When the Dow Jones Industrial Average broke through the 20,000 mark for the first time on Jan. 25, 2017, there were a few media outlets who dared give credit to the election of Donald Trump and the actions of his first days in office. Not Paul Krugman.
The Dow gained nearly 10 percent since Trump’s election as Wall Street focused primarily on his promises of lower taxes and less regulation. The new president’s meetings with top business CEOs, including those of auto manufacturers, and building trades union representatives certainly didn’t go unnoticed.
New York Times columnist Paul Krugman has been distraught since Donald Trump was elected president. (businessinsider.com)
I was amused when reminded of the election night comments of the faux economist and New York Times columnist Paul Krugman, who saw the “markets plunging,” and asked rhetorically, “When might we expect them to recover?”
Since his candidate, Hillary Clinton, did not win, he said, “Frankly, I find it hard to care much, even though this is my specialty. Still, I guess people want an answer (as if we were waiting with great anticipation for his word), if the question is when markets will recover – a first pass is never.” As I write this post, the Dow closed at 20,100.
Referring to Trump as an “irresponsible, ignorant man,” Krugman said of his election, “a terrible thing has just happened.”
He followed with several op-eds with dire predictions of how Trump will ruin America, and cause a global recession. Yesterday, he tweeted, “An American first: a president who was obviously mentally ill the moment he took office. Thanks Comey.” To that, a number of readers voiced concern for Krugman’s mental stability.
The Dow isn’t the only signal of economic improvement, but it is a sign that investors appear to be encouraged by Trump’s cabinet nominees and his early actions. Trump and our Republican congress must deliver legislation and policies to help create an atmosphere for job creation and wage improvement that will lead to improved growth.
If you are so inclined, say a prayer for the demented and disgruntled Krugman.
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