‘Fake News Media’ Stoking Fears of Recession, ‘Trying to Crash the Economy’ Despite America’s Robust Economy: Trump Said

  • President Trump blamed the media on Thursday for “trying to crash the economy” following news that there are signs that the American economy is heading for a recession as well as an overall downturn in the global economy.
  • A day after U.S. stocks had their worst performance of the year, Trump tweeted: “The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election.”
  • Trump continued: “The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!”
  • However, Trump didn’t provide proof to back his claim that the media is trying to weaken the economy. Throughout Trump’s campaign and presidency, he has targeted what he calls the “fake news” media.
  • On Wednesday, the Dow “suffered its worst day of the year, sliding 800 points after one economic measure that has reliably preceded the last five recessions triggered alarm bells on Wall Street.”
  • On the same day, Trump also accused the Federal Reserve of holding back the economy after the Fed “cut interest rates for the first time since the 2008 recession” last month.
  • However, Trump criticized the central bank for not cutting rates sooner. The Fed is set to cut interest rates at least once more this year.
  • Despite all the concern about a looming recession, the White House is optimistic that the U.S. economy is strong while highlighting a robust job market “and continued wage growth and echoing Trump’s rhetoric that the U.S. is not on a level playing field when it comes to monetary or trade policy.”
  • Many economists have pointed toward the U.S.-China trade war and Trump’s “threats to level tariffs on other U.S. allies and trade partners that have created uncertainty in global markets and contributed to lower spending by businesses.”

Reference Links

  • The Hill: Trump accuses ‘fake news media’ of trying to hurt the economy READ
  • Politico: Trump accuses news media of trying to crash the economy READ
  • New York Daily News: Trump blames Fake News for tanking the economy — vows to ‘win big on trade’ READ
  • MSN: Trump Now Blaming ‘Fake News Media’ For Trying To Crash The Economy READ

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