The day after the stock market suffered severe losses, President Donald Trump expressed his belief to his followers on Twitter that the media was to blame.
“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 explained in a tweet on Thursday, without offering evidence to back his claim.
(It should be pointed out that Trump’s use of the term “fake news” is typically done as a means to criticize coverage from networks he doesn’t like rather than making any grand assertions that their reporting is untrue, although many of his base supporters do in fact buy into the latter argument.)
He added that he didn’t believe the supposed efforts would be successful, due to the U.S. having “way too strong” of an economy to hurt.
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. 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!
— Donald J. Trump (@realDonaldTrump) August 15, 2019
The president’s suppositions ignore key aspects of the drop in market prices on Wednesday. Wall Street became wary of a possible recession, due to an inverse of the Treasury yield curve, which signals that investors are not confident in the long-term outcomes of the present economy, an analysis from HillReporter.com previously pointed out.
The assertions that the economy is strong is also without merit, according to several fact-checking organizations. One account from Christine Romans, who serves as CNN’s chief business correspondent, said at best the economy under Trump so far can be called “average.”
“That word has scarcely been used to describe the president. But [July’s] GDP revisions reveal a decidedly humdrum-looking economy,” she said in a column she wrote last month.
Romans also pointed out that the economy performed better before many of Trump’s signature reforms were enacted, including the tax cuts he passed, primarily for the wealthy, in December 2017.