What could Trump do to tank the economy out of vengeance? What Republicans have done for years

[marmar]

(Salon) Less than a week before the 2020 election, I interviewed a number of psychologists who speculated that if President Donald Trump lost to former Vice President Joe Biden, his narcissism might cause him to lash out by deliberately tanking the economy. Now it seems like that prediction might have been correct — although the reasons may have as much to do with the Republican Party's longstanding traditions as Trump's individual flaws.

Last week Treasury Secretary Steve Mnuchin inexplicably decided to allow a number of federal programs sponsored by the CARES Act to expire on Dec. 31. These programs, which have allowed the government to lend up to $4.5 trillion in various financial markets to stave off economic pain that would otherwise be felt by municipalities, businesses and workers, could still be revived by incoming Treasury Secretary Janet Yellen if she strikes an agreement with the Federal Reserve Board of Governors.

Because Biden will not take office until Jan. 20, however, Mnuchin's actions are likely to hurt people economically in the intervening span, a point that the Federal Reserve itself acknowledged when it publicly disagreed with Mnuchin.

....(snip)....

While some of Trump's actions can be potentially explained by a narcissistic desire to punish Americans for not reelecting him, others are consistent with the Republican Party's longstanding approach toward economics. As Dr. Richard D. Wolff, professor emeritus of economics at the University of Massachusetts Amherst, told Salon, it is not at all uncommon for Republicans to make decisions that they know will hurt the working class in order to reap political benefit for themselves. ...........(more)

https://www.salon.com/2020/11/28/what-could-trump-do-to-tank-the-economy-out-of-vengeance-what-republicans-have-done-for-years/

[pwb]

1. The economy is already tanked.

A walk down any main street will show that.

[WhiteTara]

2. I think they are ending these programs

because there is no money left in the account. They used it to prop up the market.

[robbob]

3. An once again the Democratic Party inherits an economy

devastated by years of ReThug mismanagement (and it only took 4 years this time!), at which point they will all start mewling about fiscal responsibility and deficits, and doing everything they can to impede any efforts to improve the situation.

And then, 4 years from now, after 4 years of adopting an obstructionist strategy they will all complain in unison about the “do nothing Democrats”, and roughly 50% of Americans will lap it up, aided and abetted by the sloppy and slanted “both sider” media.