Trump’s Top Economic Adviser Resigns

I’m out!

As the Washington Post reports:

President Trump’s top economic adviser resigned on Tuesday, leaving the White House after losing a major battle with other aides over the implementation of protectionist tariffs on steel and aluminum.

White House National Economic Council Gary Cohn, the former president of Goldman Sachs, leaves a Trump administration that has pivoted sharply from last year’s business friendly tax cuts towards a much more protectionist approach.

In the past week, Trump has said he will impose tariffs that hit imports from Canada, Germany, Mexico, the United Kingdom, Turkey, South Korea, and a range of other countries, threatening to escalate the penalties if any nation dare to retaliate.

This came after Cohn spent months trying to steer Trump away from tariffs and trade wars, with Trump eventually being outmaneuvered by Commerce Secretary Wilbur Ross, trade advisor Peter Navarro, and ultimately Trump himself.

Larry Kudlow is the early favorite in the clubhouse to succeed Cohn.

11 Community Comments, Facebook Comments

  1. Davie says:

    Not sure whether to laugh or cry — Gary Cohn and Larry Kudlow are two peas in a pod.

    Here is Paul Krugman's concise analogy of their holy grail tax cut:

    So you go out for dinner with a wealthy acquaintance. “I’ll take care of everything,” he says, and orders you a hamburger. Then he orders himself an expensive steak and a bottle of wine, which he doesn’t share. And when the waiter comes with the check, he points at you and says, “Charge it to his credit card.”

    Now you understand the essence of the Trump tax cut, signed into law a little over two months ago.

    Kudlow is a loyal Trumper whose economic mentor is Arthur Laffer.  Here's an example of Kudlow's economic prowess:

    Kudlow firmly denied that the United States would enter a recession in 2007, or that it was in the midst of a recession in early to mid-2008. In December 2007, he wrote: "The recession debate is over. It's not gonna happen. Time to move on. At a bare minimum, we are looking at Goldilocks 2.0. (And that's a minimum). The Bush boom is alive and well. It's finishing up its sixth splendid year with many more years to come".[21] In May 2008 he wrote: "President George W. Bush may turn out to be the top economic forecaster in the country" in his "'R' is for 'Right'"

  2. ParkHill says:

    The question we need to be asking wrt every daily story is this:

    "Does this help the Russians".

    In this case Cohn was considered a voice opposing Trump's protectionist policies. Raising tariffs and starting a trade war causes disruption in the US-Europe relationship.

    So, I'd say Russia wins again.

  3. davebarnes says:

    Another member of The New World Order is expelled from the Dumpster’s orbit thanks to Obama’s chemtrail program.

  4. … and Michael John Bolton met with Trump today, possibly signaling that HR McMaster is soon to be replaced as National Security Advisor. Oh – and Trump is reportedly encouraging Scaramucci to attack Chief of Staff Kelly.

    Lots of energy in the White House staff – everyone wants to work there.

    We're doomed. Not the country – the world.

  5. Pseudonymous says:

    first they came for the muslims and i did nothing

    then they came for the mexicans and i did nothing

    then they came for women and i did nothing

    then they wanted tariffs so i resigned

    -a short poem by Gary Cohn

    — m i t h (@ManInTheHoody) March 7, 2018

  6. Pseudonymous says:

    Gary Cohn is a Democrat.  We shouldn't forget that.

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