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Donald Trump, a performer at heart, has navigated a life filled with contradictions, from bankruptcies to the presidency.
However, this carefree approach, while beneficial in the short term, overlooks the future. Immediate gains and long-term consequences often clash, and lasting legacies take time to build. Moreover, negative outcomes tend to have a more lasting impact on public perception than positive ones.
Therefore, Trump’s association with the current economic climate poses a significant threat to his legacy. Upon the week’s opening, the Dow was down approximately 6% from Trump’s initial day in office, even after a slight recovery the month prior. The markets have been destabilized by the uncertainty stemming from the White House, including threats of widespread tariffs, increased import taxes on China (which may soon be reversed), and potential trade deals with other nations. This turbulence has disrupted the economy, and Americans are taking notice.
This explains why Trump continues to blame Joe Biden for the country’s economic woes, despite the increasing absurdity of attributing fault to his predecessor.
Last week, following the release of a Commerce Department report indicating a U.S. economic contraction in the first three months of the year—before Trump’s tariff threats—Trump disclaimed responsibility. He stated during a Cabinet meeting, “This is Biden, and you can even say the next quarter is sort of Biden.”
At times, he seems to place blame on Federal Reserve Chairman Jerome Powell, though this hasn’t moved the needle.
Recession anxieties are rising, and Trump’s attempts to deflect responsibility appear ineffective.
“I think the good parts are the Trump economy and the bad parts are the Biden economy,” he on “Meet the Press” on Friday. When moderator Kristen Welker questioned whether he would risk a recession for a long-term fix, he avoided a direct answer. “Look, yeah, it’s—everything’s OK,” he said. “What we are—I said, this is a transition period. I think we’re going to do fantastically.” When asked about a potential recession, Trump seemed unconcerned: “anything can happen.”
Recessions don’t materialize suddenly. They often result from declining consumer confidence and heightened anxieties, whether justified or not. Currently, consumer confidence is lower than during the Great Recession, leading consumers to be cautious. Their spending accounts for roughly 70% of the economy, and they are currently holding back.
Voters are increasingly blaming Trump, a shift from the past. A recent NPR-PBS-Marist poll revealed that 60% of Americans attribute the current economic situation to Trump’s policies. In contrast, a similar poll during Barack Obama’s first term, amid a recession, found only 14% of voters blaming him.
Trump portrays himself as an all-powerful figure capable of shaping reality. Through his salesmanship, he has convinced many Americans of this notion. However, those same Americans are now observing grim realities such as falling stocks, disrupted supply chains, and rising prices. They are worried and seeking someone to hold accountable. If Trump wants to be seen as all-powerful, he must also accept responsibility when Americans seek a target for their anxieties. Trump wanted to regain power, and now he must bear the burden.
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