Emperor Cheeto’s latest tweet just thanked HIMSELF. Yes, the research is indeed positive, showing consumer confidence in the U.S. is at its highest level since August 2001. But the crazy POETUS was not getting much praise on Twitter or from leading economists.
Lynn Franco, director of economic indicators at the Conference Board, said:
“The post-election surge in optimism for the economy, jobs and income prospects, as well as for stock prices which reached a 13-year high, was most pronounced among older consumers.
Looking ahead to 2017, consumers’ continued optimism will depend on whether or not their expectations are realized.”
But if Trump imposes tariffs on imports as he has said this will actually be likely to increase prices for U.S. consumers and manufacturers who source materials from abroad.
James Pethokoukis, a scholar at the American Enterprise Institute, told Politico:
“He’s likely to be unsuccessful on any sort of broad increase in U.S. manufacturing jobs.
That line may blip up or down based on how the economy is doing but these are long-term trends that aren’t likely to change.
The president-elect judges his own personal wealth based on his own feelings.
So on any given day, he could just decide based on his feelings that America is great.”
According to HuffPo, other experts have predicted an initial Trump surge in the US economy could be followed by negative effects. Nobel prize-winning economist, Paul Krugman, told The Guardian:
“Trumpism will have dire effects, but they will take time to become manifest.
In fact, don’t be surprised if economic growth actually accelerates for a couple of years.”
I give it 18 months, but what do I know. Anyway, thanks, Donald! You’re embarrassing us all. Patton Oswalt sums it up best… scroll down.
(via Huffington Post)