Historically, it seems, the prospect of a freer economy in which business owners have fewer restrictions and workers keep more of their wages brings out the harbingers of doom.
It was no different when British voters chose to leave the increasingly suffocating European Union and Americans elected businessman Donald Trump. Out came the predictions of a “post-Brexit recession” in the U.K. and a “Trump recession” in the U.S.
As it dawned on America’s stunned punditry the night of Nov. 8, 2016, that Donald Trump was going to be the next president, famed New York Times economist Paul Krugman wrote that the markets were “plunging” in response and Krugman’s answer to when they might recover was “never.”
“Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news,” the Times columnist wrote. “What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in, eight years after the great financial crisis.” . . .
Yahoo Finance columnist Rick Newman confessed in a column Wednesday that he was wrong about his prediction of economic “gloom” after Trump won in November 2016. (Read more from “Anti-Trump, Brexit Doomsayers: We Were Wrong” HERE)