Trump’s Economic Policy Fails to Achieve Goals

The Wall Street Journal’s editorial board criticized President Donald Trump’s economic policy for failing to meet its goals of increasing real incomes and reducing inflation. Data from the Labor Department showed that inflation surged 2.7% in June, with core inflation rising 2.9%. Real average weekly earnings fell 0.4%.

The president has insisted that his policies, including tariffs on imports, are making America “wealthy again.” However, the editorial board argued that denying inflation reality won’t make it go away. The duties imposed by Trump have contributed to higher prices in various sectors, including toys and fresh food.

The Journal’s opinion editors suggested that Trump’s trade agenda is focused on helping Main Street, but the irony is that tariffs hurt Main Street while market volatility benefits Wall Street. They also criticized Trump’s mass deportation policy for making it difficult for farmers to find workers. The situation is likely to worsen as additional tariffs take effect and duties start affecting service costs.

The Journal’s editorial board accused President Trump of “bludgeoning” the Federal Reserve, which has kept interest rates steady despite his insistence that the Fed should cut them. The editorial concluded that Trump’s economic policy is not succeeding at reducing inflation or increasing real incomes.

Source: https://www.thedailybeast.com/wall-street-journal-trashes-donald-trumps-tariff-policy-for-failing-at-his-key-missions