When bad idea founders, deflect and double down
By Catherine Rampell
The Washington Post
There are lots of reasons to worry about how President Trump would handle a recession, should we tip into one. There’s his incompetent economic team. Or the limited fiscal policy tools at his disposal, given that Republicans have already spent nearly $2 trillion on tax cuts.
Or his efforts to discredit the Federal Reserve just when we’ll need it most.
One underrated concern: Trump’s tendency to double down on stupid and destructive ideas, despite — perhaps because of? — overwhelming evidence of their stupidity and destructiveness.
Trump’s worst policies, economic or otherwise, tend to follow a pattern. First, he posits something like: Sure, the experts say that has predictably high costs and bad consequences. But ignore them! Believe me, it’s a great idea, and it’ll be completely costless.
To wit: Tax cuts will pay for themselves, without injury to deficits. China will pay all the tariffs, without harm to U.S. importers, manufacturers, retailers, farmers. Mexico will pay for the wall, without costs to U.S. taxpayers or international relations.
Free lunches, all around.
Then when it becomes clear those lunches weren’t free — in fact, they were quite pricey — the pitch changes. OK, Trump and his cronies admit, maybe we’re suffering some pain now. But that pain will be worth it, because eventually it will pay off.
https://www.heraldnet.com/opinion/rampell-when-bad-idea-founders-deflect-and-double-down/