Trump continues to claim credit for the economic recovery that was well under way, and handed to him by Pres. Obama, when he took office. His supporters acted as if the Dow hitting 20,000 was Trump’s work alone, possibly because their guy told them so. As the unemployment rate continues the decline it was already experiencing under Obama, Trump will no doubt bask in the glory.
But there’s another economic number that Trump can rightfully own. The decline in the strength of the U.S. dollar is all on him.
The chaos in the White House, from surprise tweets to abrupt firings to foreign affairs mixed messages, has left the dollar weak overseas.
What does a weak dollar mean? On the plus side, it means that people using other currencies, like the euro, can buy more of our stuff with less of their moola. So goods from American companies are cheaper and presumably more attractive.
On the down side, it means our money doesn’t go as far. So when we need to buy imported goods, they cost more. And if those same American companies need to import any raw materials, or if American consumers are trying to buy imported stuff, say at Walmart, it’s going to be more expensive.
Like most of Trump’s policies/tweets, the benefits of a weak dollar go to large corporations while the average Trump supporter is as screwed as a compact fluorescent lightbulb, available now at Walmart.