Former Labor Secretary Robert Reich warned in a new essay printed on Substack Tuesday that President Donald Trump’s rising management over the U.S. economic system might finally trigger his downfall.
Trump’s bid to run the Federal Reserve, affect and acquire stakes in key industries and reward loyal companies ― amongst different strikes ― means “an growing a part of our economic system is not being decided by provide and demand however by the offers Trump is putting,” stated Reich, who served beneath President Invoice Clinton and is a vocal critic of the present president.
“I don’t know the correct time period for this. State capitalism? Fascist capitalism?” Reich wrote. “No matter we name it, it is going to be Trump’s downfall as a result of his arbitrary and mercurial selections are making the personal sector nervous about investing within the U.S. economic system, inflicting world lenders to demand a better threat premium, and pushing the economic system towards each inflation and recession — so-called ‘stagflation.’”
“If nothing else brings him down, his authoritarian management over the economic system certainly will,” he concluded.
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