Just Call Him Herbert Hoover Trump

Donald Trump is leading the economy to places where it hasn't been since the Great Depression as a president who cosplays Ronald Reagan is really Herbert Hoover.

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Donald Trump badmouthed the economy all through the 2024 presidential campaign. Trump promised that the sole act of sending him back to the White House would bring inflation down and lower costs.

Trump blamed Biden’s policies for inflation, but the then ex-president also seemed to be operating under the false belief that the economy had not changed in five years and his set of economic beliefs could be implemented right away with no consequences.

Here is the first consequence of Trump’s economic belief system:

The IMF has revised the projection for US inflation back to 3% for 2025. During Joe Biden’s final full month in office inflation was 2.9%. Biden got inflation down to 2.4% by October of 2024. Inflation is going to be higher under Trump than it was during the final quarter year of the Biden presidency.

Inflation isn’t the only problem. Trump is taking the stock market to places that it hasn’t been to since the Great Depression.

CNN reported:

Trump’s stock market is throwing off some jaw-dropping statistics. How extraordinary? We’re now making comparisons to the Great Depression.

The Dow Jones Industrial Average has tumbled 9.1% in the first three weeks of April, the 129-year-old index’s worst performance for any April since 1932. The only other April that was worse: April 1931.

The broader S&P 500 has plunged 14% over the course of Trump’s first term – the worst performance through April 21 for any president since records began in 1928, according to Bespoke Investments.

If you've been to the grocery store recently, you’ve likely noticed that prices have been creeping up again.

The bad news is that the impact of Trump’s policies isn’t expected to be felt by the American people for another month or two.

Joe Biden understood that while the US economy was the strongest in the world, it was still in a fragile place and needed to be closely supported and managed. Trump has trashed those supports and adopted policies that will harm the economy.

Herbert Hoover, like Trump, adhered to a specific economic ideology or belief system as the Great Depression unfolded. Unlike Trump, Hoover didn’t cause an economic crisis, but his insistence on a hands-off economic policy and relying on voluntary steps from the business community made the crisis worse. By the time Hoover pivoted to more interventionist steps in 1932, it was too late.

Trump is running the economy into the ground by sticking to a belief system about tariffs and the economy that he has held for decades.

Trump is ignoring facts, data, and reality while making it up as he goes along. q

Donald Trump wants to be Ronald Reagan so badly that he has stolen his theme song. However, President Trump is closer to Herbert Hoover. Nevertheless, the current president might be ten times worse than Hoover.

Never has a president caused an economic crisis less than 100 days into his term.

Forget being a dictator, Donald Trump is Herbert Hoover.

What do you think about what Trump has done? Share your thoughts in the comments below.