Donald Trump is reliving the 1970s, tweeting today that crashing crude oil prices are good for consumers because gas prices will come down.
That’s more fake news. And it might be because Trump is unaware that the US is the world’s No. 1 producer of oil. He still thinks the US is reliant on his pals in Saudi Arabia.
Mark Zandi, chief economist of Moody’s Analytics, said declining energy prices used to be a “slam dunk positive for the economy” in the past during Trump’s halcyon days as a New York City quasi-celebrity.
Falling prices today are “at best a wash,” according to Zandi. While drivers and airlines will ultimately benefit from a drop in gas prices, there will bankruptcies, loan defaults, job losses and drops in capital spending across America’s oil patch.
The oil industry employs 1.5M people.
The incompetence of crisis manager Donald Trump is on full display during his awful handling of the coronavirus outbreak.
Washington Post columnist Max Boot notes that the president can only deal with make-believe crises that he has created.
For instance, the “caravans” of Central Americans hellbent on sneaking into the US, worst-deal-ever NAFTA agreement with Mexico and Canada, Iran’s alleged violation of the nuclear accord and the trade deficit with China that economists viewed as a problem, but not a threat to the US.
Trump reacted to those imaginary crises “dialing up an over-the-top response — threatening to close the border with Mexico and to blow up NAFTA, imposing sanctions on Iran and tariffs on China,” wrote Boot.
Coronavirus though is not a figment of Trump’s imagination. It presents a public health threat to all of us.
Trump though is using the outbreak to protect his own image. In his distorted world view, he is doing just great.
His off-the-wall March 6 visit to the Centers for Disease and Prevention in Atlanta, where he sported a clownish red “Keep America Great” hat was an exercise in self-praise.
The tweeter-in-chief downplayed the number of coronavirus cases in “this vast land of ours” and touted his own credentials while in a room of scientists.
“I like this stuff. I really get it. People are surprised that I understand it. Every one of these doctors said, 'How do you know so much about this?' Maybe I have a natural ability. Maybe I should have done that instead of running for President.
"But you know what? What they’ve done is very incredible. I understand that whole world. I love that world. I really do. I love that world.”
That's totally delusional.
Nancy Messonnier, a vaccine expert at the CDC, warned March 9 that coronavirius will spread “easily and sustainably” among Americans.
She expects many people in the US will be exposed to the virus this year or next and many will become sick.
Coronavirus is the second crisis that wasn’t concocted by the president.
He botched the handling of the first, Hurricane Maria, in which he infamously tossed rolls of paper towels to people in San Juan. Hurricane Maria left 3,000 dead and billions in property damage.
Let’s hope Mother Nature will deal with coronavirus because the president is out of his league.
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