The Economist is blasting President Trump’s plan for the economy, saying it will leave the U.S. “more indebted and more unequal.”
The publication said the president’s plan “treats orthodoxy, accuracy and consistency as if they were simply to be negotiated away in a series of earth-shattering deals.”
“Although Trumponomics could stoke a mini-boom, it, too, poses dangers to America and the world,” it added.
The piece described Trumponomics as a “set of proposals put together by businessmen courtiers for their king.”
“Trumponomics is a poor recipe for long-term prosperity. America will end up more indebted and more unequal,” The Economist wrote on Saturday.
“It will neglect the real issues, such as how to retrain hardworking people whose skills are becoming redundant.”
The Economist also said that although Trump claims he is a “free-trader,” his outlook is “squarely that of an economic nationalist.”
The publication warned that when the “contradictions become apparent,” Trump’s “economic nationalism may become fiercer, leading to backlashes in other countries—further stoking anger in America.”
“Even if it produces a short-lived burst of growth, Trumponomics offers no lasting remedy for America’s economic ills,” the piece said.
“It may yet pave the way for something worse.”
In a previous interview with The Economist, the president described his approach as “Trumponomics.”
“Well it’s an interesting question,” Trump said when asked how “Trumponomics” is different from historic Republican economics.
“I don’t think it’s ever been asked quite that way. But it really has to do with self-respect as a nation. It has to do with trade deals that have to be fair, and somewhat reciprocal, if not fully reciprocal. And I think that’s a word that you’re going to see a lot of, because we need reciprocality in terms of our trade deals.”