In order to keep Americans from souring on Donald Trump's policies, Republicans have to (once again) lie to them and pretend that it is somehow Joe Biden's fault that the previously solid economy is now faltering.
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House Speaker Mike Johnson (R-LA) said something that was true on Saturday, which would be newsworthy in and of itself… if it hadn’t been an unintentional truth spoken in furtherance of the 2025 version of the Big Lie.
Therefore, the real news here is that Republicans are already working overtime to gaslight Americans into believing that the GOP is not responsible for an economy that is teetering on the verge of a serious downward spiral, even though real experts are in agreement that it is Donald Trump’s policies (and erratic behavior) that are to blame.
So, what did Johnson say?
“We are going to turn this economy around.”
He is certainly right about that, just not in the way he meant.
It is undeniably true that Republicans are turning the economy around… from “pretty good” to “let’s see if our policies can plunge the country into a recession.”
Of course, that’s not something they want to advertise to their voters, especially not after claiming an overwhelming mandate and promising to bring down prices right away and usher in a “golden age” of prosperity.
And that is why they are working overtime to lay the groundwork for another massive deception of the American people.
The stakes are very high. The question of who will be to blame for the faltering economy will be central in deciding the political fortunes of both parties.
And, if voters rightly understand that this is Trump’s fault, then it will be more difficult for Republicans to push through the rest of his disastrous agenda because moderate GOP lawmakers (a dying breed) will get skittish about supporting his plans.
Therefore, it is crucial that Americans arm themselves with the facts.
And here they are: Joe Biden handed over to Trump an economy that, while not amazing, was better than that of America’s peers and, more importantly, on the right track.
All the incoming administration had to do was not screw things up. That, however, is proving to be a bar that is way too high for Trump, congressional Republicans, and Elon Musk.
First, let’s look at the state of the economy when Biden left.
Inflation began to soar as soon as he took office but, after years of rising prices, was down to a level so manageable that the Federal Reserve began cutting interest rates again. In fact, the Fed reduced rates three consecutive times during Biden’s last months in the White House.
Cumulatively, that lowered interest rates by one full point from September through December.
Now, however, after Trump’s tariffs and other policies have increased the threat of inflation, it appears that further interest rate reductions are not on the table in the short term. Even if things were to stabilize (which seems unlikely in light of Trump’s bipolar approach to trade and… well, everything), the Fed is expected to slow its interest rate cuts.
In addition, it is important to view the economy in relation to that of peer nations.
When Trump took office, things looked great.
The world economic outlook of the International Monetary Fund (IMF) showed that the US economy was doing much better than those of its peer nations and that it was projected to grow by 2.7 percent, which was almost three times as much as the anticipated growth in the EU.
At the time, i.e., two months ago, the IMF warned that the one thing that could slow down the United States was Trump and his policies… and not just his tariffs but also the tax cuts that Republicans hope to push through later this year, as well as the aggressive deregulation efforts of Musk and Trump.
Finally, an aggressive deportation program would also harm the US economy, according to the IMF.
And the organization’s projection did not even take into account what would happen if an overeager South African immigrant were to lay waste to the US government.
Things are so bad now that even Trump’s loyal cheerleaders on Fox News are getting skittish about what he and Musk are doing to the economy.
The president himself is also changing his tune. According to him, American’s will have to wait a bit longer for that golden age he promised from his first day in office.
Instead, they are in for a bit of pain first, according to Trump and others, including Johnson.
In the same interview, the House Speaker also proclaimed that “the adults are back in the room,” but that they would need some time to achieve that turnaround.
Johnson likened the US economy to an aircraft carrier.
“It took decades to get into the mess we are in,” he said, which is both ridiculous and hilarious. First of all, what is he even talking about? Decades? Does that mean since World War 2 or the Great Depression or even the end of the Civil War? In any case, that would also include Trump’s first term, which supposedly featured the greatest economy in history.
“You don’t turn an aircraft carrier on a dime,” Johnson said before adding that “we have begun that turn.”
Perhaps, but as things stand now, Trump is turning that aircraft carrier right into some cliffs.
In his Navigating the Insanity columns, Klaus Marre provides the kind of hard-hitting, thought-provoking, and often humorous analysis you won’t find anywhere else.
