Trump: Fed Not Helping My Reelection Campaign Enough

Here’s a trip down memory lane:

September 12, 2016: Candidate Donald Trump whines that the Fed should be raising interest rates, but won’t because it’s protecting the economy for Obama. “Any increase at all will be a very, very small increase because they want to keep the market up so Obama goes out and let the new guy … raise interest rates … and watch what happens in the stock market.

Two years pass, during which the Fed raises interest rates….

June 22, 2019: “I am at Camp David working on many things, including Iran! We have a great Economy, Tariffs have been very helpful both with respect to the huge Dollars coming IN, & on helping to make good Trade Deals. The Dow heading to BEST June in 80 years! Stock Market BEST June in 50 years!

Today: “Despite a Federal Reserve that doesn’t know what it is doing – raised rates far too fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in US history….Now they stick, like a stubborn child, when we need rates cuts, & easing, to make up for what other countries are doing against us. Blew it!

Two years ago Trump said the Fed was raising rates too slowly. Today he says they raised rates too fast. If anybody bothers to ask—and it hardly seems worth the trouble—I’m sure he’ll say that he’s always wanted low interest rates. He did say he was a “low interest rate person,” after all. In any case, this gives him a handy, demagoguish excuse to haul out when the economy declines on his watch because he forgot to time his tax cut to help his reelection campaign.

Hey, remember back when Trump said he had been against the Iraq War from the start, even though he wasn’t? Good times.

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THE BIG PICTURE

You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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