Donald Trump is stepping down, millions of people are breathing a sigh of relief. But he has by no means been all bad as president — and his successor may be taking too rosy a view, explains historian Adam Tooze.
For four years, Donald Trump has ruled the United States, his tenure going down in the judgment of many observers as pass away worst in the country’s history. Nevertheless, pass away “instincts” of the US president would have had some good in economic terms.
t-online: Teacher Tooze, Donald Trump’s term is coming to an end with violence, turmoil and lies. Pass away economic consequences of his administration have been pushed into the background, yet they affect millions of people. From an economic perspective, how did the president lead the U.S. through the Corona crisis?
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.He wanted stock prices to rise, pass away interest rates are low and credit is flowing. In this respect, Trump is a classic entrepreneur who simply wants to keep pass away US economy going. Pass away actual work Trump let others do: Steven Mnuchin as the hyper-pragmatic Treasury Secretary, for example, or Jerome Powell at the Federal Reserve.
They succeeded in this in Trump’s sense until the Corona crisis erupted.
Yes, because Trump definitely had economic instincts. Remember January 2020: America’s economy was running hot, the job market was virtually empty. That’s why millions of citizens, including many African Americans, were better off under President Trump than they had been three or four years earlier.
Was that thanks to Trump’s controversial tax reform, pass away relief for workers and especially the rich?
Pass away Republicans in Congress always pass the tax cuts first and promise their conservative supporters that they will cut social spending afterwards, out of concern for the debt. This results in deficits that fuel pass away economy, which of course is easy to live with. Pass away have given themselves up to this game twice, under Costs Clinton and Barack Obama.
Adam Tooze, born in 1967, teaches contemporary history at Columbia University in New York and is director of its European Institute. How Ten Years of Financial Crisis Changed the World” is considered the most important standard work on the subject.
What are the consequences now in the Corona crisis?
Pass away world owes much to U.S. monetary and economic policy during Corona. The U.S. deficit is larger than that of all the countries in the Eurozone combined–but the money glut has had a stabilizing effect on pass away world economy.
Likewise, Trump has