The Wall Street Journal SCORCHES ‘Fake President’ Trump And Wall Street Is Unhappy, Too
The Wall Street Journal published a scathing editorial criticizing Donald Trump on Wednesday. The editorial board began with questions about whether the American public, or the world, would believe him if he announced that North Korea had shot a missile within 100 miles of Hawaii:
We’re not sure, which speaks to the damage that Mr. Trump is doing to his Presidency with his seemingly endless stream of exaggerations, evidence-free accusations, implausible denials and other falsehoods.
That’s an amazing denouncement of a new president — or any president — but illustrates a fact that is increasingly obvious: Donald Trump is a liar. His credibility is zero.
A prime example, cited by the paper, is of Trump’s insistence that Barack Obama wiretapped Trump Tower before the election. Trump plows in ever deeper with his claim, in spite of the fact that a stream of officials, including the head of the FBI, have flatly stated that there is no evidence that such wiretapping ever took place. The board wrote:
Yet the President clings to his assertion like a drunk to an empty gin bottle, rolling out his press spokesman to make more dubious claims.
That comparison pretty clearly draws a parallel with a mental illness — an out-of-control obsessiveness that is blind to its self-destructiveness. Not only is Trump ‘his own worst political enemy’ but the WSJ concludes, in a reference to the politician’s fixation on ‘fake news’:
If he doesn’t show more respect for the truth most Americans may conclude he’s a fake President.
Wall Street itself is already drawing a conclusion of that sort. While investors began a giddy upward ride with the stock market as the new administration began, reality apparently dawned on Tuesday. That reality is that, for all his promises during the campaign, Trump can’t deliver results. It looks likely that there will be no appeal of Obamacare — and if Trump can’t pull that off, there may also be no tax cut for the wealthy, no financial deregulation, and no infrastructure spending to boost the U.S. economy.
The market is starting to get a little fed up with the lack of progress in healthcare because everything else is being put on the back burner.
William Galston of the Brookings Institute described where Wall Street’s case of nerves is coming from:
The Trump agenda is like a one-lane road with this big truck called ‘healthcare’ in the lead. If that truck breaks down, everything else will back up.
Members of Trump’s own party — the ultra-conservative Freedom caucus — is increasingly confident that they have the votes to defeat the repeal of the Affordable Care Act in the House during a showdown on Thursday. The defeat would be a huge blow to Trump, who has threatened lawmakers to get their support and tried to apply pressure on them by holding citizen rallies in Tennessee and Kentucky.
Should Trump somehow pull the repeal out of the fire, it would still face a vote in the Senate. Many moderate GOP senators have expressed a reluctance to pull healthcare coverage out from under the feet of their constituents.
The WSJ pointed out that this week’s news should have been full of Trump victories, such as the aforementioned repeal and the approval of his Supreme Court nominee. This has not been the case; rather, the week has so far been dominated by the chief executive’s failings:
These are historic events, and success will show he can deliver on his promises. But instead the week has been dominated by the news that he was repudiated by his own FBI director.
It’s an amazing fall from grace, and one that can’t happen too quickly.