If there is a central governing philosophy to the Trump administration beyond racism and the maximization of needless vindictive suffering, it’s this: If the economy’s good, it’s the president’s doing, and if it’s not, it, like everything else, is not his fault, even when it rather demonstrably is. It’s all a big expectations game, specifically lowering them, whether that has to do with standards of public discourse, reliability of our elections or the standing of our institutions.
Wilbur Ross doesn’t seem to understand this. But while he might not understand very much, Steve Mnuchin does, and he’s here to tell you that the fact that the economy will not be as great as President Trump perhaps led you to believe, that is definitely not his fault.
In an interview with Fox Business Network, Mr. Mnuchin said gross domestic product growth may be lower than 3% this year.
“Boeing has had a big impact on our exports, being our largest exporter,” Mr. Mnuchin said. “I think that could be 50 basis points if not more….”
“There’s no question that the virus will have some impact on global growth and some impact on the U.S.,” he said but added it is too early to tell how significant the effects will be.