On Wednesday, during a speech promoting his beloved Tax welfare for the rich, Donald Trump put the fears of millions of Americans to rest by offering his personal reassurance that he would “never let bad things happen” to the U.S. economy.
“I’m here today to tell you that we will never let bad things happen with respect to the economy of our country,” the president said in a tax-reform speech delivered from the White House.
Now let’s be clear. U.S. presidents have virtually no control over the economy. While they can appoint people, like the chairperson of the Federal Reserve, who can influence the execution of monetary policies, presidents still do not have total control.
From CBS News:
“During normal times when mild fluctuations ripple around the economy, the task of keeping things on a stable growth path depends mainly on the actions of the Federal Reserve. The chair of the Fed, who’s chosen by the president, has a large impact on how monetary policy is conducted. In addition, members of the board of governors (which includes the chair), who are also appointed by the president, have a majority of the 12 votes on the monetary policy committee. So if they’re unified, they can set the policy agenda.
The system was set up so that no president can appoint more than the chair plus two members of the seven-member board during an eight-year term, but that requires board members to serve their full 14-year appointments. In recent years, board members have resigned far before the end of their terms, and both President Barack Obama and George W. Bush have been able to appoint all of the board members.”
Unfortunately, during Obama’s presidency, Republican-controlled Congress either refused to hold hearings on his appointees or flat out voted against them. This obstruction left the board with a lot of vacancies; However, they still had enough votes to shape policy.
The New York Times also details a dizzying array of factors that impact the U.S. economy, most of which can have little if anything to do with who’s in office.
But, while it’s difficult for a president to “grow” the economy, it’s frighteningly easy for one to wreck it. Just take a look at the 1930‘s or President George W. Bush‘s term. Like just about anything in life, it’s much easier for people to destroy things than create them. Take for example Trump’s war on “regulations,” where he’s stripping away (via executive orders) vital protections for workers, the environment, food safety, and other areas.
Now he wants us to believe that giving huge tax breaks to the wealthiest Americans will bring the economy roaring back some kind of a lion/muscle car cyborg with a screaming bald eagle on the hood for good measure. Sure Trump’s probably never studied 10-minutes of economics nor does he have any clue concerning the complexity of the U.S economy (never mind the world economy), but who needs a solid, educated base in economics when you have overinflated delusional narcissistic self-assurance?
Trump’s reassurances sound much like the promises a teenage boy makes in a girl’s bedroom when her parents aren’t home. Don’t worry America; you can’t get pregnant if it’s your first time.
Featured image via Alex Wong / Staff Getty Images