“The economists said a lot of things before Trump got elected — and he proved all of them wrong,” said Bryan Lanza, who advised Trump’s 2016 campaign and transition. “The good news is that President Trump doesn’t give a rip about what economists think.”
But economists from his own party and within his own administration are offering sober assessments that are at odds with the lofty projections from Trump and his top aides about a year-end resurgence. On Wednesday, the Commerce Department reported that the U.S. economy contracted at a 4.8 percent pace from January through March, and Federal Reserve Chair Jerome H. Powell indicated that the second quarter would see even steeper declines.
Even some Trump allies agree that more economic pain is ahead.
“I don’t see a quick recovery,” said Stephen Moore, a conservative writer and activist who advised Trump’s 2016 campaign. “I think it’s going to take longer than most people seem to think it will.”