Former Obama and Clinton economic adviser Gene Sperling named Donald Trump the biggest risk to the US economy.
Sperling said on MSNBC’s The Last Word with Lawrence O’Donnell:
First, you end up having self-inflicted wounds. How’s it going for agriculture exports of the United States? Soybean exporters. It’s been a disaster. We now have industrial production, and manufacturing, his big focus, is down two that’s a technical recession for industrial production. One, you end up hitting yourself in the process, but secondly, instead of working with Germany and Canada and other countries in a coherent way that might have been directed toward isolating China, this kind of just, again, kind of drunk driving approach ends up just creating risk and harm in the global economy and so not only is it bad when Germany goes to negative growth, but you’ve seen that China now had industrial production at its lowest in, perhaps, 17 years.
None of that is good. It’s not good when you hurt your own agriculture exporters and your own manufacturers, but when you lower demand in the world, in Germany, important customer, in China, in the global economy, you hurt all of the people in the United States who rely on strong global demand, and, you know, the question now is, can he pull out of it? You know, you asked what you have to do. You actually don’t need to know too much about economics to know that when you’re digging a hole, stop digging and the way Donald Trump has, again, managed this economy is that he is the number-one risk factor. If he simply did nothing, the entire U.S. And global economy would be in stronger shape than it is now.
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Trump’s refusal to ever admit that he is wrong is a recipe for economic disaster. The trade war was a mistake from the beginning, but instead of learning and adapting, Trump continues to dig in his heels and say absurd things that false, such as China is paying for the tariffs. A president with rigid policies is a bad president. A president who has rigid policies that are based on fantasies is courting economic disaster.
Donald Trump is threat number one to the US economy, and voters will have to wait more than a year before they can remove the threat in the voting booth.
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