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Are Trump and DOGE Lunacy About to Crash the Economy? [1]
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Date: 2025-02-21
I posted last week asking if people feel confident in our banking system, after Elon and his teenage weirdo hackers got into the Treasury system. The poll results were, well, not comforting. I actually went and took some cash out of the bank just in case.
But at the same time I’ve been thinking about the economy overall, and whether people might get concerned about the DOGE demolition crew, tariffs, continued inflation, and Trump having no interest in doing anything helpful whatsoever. A loss in consumer confidence can cause problems for the economy, period.
Well, today’s news is that the stock market took a big downturn due to all of these concerns. I was listening on Planet Money on NPR, but can’t seem to find the segment online. So here’s a link to a Reuters article about the market drop from a business perspective: Wall Street ends sharply lower on mounting concerns over economy, tariffs
But this MSN article “U.S. Consumer Confidence Falls Back on Fears of Tariff-Induced Price Increases” really gets into the news that polling shows consumers are worried:
The University of Michigan’s index of consumer sentiment tumbled to 64.7 at the end of February, well below January’s 71.7. It also was weaker than economists’ expectations of 67.8 from a Wall Street Journal poll, which was also the February midmonth reading.
I believe some other polls show similar drops in consumer confidence, and asked various questions that all had bad results. But you get the idea.
You’d think people would care when Elon started hacking away randomly at our government, but no. They care when they think it will affect their money. And I think that’s what we’re witnessing right now, today. And Trump doesn’t give a rat’s ass about much, but he consistently seems to care when the stock market starts dropping. So we’ll see how this plays out.
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