Donald J. Trump has taken credit for making America’s economy great again. He’s been crowing about all the jobs being created, the soaring consumer confidence and record highs in the stock market. It’s all because the Donald has inspired Americans about our glorious future.
But, a funny thing has been happening in the real world. The economy has gone into the shitter and GDP will be lucky to reach 1% in the first quarter of his presidency. The bullshit consumer confidence surveys mean absolutely nothing. Feelings don’t mean shit. What consumers do is what matters.
67% of the US economy is dependent upon Americans spending money they don’t have on shit they don’t need. And they’ve dramatically reduced that spending. If consumers are so confident, why are a record number of major retailers going bankrupt and closing 3,500 stores in 2017? Mom and pop retailers have been shuttering for years.
If the narrative about a dramatically improving housing market was true, why would furniture store sales and building material store sales be falling? They wouldn’t. It seems even the spendthrift millennials have run out of dough, as restaurant sales are in free fall. Restaurant chains have begun closing units now. It has only just begun.
The auto industry ponzi scheme has come to an end, as billions in subprime loans to deadbeats is finally coming home to roost. If you lend money to idiots with no means to repay you, the loans will go bad. Auto sales have begun to fall and will continue to fall for the next couple years, as this house of cards built on the Fed’s easy money collapses.
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