For over three years, Donald Trump has used President Obama as an excuse for most of his administration’s challenges. If that doesn’t work, he falls back on “deep state.”
But he’s now met his match. There’s no way Trump can link the coronavirus outbreak to Barak Obama, Hillary Clinton, or some mysterious deep state conspiracy. And he’s floundering.
In the last five days, the Dow has shed more than 12% of its value. It’s down 10% for the month… and as much as 13% for the year.
Here’s the thing: Trump didn’t allow for any excuses when Obama was in charge… so why should we let him offer any for himself? He’s taken credit for every rise in the market. So, he should take a hit for every drop.
What’s good for the goose…
He’s So Ready to Claim the Glory, But…
“Dow goes from 18,589 on November 9, 2016, to 25,075 today,” Trump tweeted in November 2016, “for a new all-time Record. Jumped 1000 points in last 5 weeks, Record fastest 1000 point move in history. This is all about the Make America Great Again agenda! Jobs, Jobs, Jobs. Six trillion dollars in value created!”
So, if his “leadership” caused a $6 trillion rise in the stock market over 2 years… shouldn’t he get “credit” for a drop three times as great in 2020?
There’s another glitch, too. The Dow rose 26% over two years while Trump was in office. But it rose 33% over two years under Obama. And Politifact reports the market jumped 61% over 10 months under Obama. A feat Trump’s tenure hasn’t even come close to matching.
Politifact points out Bill Clinton saw a 227% rise in the Dow over his 8 years in office. Even Ronald Reagan couldn’t match those numbers. In fact, the Obama administration saw the Dow jump 14% more than Reagan’s.
Donald Trump’s numbers beat the two Bush’s… but he lags behind Reagan, Obama, and Clinton.
And his handling of the coronavirus outbreak doesn’t look like a winning strategy, either.
The Man with No Clue
The new coronavirus kills at a rate about 20x higher than the flu. But Trump seemed unaware of that at press conferences.
Then he put V.P. Mike Pence in charge of response. The same man multiple news outlets pointed out was criticized for his handling of the HIV outbreak.
Pence hesitated to authorize a needle exchange program. And then resorted to prayer.
Experts suggest many lives could have been saved if Pence had acted quickly… and sensibly.
Even more exasperating is the report form the NYTimes that Trump appointed Pence, because – in Trump’s own words – he didn’t have anything else to do.
Meanwhile, Trump has suggested – with no evidence – that warm weather would kill the virus. And that we’re well prepared… despite having already gutted the CDC’s ability to respond.
Yet – somehow – we all know this will all be Obama’s fault. Or Hillary’s. Or anyone’s but Trump’s. Because he can’t accept any of the consequences of his decisions.
But the American people will know. Trump rolled the dice with the CDC, slashing funding for a critical government department.
And he came up snake eyes.
MarketWatch. Feb 28. 2020.
DeCambre, M. and Wiltermuth, J., “Stock market rout continues, on track for worst weekly slide since 2008 as coronavirus stokes volatility,” MarketWatch. Feb 28. 2020.
Jacobson, L., “How Donald Trump, Barack Obama compare on the stock market,” Politifact. Jan 8, 2018