{"id":393,"date":"2025-05-01T21:19:42","date_gmt":"2025-05-01T21:19:42","guid":{"rendered":"http:\/\/www.soapandseife.com\/?p=393"},"modified":"2025-05-03T23:40:47","modified_gmt":"2025-05-03T23:40:47","slug":"trump-says-its-bidens-economy-but-businesses-and-economists-beg-to-differ","status":"publish","type":"post","link":"http:\/\/www.soapandseife.com\/index.php\/2025\/05\/01\/trump-says-its-bidens-economy-but-businesses-and-economists-beg-to-differ\/","title":{"rendered":"Trump says it\u2019s Biden\u2019s economy, but businesses and economists beg to differ"},"content":{"rendered":"<p><strong>By PAUL WISEMAN and CHRISTOPHER RUGABER<\/strong><\/p>\n<p>WASHINGTON (AP) \u2014 When the stock market was climbing in January 2024, Donald Trump knew exactly who deserved credit: He did.<\/p>\n<aside class=\"related left\">\n<h2 class=\"widget-title\" data-curated-ids=\"\" data-relation-type=\"automatic-primary-section\">Related Articles<\/h2>\n<ul>\n<li>\n<p>\t\t\t<a class=\"article-title\" href=\"https:\/\/www.denverpost.com\/2025\/05\/02\/colorado-denver-sanctuary-city-immigration-policy-lawsuit-department-of-justice\/\" title=\"Trump Department of Justice sues Colorado, Denver officials over immigration laws\"><\/p>\n<p>\t\t\t\t<span class=\"dfm-title metered\"><br \/>\n\t\t\tTrump Department of Justice sues Colorado, Denver officials over immigration laws\t\t<\/span><\/p>\n<p>\t\t\t<\/a><\/p>\n<\/li>\n<li>\n<p>\t\t\t<a class=\"article-title\" href=\"https:\/\/www.denverpost.com\/2025\/05\/02\/trump-law-firm\/\" title=\"Judge blocks Trump executive order targeting elite law firm, a blow to his retribution campaign\"><\/p>\n<p>\t\t\t\t<span class=\"dfm-title metered\"><br \/>\n\t\t\tJudge blocks Trump executive order targeting elite law firm, a blow to his retribution campaign\t\t<\/span><\/p>\n<p>\t\t\t<\/a><\/p>\n<\/li>\n<li>\n<p>\t\t\t<a class=\"article-title\" href=\"https:\/\/www.denverpost.com\/2025\/05\/02\/trump-administration-asks-supreme-court-to-let-doge-access-social-security-systems\/\" title=\"Trump administration asks Supreme Court to let DOGE access Social Security systems\"><\/p>\n<p>\t\t\t\t<span class=\"dfm-title metered\"><br \/>\n\t\t\tTrump administration asks Supreme Court to let DOGE access Social Security systems\t\t<\/span><\/p>\n<p>\t\t\t<\/a><\/p>\n<\/li>\n<li>\n<p>\t\t\t<a class=\"article-title\" href=\"https:\/\/www.denverpost.com\/2025\/05\/02\/head-start-research-cuts\/\" title=\"Email mistake reveals secret plans to end research on Head Start and other child safety net programs\"><\/p>\n<p>\t\t\t\t<span class=\"dfm-title metered\"><br \/>\n\t\t\tEmail mistake reveals secret plans to end research on Head Start and other child safety net programs\t\t<\/span><\/p>\n<p>\t\t\t<\/a><\/p>\n<\/li>\n<li>\n<p>\t\t\t<a class=\"article-title\" href=\"https:\/\/www.denverpost.com\/2025\/05\/02\/trump-media-pbs-npr\/\" title=\"PBS chief slams Trump\u2019s executive order aiming to cut federal funding for PBS and NPR as unlawful\"><\/p>\n<p>\t\t\t\t<span class=\"dfm-title metered\"><br \/>\n\t\t\tPBS chief slams Trump\u2019s executive order aiming to cut federal funding for PBS and NPR as unlawful\t\t<\/span><\/p>\n<p>\t\t\t<\/a><\/p>\n<\/li>\n<\/ul>\n<\/aside>\n<p>Nearly a year before his return to the White House, he declared <a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/111840568643216314\">on his Truth Social platform<\/a> that investors were celebrating his lead in the polls against President Joe Biden.<\/p>\n<p>When the stock market fell Wednesday on news that the American economy had <a href=\"https:\/\/apnews.com\/article\/economy-trump-gdp-tariffs-inflation-trade-28a0da24c803c4796eb32704cd0244cc\">gone backward<\/a> during the first three months of 2025, Trump knew exactly who to blame: Biden.<\/p>\n<p>\u201cThis is <a href=\"https:\/\/apnews.com\/article\/trump-economy-tariffs-gdp-7494825851dcef94ec81475124f9326f\">Biden\u2019s Stock Market, not Trump\u2019s<\/a>,\u2019\u2019 he posted, adding that Biden \u201cleft us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!\u2019\u2019<\/p>\n<p>Trump also said, \u201cOur Country will boom, but we have to get rid of the Biden \u2018Overhang.\u2019 This will take a while, has NOTHING TO DO WITH TARIFFS.\u201d<\/p>\n<p>Yet for economists puzzling out how prices and hiring will change in the coming months, or businesses struggling with a starkly uncertain future, Trump\u2019s massive and unpredictable import taxes on almost every country do in fact bear much of the blame. Rarely have a new president\u2019s policies had such a sharp, immediate impact on the economy.<\/p>\n<p>To Georgia Tech University\u2019s Mark Zachary Taylor, who studies the economic policies of the American presidents, Trump\u2019s assertions sound like a brazen double standard. \u201cHe cannot have it both ways,\u2019\u2019 Taylor said by email, \u201cthough he always tries.\u2019\u2019<\/p>\n<p>Trump\u2019s attempt to shift blame for bad economic news to his predecessor raises a question: At what point in a four-year term does a new president assume responsibility for the economy\u2019s performance?<\/p>\n<p>Commerce Secretary Howard Lutnick has said in interviews that the benefits of Trump\u2019s policies will be felt in the second half of this year, particularly in the fourth quarter.<\/p>\n<p>And Taylor notes that for a typical president, \u201cit might take six months to two years for us to accurately call the economy \u2018theirs.\u2019\u201d<\/p>\n<p>But the threshold is different for presidents who enter the White House with big ambitions to reshape the economy from the get-go.<\/p>\n<p>\u201cThe more boldly an incoming president acts (and the stronger his Congressional support), the sooner the economy becomes \u2018his,\u2019 \u201d Taylor said.<\/p>\n<p>The most notable example is President Franklin D. Roosevelt, who pushed through major legislation \u2014 including a bill that effectively established deposit insurance to calm a banking crisis \u2013 to combat the Great Depression during his first 100 days in office. Presidents Ronald Reagan and Barack Obama also entered office during economic crises and moved swiftly to deal with them.<\/p>\n<p>But even they did not move the economic data as quickly or sharply as Trump. On Wednesday, the government reported that imports surged 41%, the biggest jump \u2014 excluding the pandemic \u2014 since 1972. Companies rushed to bring in goods in the first quarter to beat the impending tariffs.<\/p>\n<p>The flood of imports pulled down growth, under the government\u2019s accounting, and the economy <a href=\"https:\/\/apnews.com\/article\/economy-trump-gdp-tariffs-inflation-trade-28a0da24c803c4796eb32704cd0244cc\">shrank 0.3% at an annual rate<\/a>, the first decline in two years. The negative showing is what prompted Trump\u2019s Biden-bashing post on Wednesday.<\/p>\n<p>The figures are \u201cexactly what one would expect from millions of American businesses and households trying to get ahead of looming tariff hikes,\u2019\u2019 Taylor said, adding that Trump\u2019s trade war is also responsible for the slumping stock market and a drop in the value of the dollar.<\/p>\n<p>Surveys show that manufacturers are receiving fewer orders and that their production is falling. On Thursday, the Institute for Supply Management, a trade group of purchasing managers, released its <a href=\"https:\/\/www.ismworld.org\/supply-management-news-and-reports\/reports\/ism-report-on-business\/pmi\/april\/\">monthly survey of manufacturers<\/a>, which typically includes a selection of comments from its membership.<\/p>\n<p>Typically, the comments reflect the individual concerns of a specific industry, whether chemicals, electronics, or clothing makers. In April\u2019s report, all 10 comments \u2014 every single one \u2014 focused on tariffs.<\/p>\n<p>\u201cTariffs impacting operations \u2014 specifically, delayed border crossings and duties calculations that are complex and not completely understood,\u201d one company in the transportation equipment sector said. \u201cAs a result, we are potentially overpaying duties.\u201d<\/p>\n<p>Trump has blown up the existing world trade system by slapping 10% import taxes \u2013 tariffs \u2013 on friends and foes alike in the name of bringing back jobs to the U.S. He\u2019s plastered 145% tariffs on China, drawing retaliation from Beijing that threatens to end trade between the world\u2019s two largest economies. He\u2019s also hit foreign steel, aluminum and autos.<\/p>\n<p>The erratic way he\u2019s rolled out his protectionist policies \u2013 introducing, then suspending tariffs, then announcing new ones \u2013 has left companies, consumers and investors bewildered. The S&amp;P 500 stock index has dropped 7% since just before Inauguration Day Jan. 20. And <a href=\"https:\/\/apnews.com\/article\/economy-confidence-tariffs-f3cb9058971c008127f8dc22c8933296\">consumer confidence has wilted<\/a>.<\/p>\n<p>\u201cSome of what you are seeing right now is purely Trump related,\u2019\u2019 said Columbia University\u2019s Joseph Stiglitz, a Nobel Prize-winning economist and chair of the White House Council of Economic Advisers in the Clinton administration. \u201cNo one can look at what is going on in the economy without saying the on-again, off-again tariffs are not having an impact.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By PAUL WISEMAN and CHRISTOPHER RUGABER WASHINGTON (AP) \u2014 When the stock market was climbing in January 2024, Donald Trump knew exactly who deserved credit: He did. Related Articles Trump Department of Justice sues Colorado, Denver officials over immigration laws Judge blocks Trump executive order targeting elite law firm, a blow to his retribution campaign&hellip;<\/p>\n","protected":false},"author":1,"featured_media":109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/posts\/393"}],"collection":[{"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/comments?post=393"}],"version-history":[{"count":1,"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/posts\/393\/revisions"}],"predecessor-version":[{"id":394,"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/posts\/393\/revisions\/394"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/media\/109"}],"wp:attachment":[{"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/media?parent=393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/categories?post=393"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.soapandseife.com\/index.php\/wp-json\/wp\/v2\/tags?post=393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}