Repubs preparing to blame Obama for coming "massive recession"

[Demovictory9]

Despite weekly jobless claims hovering near historic lows and the number of job openings far exceeding the number of Americans that are currently looking for work, Euro Pacific Capital CEO Peter Schiff continues to be cautious when grading President Trump’s performance on jobs and the economy.

“Donald Trump inherited a big fat ugly bubble, to quote Trump, from Obama and all he’s done is blow more air into it,” Schiff told FOX Business’ Liz Claman on Thursday.

The U.S. economy grew at an annual rate of 4.1% in the second quarter, the fastest pace since 2014. Trump told a group of business leaders this week that the GDP rate may top 5% in the next quarter.

Schiff warns the U.S. economy is headed toward a “massive recession” and the GDP rate will not exceed 3% in 2018.


“Trump bought the economy some time with the tax cuts, but all it’s doing is pushing off the day of reckoning,” he said on “Countdown to the Closing Bell.”

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However, Schiff says the economy is not as robust as the numbers indicate due to the lack of wage growth in the labor force.

“Real wages are falling and they are going to fall even faster because inflation is going to get higher when we get into the next recession,” he said.

https://www.foxbusiness.com/economy/trump-blowing-more-air-into-obamas-economic-bubble-peter-schiff

[democratisphere]

1. The coming collapse will be the owned by drumpf and his criminal

administration. Totally.

[Blue_true]

4. We have to make him own it, otherwise he will blame President Obama and democrats for a downturn.

After taking credit for the upside so far. The man is a slithering snake.

[lame54]

2. They'll blame the blue wave...

This shit will fall with a dem majority
Perfect timing for lying repugs

[Blue_true]

5. That is what concerns me.

Not that we should not work to take back the House and Senate.

[scarytomcat]

11. in Jan we will have to act quickly to repeal the tax cut and give real relief to working people

health coverage would help too

but yes they will always try to pin it on Dems
this should be said at every campaign rally and debate
make them own the economy

[Blue_true]

14. Even if our Reps take the House and Senate.

And pass legislation in both chambers, Trump still has to sign it, Don't see that happening unless he is totally cornered and can't get out any other way.

[RhodeIslandOne]

3. LOL of course they will....

Save all the quotes from Dumpf now about how it’s all about him....

[Demovictory9]

7. once Trump Tweets "it's Obama's fault" 40% of Americans will believe it for all eternity

[Blue_true]

15. Yep. It is a vile situation, but it is the reality we face.

That asshole is 11% from being reelected, that is why the bullshitters that are trying to devide US, must be totally ignored and NO ONE vote Green at anytime.

[haele]

6. So, why the tariffs? Why the tax cuts? The tax cuts didn't buy "us" any time....

It only bought time for the .05%; it allowed very wealthy investors and larger corporations to buy back stock and retrench their assets before the crash that the tariffs are going to cause.
So the .05% or so should be able to ride out the recession (they think) and buy up everything else, because everyone knows us 99%'ers, us "working stiff poor folks" would do so much better to serve the massa' on the plantation for generations than be able to work for our children and our own better futures...

Democrats knew about the lack of wage growth numbers for over a decade - before 2009 - and the Democratic party platform from 2004 indicates the Democrats were trying to do something - anything, about it. But the Democrats aren't the party of celebrity Televangelists, Reel 'Murikans (TM) and "smart money TV people" so their party platform and concern over the wellbeing of a retiree in Michigan or a college student or a single parent working stiff in Georgia just isn't that interesting.

My late FiL met Schiff and other financial high-flyers when he was a VP at a large insurance corporation. He kept going on and on about how smart they were, until I asked him if he really thought these guys were thinking about the long term of their companies and investing in the overall environment so that they can continue to operate and provide a product to everyone over generations, or if they were smart because they made lots of money for themselves and their buddies - like any white collar criminal can. Did they carefully run their organizations and make their money like, say, USAA, or a credit union, or just make money on other people's money like Lehman Brothers or any number of vulture capitalist firms?
They're clever, not smart. I got him to admit that.

Haele

[Farmer-Rick]

8. They tried to blame Bill Clinton and then Obama for the bush crash too

But no one bought it.

The RepubliCON Great Recession was caused by bad economic policy implemented by RepubliCONS to appease their uber rich donors. It will be the cause of ths next economic crash too and it caused the Great Depression.

They always try to blame others.

[JDC]

9. Soon to be Trumpenomics.

[Wounded Bear]

10. Yeah, never mind the Repubs in Congress riding the breaks for 8 years...

[DavidDvorkin]

12. The tactic worked for Reagan

Who also took credit for a recovery he inherited.

[FiveGoodMen]

13. SOP

And it always seems to work.