President Donald Trump went full narcissist on Sunday when he literally thanked himself for lower oil prices that he didn’t have a damn thing to do with.
On Thursday, Trump celebrated Thanksgiving by giving thanks for himself.
He said he’s thankful “for having a great family and for having made a tremendous difference in this country. I’ve made a tremendous difference in the country. This country is so much stronger now than it was when I took office that you wouldn’t believe it.”
Seriously.
And he doubled down on that Sunday in the wake of letting Saudi Arabia get away with murdering U.S. resident and Washington Post journalist Jamal Khashoggi by claiming that he is the reason why oil prices have dropped.
So great that oil prices are falling (thank you President T). Add that, which is like a big Tax Cut, to our other good Economic news. Inflation down (are you listening Fed)!
— Donald J. Trump (@realDonaldTrump) November 25, 2018
Trump is delusional if he actually believes he is the reason why oil prices are lower. The real reason why is because oil supplies are high and demand is lower, which causes prices to drop.
That’s how the market works.
According to NPR:
While high output in Saudi Arabia has contributed to a decrease in oil prices, experts cite a combination of factors feeding the decline, on both the supply and the demand sides. Record oil output in the United States and exemptions from U.S. sanctions on Iranian oil have pushed up supply. Meanwhile, waning economic growth, coupled with a strong U.S. dollar — which makes oil more expensive for other countries — could be contributing to a decrease in demand.
Furthermore, even Fox News has admitted that presidents have nothing to do with oil and gas prices.
In fact, here’s various Fox hosts and pundits saying exactly that in 2008 via YouTube.
In addition, falling oil prices can be a bad economic signal.
“Falling oil prices mirror signs that global growth is fading, says Bloomberg senior editor Michael Regan,” NPR reports.
“This drop in oil coincides with a pretty alarming decline in the stock market,” Regan said. “And that makes a lot of traders and analysts worry that the economy might be softening a bit, especially given all the uncertainty over trade tensions.”
So, if Trump wants to take credit for lower oil prices, he’ll have to take the blame for a weakening economy as well.
Twitter users responded to Trump’s narcissism with mockery and facts.
as a professor of economics I would like to explain to my Econ class how you managed to lower the price of oil given that you increased it with sanctions against Iran? Presumably you want to take credit for the slowing world economy due to the trade war you started – am I right?
— Danny Blanchflower (@D_Blanchflower) November 25, 2018
I didn’t get a big tax cut.
I’d also gladly pay more for gas if you’d hold the Saudi’s accountable for Khashoggi’s execution.
— Wyona Yaffe Lendo ? (@WyonaLendo) November 25, 2018
I’m sorry? What’s that you said? Oil prices are dropping because of you? And “other good economic news?” Please tell the dummies who worship in your cult the one about Goldilocks and the three bears! They’ll think it’s breaking news! pic.twitter.com/Y18tqkI3um
— Bruce Lindner (@LukaBrazzi) November 25, 2018
Consumer prices up, inflation up, interest rates raised 4 times with more coming, deficit up, national debt skyrocketed in trillions, spending up.
DOW down, wiping out all gains for 2018, farmers need a bailout, devastating climate report out, You’re still an accessory to murder— USAF Retired E-8 (@USAF__Retired) November 25, 2018
Clearly, Trump does not know how the economy works and he certainly does not know how to shut up and stop bragging about himself.
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