The stock market is plunging, but that hasn’t stopped Donald Trump from repeating his lie that money is pouring into the US from tariffs.
The stock market has been fluctuating between a 650 and 750 point drop for most of the day after the bond market flashed a recession warning.
CNBC reported, “The yield on the benchmark 10-year Treasury note on Wednesday broke below the 2-year rate, an odd bond market phenomenon that has been a reliable indicator of economic recessions. Investors, worried about the state of the economy, rushed to long-term safe haven assets, pushing the yield on the benchmark 30-year Treasury bond to a new record low on Wednesday.”
Over in Trump fantasy land, everything is just fine:
Tremendous amounts of money pouring into the United States. People want safety!
— Donald J. Trump (@realDonaldTrump) August 14, 2019
Economic indicators are showing signs that a recession is coming, and the President Of The United States is indicating that if a recession does come, he is going to pretend like it doesn’t exist and proclaim the economic downturn “fake news.”
Trump’s tweet could down in history alongside Herbert Hoover’s prosperity is just around the corner, and John McCain’s the fundamentals of our economy are strong.
This president refuses to believe how tariffs work. If money is pouring into the United States, it coming from US businesses and consumers who are paying his tariffs, not foreign governments. Trump’s tweet was a clear attempt to calm the stock market, but all it showed is that this president is out of touch with reality.