A former speechwriter for President George W. Bush has three words for President Donald Trump‘s economy: “Stupid and wrong.”
David Frum posted to X after Wall Street, already on edge over the next tariff announcements from Trump, turned lower early Thursday ahead of the latest data on inflation and layoffs.
“All Trump has to do to fix the stock market is admit that his economic ideas are stupid and wrong,” Frum tweeted.
Trump in recent days has dismissed fears of a recession and brushed aside the stock market sell-off, going so far as to say, “You can’t really watch the stock market.” That’s a new message from a leader who has frequently pointed to the market’s ups and downs as a reflection of himself and his activities, even when he was not in power.
Over the last year, while former President Joe Biden was in office, Trump took credit for stock market rallies as a vote of confidence in his electoral prospects. When the market dipped, he blamed Biden and former Vice President Kamala Harris. And he predicted that if Democrats won the 2024 presidential election, the stock market would have crashed.
Uncertainty has been the theme in recent weeks, with markets whipsawing back-and-forth every time Trump announces — or delays — a new round of tariffs. Markets have been rattled as investors and economists try to determine how much pain Trump will let the economy endure through tariffs and other policies.
Even if Trump ultimately goes with milder tariffs, damage could still be done. on -again, off -again announcements on tariffs has already begun sapping confidence among U.S. consumers that could cause U.S. households and businesses to spend less, slowing economic growth.
The Associated Press contributed to this report.