President Trump's attempt to attribute the economic downturn to former President Biden is dismissed in the business sector, notably by CNBC's Steve Liesman. The economy's contraction is largely seen as a consequence of Trump's tariffs, influencing both consumer and business confidence with expectations of rising prices. Instead of taking accountability, Trump insists the bad data is solely due to Biden's legacy. Liesman indicates that Wall Street finds Trump's claims laughable, emphasizing the misalignment of blame and the much more serious implications of an impending supply shock that defies traditional economic recovery tools.
The U.S. economy contracted in the first quarter, largely due to Trump's tariffs, creating consumer precarity. Trump blamed Biden for the economic downturn.
Liesman notes Wall Street isn't taking Trump's deflection seriously; he observes laughter at Trump's attempt to blame Biden for the stock market.
Liesman discusses the impending supply shock, stating normal monetary tools won't alleviate issues if the problem is insufficient supply and job losses.
The reduction in government spending coinciding with a supply shock poses a dual threat to the economy, creating a challenging situation.
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