Trump Solicits More Thanks for “President T”
On the Friday after Thanksgiving, the Trump administration conceded in a frightening climate change report that climate change could soon become irreversible and catastrophic, with hundreds of billions of dollars in economic damage forecasted by the end of the century. But President Donald Trump, himself, is thankful for fossil fuels—and wishes you would be, too.
“So great that oil prices are falling (thank you President T),” he tweeted Sunday morning, soliciting gratitude for his political agenda at the end of the Thanksgiving holiday weekend. “Add that, which is like a big Tax Cut, to our other good Economic news. Inflation down (are you listening Fed)!”
So great that oil prices are falling (thank you President T). Add that, which is like a big Tax Cut, to our other good Economic news. Inflation down (are you listening Fed)!
— Donald J. Trump (@realDonaldTrump) November 25, 2018
Trump’s self regard appears to be instinctual, not ironic. When he was asked Thursday at Mar-a-Lago what he was thankful for, Trump briefly mentioned his family before turning to himself. “For having made a tremendous difference in this country,” he told reporters. “I’ve made a tremendous difference in the country. This country is so much stronger now than it was when I took office that you wouldn’t believe it.
The economy and stock market are indeed up since Trump took office, as he frequently notes. But lower oil prices aren’t necessarily a fortuitous sign. One part of the reason is higher output from Saudi Arabia—a fact that Trump has explicitly linked to his decision to effectively exonerate Saudi Crown Prince Mohammed bin Salman in the brutal killing and dismemberment of Washington Post columnist Jamal Khashoggi. (“Thank you to Saudi Arabia, but let’s go lower!” he wrote in a tweet on Tuesday, calling falling prices “a big Tax Cut for America and the World.”) Another is high output in the U.S. and exemptions from U.S. sanctions on Iran, increasing supply.
But lower prices also reflect weaker demand, raising concerns about the global economy and the prospect of a recession on the horizon. Perhaps that is why Trump paired his Thanksgiving weekend praise for himself with a warning shot at the Federal Reserve, which has been steadily raising interest rates, putting the brakes on the formerly white-hot Trump economy.