President Donald Trump often credits himself for the economic prosperity the United States has enjoyed for the past six years, but his boasts may not hold as much weight among his supporters after this past week.
On Tuesday, the yield curve measuring the worth of treasury bonds inverted, meaning that federal bonds paid to investors after two years yielded more in interest to investors than those paid after ten years, signaling little faith in the promise of long-term economic growth. The last five times this happened, a recession soon followed.
Last week, China struck back against Trump's planned $300 billion tariff by letting its currency value fall against the US dollar. The Dow subsequently plummeted nearly 800 points.
So who does Trump blame?
If you said the "Fake News Media," congratulations!
You win two to six years of national anxiety.
The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me an… https://t.co/irIShkIHM3— Donald J. Trump (@Donald J. Trump)1565887973.0
In case this isn't obvious, the media reports on what happens. The yield curve inverted, so they reported that.
China devalued its currency, so they reported that. The Dow tanked, so they reported that.
And when Trump posts nonsense tweets, they report that—admirably without throwing their computer against the wall.
It's almost as if the reporting of a free press is instrumental to holding people in power accountable.
Try as he may to blame the media, the internet was clear: This is Trump's baby.
@realDonaldTrump The media has little control on the economy. Your tariffs, on the other hand, do. Trump is so m… https://t.co/E5h4B604LM— Nick Jack Pappas (@Nick Jack Pappas)1565888981.0
@realDonaldTrump The fake news is tanking the Dow, not that wealthy tax cut and China trade war you started? You sure about that bubbles?— Jeremy Newberger (@Jeremy Newberger)1565889644.0
@realDonaldTrump Yeah... cuz we all want a great depression so we can vote you out. Your flawed economic policies… https://t.co/ABbxpGeXfy— Angela Belcamino (@Angela Belcamino)1565888315.0
@realDonaldTrump Blame the media all you want. Just remember you inherited a strong economy from @BarackObama and f… https://t.co/32xPYt5Gk8— Dodgy Don (@Dodgy Don)1565967274.0
@realDonaldTrump Your trade wars, the need to continuously bail out the farmers and your tax cuts to wealthiest of… https://t.co/R3gpphG874— Michele Hull (@Michele Hull)1565947633.0
Even Obama-era Trump tends to agree.
It's Monday, how many more excuses will Obama make today about the economy?— Donald J. Trump (@Donald J. Trump)1347914914.0
Though the media is the target of Trump's tantrum at the moment, he earlier blamed "clueless" Federal Reserve Chair Jerome "Jay" Powell, whom he himself appointed.
..Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany,… https://t.co/J6Zm3iXb78— Donald J. Trump (@Donald J. Trump)1565810465.0
How many more excuses will Trump make today about the economy?
DON'T BLAME ME I DIDN'T VOTE FOR TRUMP: I Was Raised to Think For MyselfAmazon