WASHINGTON, December 31, 2017: Trump Derangement Syndrome can make anyone, even Nobel Prize winners, sound stupid. The day after Trump won the nation’s 45th president, New York Times columnist and Nobel laureate Paul Krugman bold announcement was that the “disaster” of a Trump presidency was full of:
“so many aspects that the economic ramifications are way down my list of things to fear.”
But Krugman somehow managed to calm his nerves long enough to make what he believed was a reasoned prediction:
“If the question is when markets will recover, a first-pass is never.”
A dismal science rendered stupid
Economics, called the “dismal science,” is a science of numbers. And, as we are often hear, “Numbers don’t lie.”
During his eight years in office, President Obama never saw a 3 percent growth in any annual U.S. GDP. In fact, Obama’s lousy average of 1.5 percent growth was far worse than GDP under President Jimmy Carter.
Unlike Obama, Carter never nationalized health care. Despite his socialist leanings, he did not force employers to reduce working hours to avoid the costs of complying with Obamacare’s employer mandates.
The end of Obmanomics in 2018
It proves that for Obama, reducing U.S. unemployment was a low priority. The priority of the Obama administration was forcing his health care monstrosity down the throats of a once free people.
With his campaign promise to vastly reduce Obama-era taxes and regulations, followed by a repeal of Obamacare, the election of Donald Trump as president engendered a new sense of economic confidence in America, spurring a record rise in market indices.
“Nearly every demographic, except the poor and Democrats [and Paul Krugman], now has a net positive view about investing in stocks,” CNBC reported a year ago.
Mother market prices in a bright Trump future
In 2017 alone, the Dow Jones Industrial saw 71 new record highs.
With the president signing tax reform into law a few days ago, the economic prospects for 2018 seem bright.
Getting back to Krugman, his post-Trump-election economic analysis included:
“We are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”
In its Global Economics Analyst report for 2018, “As Good As It Gets,” Goldman Sachs says:
“For the first time since 2010, the world economy is outperforming most predictions, and we expect this strength to continue. Our global GDP forecast for 2018 is 4.0%, up from 3.7% in 2017 and meaningfully above consensus. The strength in global growth is broad-based across most advanced and emerging economies.”
So, with nothing but good economic news to look forward to in the new year, it’s understandable that White House Press Secretary Sarah Huckabee Sanders should have a little fun at a certain Nobel Prize-winning economist’s expense.
If economics is a dismal science, then it is made more so by prognosticators whose red-hot hatred blinds them to the fact that two plus two equals a Trump economic boom.