Our friend Jill has written an excellent post on “Trumponomics 101” (a link is provided below). What I opined in a comment is Trump is more about perception than reality. Here are a few examples:
– he beats his chest on his trade and tariff decisions, but they have dampened the global economy, of which we are a key part, as well as certain US industries.
– he left the Trans Pacific Partnership which was designed to compete better with China on trade (note the other ten countries proceeded without us).
– he claims being tough on immigration and terror, but his travel ban and reduction in legal immigration are dilutive to our economy (note legal immigration has fallen as well).
– he touts his tax law, but it borrowed from our future to make a pretty good economy a little better for eighteen months or so.
Focusing on another tax cut to lessen the impact of the slowing growth is malfeasance, as was the first tax cut in December, 2017. And, lowering interest rates won’t push a lot of investment as businesses are concerned by the chaos caused by Trump.
So, Trump is worried about the market and economy retrenching from its growth not recognizing the headwinds he created. Note, for brevity I did not speak to other headwinds – not investing more in renewables, infrastructure, healthcare, etc.
Yet, the biggest perception he painted to his followers before the election was the US economy was in trouble citing the unemployment rate at 30%, then 40% then 42%. The reality is the unemployment rate was beneath 5% and we were in an economic growth period of 90 consecutive months (7 1/2 years) which continues to this day. He convinced his followers that he alone helped turn the economy around, which was doing pretty good.
Reality does matter. And, you won’t get a lot of that from Trump, who had a faux reality TV show.