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Trump Is Killing the Economy Out of Spite

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So what will he do if he loses the election?
Last year Donald Trump called Nancy Pelosi, the House speaker, a “nasty, vindictive, horrible person.” Actually, she isn’t — but he is. Trump’s vindictiveness has become a major worry as the election approaches. He has already signaled that he won’t accept the result if he loses, which seems increasingly likely though not certain. Nobody knows what chaos, possibly including violence, he may unleash if the election doesn’t go his way. Even aside from that concern, however, a defeated Trump would still be president for two and a half months. Would he spend that time acting destructively, in effect taking revenge on America for rejecting him? Well, we got a preview of what a lame-duck Trump presidency might look like Tuesday. Trump hasn’t even lost yet, but he abruptly cut off talks on an economic relief package millions of Americans desperately need (although as of Thursday he seemed to be backtracking). And his motivation seems to have been sheer spite. Why do we need economic relief? Despite several months of large employment gains, America has only partly recovered from horrific job losses in the early months of the pandemic — and the pace of recovery has slowed to a relative crawl. All indications are that the economy will remain weak for many months, maybe even years. Given this grim reality, the federal government should still be providing the kind of relief it offered in the first few months of the crisis: generous aid to the unemployed and loans that help keep small businesses afloat. Otherwise we’ll soon be seeing millions of families unable to pay their rent, hundreds of thousands of businesses going under. In addition, state and local governments — which, unlike the federal government, are generally required to balance their budgets — are in desperate fiscal straits, because the pandemic slump has drastically reduced their revenues.

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