Unlike foreign policy professors at Harvard and economists, Trump doesn’t understand much. Trump knows far less than the experts on the economy, trade, and foreign policy. Listen to the experts.
Trump doesn’t understand the economy.
Ten years ago all of the leading economists said that American would not face a market meltdown resulting from subprime lending. This is what Tyler Cowen, a leading voice in modern economics, had to say about subprime lending.
..the problems in the subprime mortgage market are relatively small. Currently, losses are estimated to be at most $35 billion – equivalent to a stock market decline of about 0.2%. (Last week the value of stocks traded in US markets were down a not terribly unusual 1.5%, or 7 times the total expected decline in the value of these mortgages).
Another expert from a think tank had this to say about subprime lending:
[S]ubprime mortgage lending is a natural and positive outgrowth of financial innovation. Although some problems have occurred they are being self-corrected and do not threaten the financial system.” — Alex Tabarrok
Ben Bernanke, who was chairman of the Federal Reserve, knew more about economics than anyone. In 2005 he said the U.S. was not in a housing bubble.
INTERVIEWER: Ben, there’s been a lot of talk about a housing bubble, particularly, you know [inaudible] from all sorts of places. Can you give us your view as to whether or not there is a housing bubble out there?
BERNANKE: Well, unquestionably, housing prices are up quite a bit; I think it’s important to note that fundamentals are also very strong. We’ve got a growing economy, jobs, incomes. We’ve got very low mortgage rates. We’ve got demographics supporting housing growth. We’ve got restricted supply in some places. So it’s certainly understandable that prices would go up some. I don’t know whether prices are exactly where they should be, but I think it’s fair to say that much of what’s happened is supported by the strength of the economy.
The experts were right. The U.S. did not ever have a housing bubble and subprime lending did not lead to the largest market meltdown since the great depression.
Donald Trump doesn’t understand foreign policy.
The experts understood that we had to invade Iraq after 19 Saudis committed a terrorist attack on American soil.
When Saddam Hussein, a secular dictator who was able to oppress ISIS leaders, was killed, ISIS did not spread to Syria.
ISIS is not a problem at all, and millions of people aren’t fleeing Syria because experts told us we had to kill Hussein.
We can thank the experts for getting us into Iraq, as that created a stable Middle East.
Trump doesn’t understand trade.
Experts said we had to enact NAFTA because it would create jobs in America and increase wages.
As with the housing bubble, market meltdown, and Iraq invasion, the experts were right.
Americans have more manufacturing jobs than every before, and everyone has seen his paycheck rise. You can thank the experts for that.
Listen to the experts. Reject Trump.
We need to listen to the experts. They’ve been right about everything else, right?