Posted on 01/22/2018 2:15:40 PM PST by SeekAndFind
President Trump will be attending the World Economic Forum in Davos this week. Inevitably, attention will focus on whether the president projects a commitment to internationalist values or reiterates his truculent nationalism in the name of making America “great again.” Attention will also focus on the durability of the current economic and market upswing that has buoyed the spirits of businesses and investors around the world.
While Trump will probably try to take credit for all the economic good news, it is unlikely that he deserves it. He is president of the United States, not the world. And the economic surprises in the rest of the world have been more favorable than those in America. The scale of upward revisions of growth forecasts for 2017 and 2018 has been higher in Europe, Japan, China and emerging markets broadly than for the United States. Many other stock markets have outperformed those here.
If Trump’s pro-business policies were driving global economy, one would expect an increase in net capital flows into the United States, and so a stronger dollar. In fact, the dollar has weakened significantly in the past year, despite more Federal Reserve tightening than was anticipated at the beginning of 2017.
In the late 1990s and again in 2006, I remarked that “the main thing we have to fear is lack of fear itself.” Today there is an undercurrent of geopolitical concern not present at those times. Yet, there are important similarities between the situations then and now, as households and businesses come to fear missing out on good things more than getting caught up in irrational exuberance. Complacency about the economy can be a self-denying prophecy when it leads to excessive valuations, lending and spending. We are surely closer to such a point than we were a year ago.
(Excerpt) Read more at washingtonpost.com ...
You didn’t build that business...
Barack, is that you?
Oh, so he does admit there is good economic news.
Larry doesn’t deserve credit for having active brain cells.
Well there you go. Thanks Larry for sharing your TDS with us.
The DJIA is just waiting to see how well Germany does.
It’s what they do. /s
Jackass
That makes sense. Even though the news was all bad during Ebola’s “rule”, it was actually Boosh’s fault, so similarly any good news now can’t be Trump’s doing. [/s]
So other stock markets are up 46.546% since the early morning of November 7th, 2016?
What do fired sexists know about Economics?
Should have listened to financial wizard Paul Krugman, and multiple other soothsayer rats back at the close of ‘16, would have been rich by now.
Er, yes he does.
Dorkbama the Muslim eunuch quota boy has never had a real job until you fools quota’d him into the presidency.
And he failed the hell out of that position.
Face it, libs, your guy is dumber than a rock...er...journalist.
Just another flatulent spouting academic who still has not gotten over the election. He might also be the most arrogant, conceited, irritating imbecile on the planet. The only person who takes him seriously is the image in the mirror. Kudos to Trump.
Lawrence Summers: Trump doesn’t deserve credit for all the economic good news
OR
“How Larry Summers lost Harvard $1.8 billion”
The Winklevoss brothers want their Facebook idea back!
How much would you like to bet that if the economic numbers had been awful, Summers would have placed all of the blame at the feet of Donald J. Trump?
The jealousy is palpable.
Fun to watch.
5.56mm
Every time I read the comments after a story in the Post or the NY Times, I am aghast at how stupid and vile the anti-Trump crowd is. It’s disheartening to see how many adults are that delusional.
No, that is not "inevitable," Summers. What is inevitable is that other countries are going to want to know how they can get on the gravy train, too. What a miserable lead for the article.
Sorry, Lawrence, but Trump does get ALL the credit.
You Leftists tried for 8 years to sell us on Obama’s economy (low job creation, low wages, low economic growth, etc.) as the ‘new normal’.
If you check, this current boom began November 9, 2016. That is the morning AFTER Trump was elected.
Yeah, Lawrence, it started with the election of Trump and has been booming ever since — in one year, bypassing most of the ‘new normal’ levels of Obama’s 8 years. That is what happens when a business man is elected president, rather than a community organizer.
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