sort of czar under Obama, who confidently told the world that if “Trump wins, you will see a market crash of historic proportions”. Time for you to crawl out from under your bed, Steve.

Moving to the gifted clairvoyant Nancy Pelosi, we have her priceless forecast that “Trump‘s policies would cause ‘Armageddon’ for family finances, the American economy, and the stock market”. Not just wrong, but dead wrong.

Mitt Romney, infamous economist who let all conservatives down in the 2012 election, said in March 2016, “Trump’s domestic policies would lead to recession.” Stay put in Utah, Mitt.

Ben White of Politico offered his economic two-cents: “Wall Street is set up for a major crash if Donald Trump…wins the White House”, saying financial markets would see “panicked selling should Trump…deliver a shocking upset on Nov. 8”.

How’s this one, the headline of a Washington Post 2016 editorial? “A President Trump Could Destroy the World Economy”. Apparently, everyone at WaPo skipped Economics 101.

We can’t leave out the wonderful quote from former Obama and Clinton chief economist Larry Summers, in 2016: “Under Trump, I would expect a protracted recession to begin within 18 months.” In December 2018, he increased to 60% his odds that a recession would start in 2019.

And let’s not forget a more recent member of the “Armageddon Club”, Elizabeth Warren, who predicted earlier this year that “Trump would cause an economic recession before the end of his first term in office”. In July, she claimed the “next full-scale recession could be a year away”.

But the queen of dire predictions was Hillary Clinton. In 2016, Clinton slammed the economic proposals of Trump, predicting “he would cause a recession and global panic if elected president”. She went on to make predictions of doom, attacking Trump on the issue of wages, and he “cannot be trusted at the controls”. “He’s dangerous on the economy,” she stated. “He should not have his hand on the economy”…. he will increase the national debt by $30 trillion”.

How can anyone respect blowhards who refuse to do a mea culpa and admit how wrong they were about Trump and Trump’s policies?

John R. Smith

John R. Smith is chairman of BIZPAC, the Business Political Action Committee of Palm Beach County, and owner of a financial services company. He is a frequent columnist for BizPac Review.
John R. Smith

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