{"id":1052086,"date":"2025-03-18T13:02:20","date_gmt":"2025-03-18T17:02:20","guid":{"rendered":"https:\/\/democrats.org\/?p=1052086"},"modified":"2025-03-18T13:02:28","modified_gmt":"2025-03-18T17:02:28","slug":"trump-and-his-billionaire-cabinet-a-recession-is-worth-it","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trump-and-his-billionaire-cabinet-a-recession-is-worth-it\/","title":{"rendered":"Trump and His Billionaire Cabinet: A Recession Is \u201cWorth It\u201d\u00a0"},"content":{"rendered":"\n
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Donald Trump is driving the economy into the ground, raising prices, and laying the groundwork for a recession. Yet, Trump and his billionaire Cabinet are saying a recession would be <\/em>\u201cworth it\u201d<\/em><\/a> so they can <\/em>pay for<\/em><\/a> another tax handout for the ultra-wealthy while unemployment <\/em>rises<\/em><\/a>, consumer sentiment <\/em>tumbles<\/em><\/a>, and the stock market <\/em>plunges<\/em>.<\/em><\/a> Once again, Trump is proving he doesn\u2019t care about working families \u2014 just his billionaire friends.   <\/em><\/p>\n\n\n\n

New York Times<\/a>: \u201cTrump Says a Recession Might Be Worth the Cost. Economists Disagree.\u201d<\/strong><\/p>\n\n\n\n

\u201cHoward Lutnick<\/strong>, the commerce secretary, has said Mr. Trump\u2019s policies are \u2018worth it\u2019 even if they cause a recession. Scott Bessent<\/strong>, the Treasury secretary, has said the economy may need a \u2018detox period\u2019<\/strong> after becoming dependent on government spending. And Mr. Trump has said there will be a \u2018period of transition\u2019<\/strong> as his policies take effect. \u2026 <\/p>\n\n\n\n

\u201c[I]nflation has remained stubborn<\/strong>, and while Mr. Trump has been in office less than two months, <\/strong>economists warn that his tariffs are likely to make it worse. Measures of consumer and business confidence have plummeted and stock prices have tumbled, attributable in large part to Mr. Trump\u2019s policies <\/strong>\u2026<\/p>\n\n\n\n

\u201cThe short-term pain created by the administration\u2019s policies<\/strong>, in other words, could fall hardest on low-income Americans<\/strong> \u2014 many of whom voted for Mr. Trump in hopes of improving their economic situation.\u201d <\/p>\n\n\n\n

Financial Times<\/a>: \u201cDonald Trump\u2019s policies set to cool growth and lift inflation, economists say\u201d<\/strong><\/p>\n\n\n\n

\u201cBusinesses have reported declines in new orders, while consumer sentiment has slumped. \u2026 Canada and China have also already retaliated with their own tariffs against the US, while the EU has threatened to do so.<\/p>\n\n\n\n

\u201cEconomists also expect Trump\u2019s policies to fuel higher inflation<\/strong>, pushing the Fed further away from its 2 per cent target.\u201d <\/p>\n\n\n\n

The Telegraph<\/a>: \u201cTrump has pummelled America to the edge of recession<\/strong>. It could destroy his dreams\u201d <\/p>\n\n\n\n

\u201cMark Zandi, the chief economist at Moody\u2019s Analytics, part of one of the biggest US credit agencies, says the threat of recession in the US has more than doubled from 15pc at the start of the year to 35pc today. Analysts at JP Morgan put the risk at 40pc.<\/strong><\/p>\n\n\n\n

\u201cThe Federal Reserve Bank of Atlanta said last week that the US economy was on track to contract sharply<\/strong> in the first three months of the year. <\/p>\n\n\n\n

\u201cGoldman Sachs<\/strong>, meanwhile, has slashed its growth forecast <\/strong>for this year from 2.4pc to 1.7pc following Trump\u2019s barrage of tariffs.<\/p>\n\n\n\n

\u201cPerkins says the chances of a recession are now greater than they have been at any point in the last three years.<\/strong><\/p>\n\n\n\n

\u201cEven Republican lawmakers and Tesla<\/strong>, run by Trump\u2019s closest ally Elon Musk, have been sounding the alarm about the economic toll of Trump\u2019s plans.<\/strong> \u2026

\u201cThe economy was the number one most important issue for American voters<\/strong> at the 2024 election, according to Gallup. It helped Trump win the election, but now it is hammering his approval ratings.<\/strong>\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Donald Trump is driving the economy into the ground, raising prices, and laying the groundwork for a recession. Yet, Trump and his billionaire Cabinet are saying a recession would be \u201cworth it\u201d so they can pay for another tax handout for the ultra-wealthy while unemployment rises, consumer sentiment tumbles, and the stock market plunges. Once […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1052086","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump and His Billionaire Cabinet: A Recession Is \u201cWorth It\u201d\u00a0 - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trump-and-his-billionaire-cabinet-a-recession-is-worth-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-18T17:02:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-18T17:02:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trump-and-his-billionaire-cabinet-a-recession-is-worth-it\/\",\"url\":\"https:\/\/democrats.org\/news\/trump-and-his-billionaire-cabinet-a-recession-is-worth-it\/\",\"name\":\"Trump and His Billionaire Cabinet: A Recession Is \u201cWorth It\u201d\u00a0 - 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