NDN Blog

"Amplifiers" - High Volume Pro-Trump Accounts on Twitter

In the course of doing research on the right wing social media ecosystem, we keep coming across accounts who have tweeted hundreds of thousands of times.  We are fascinated by these accounts.  We share some of them with you here.  They are very high volume accounts, tweeting hundreds and thousands of times a day, day after day, and in many cases also “liking” posts at very high volume.  They seem to be set up just to amplify and thus we like to refer to them as “amplifiers.”  Yes they are all probably technically “bots,” but what matters more to us is their relentless flooding of the zone day in and day out.

Think about this.  If an account @JulieReichwein1 tweets 500 times a day, and you have let’s say 100 of those accounts, you can be tweeting 50,000 times a day every day.  50,000 tweets with 100 accounts. A few weeks ago Twitter took down a network of 5,000 pro-Trump which had up until recently working in Arabic in Saudi Arabia.  At a similar level of tweeting those 5,000 accounts could have been delivering 2.5m tweets a day.

The point of these accounts are amplification.  They take a meme and help explode it across the Twitterverse, similar to purchasing a TV ad.  But it’s free.  And importantly, regular people see this kind of high volume tweeting by accounts who appear real and have key identifiers - #MAGA, 3 star emojis to support Michael Flynn, #KAG, and QAnon references - as a sign that something must be true.  And once real people, not amplifiers or bots, but millions of real Republicans become persuaded and they start retweeting/amplifying, the meme or image truly spreads.  And that is the whole point of this kind of amplification – it is not just about reach, it is about creating permission structure for regular people to believe and become amplifiers themselves.

As we go deeper into our research we will keep sharing accounts like these as we find them.  The big question – how many are there? Dozens, hundreds, thousands, more? Let’s try to find out, together.

Innovative Thinking, Making A Difference - Giving to NDN This Year

In a time of great national challenge, we are proud of the timeliness, breadth, and thoughtfulness of our work these past few months.  We’ve covered a wide spectrum of issues – challenging Trump’s misguided trade and tariff policies, offering ongoing analyses of the President’s tax cut and the weakening US/global economies, trying to find a way past the current failed Trump approach to the border and immigration, and aggressively mapping out vital new terrain in protecting our discourse and elections from foreign manipulation.   We’ve also offered our usual complement of insights about the broader political landscape, and the changing politics inside both political parties.  We’ve followed and interpreted Europe’s recent elections, argued the path forward for the center-left is through patriotism and optimism, and raised the alarm again and again about Trump’s admiration for despots and his own outrageous abandonment of the rules, norms, and laws which make democracies work and thrive. 

And our work is reaching key policy makers here in DC.  We’ve been featured in dozens of articles in the top newspapers, magazines, and websites in the US.  We’ve been on CNN and MSNBC, and were even featured in podcasts as diverse as the one hosted by Univision anchor Leon Krauze and the one hosted by Dick Clarke, the highly respected national security thought leader.  Our social media presence, particularly on Twitter, is garnering millions of impressions each month.  Our team is connecting with those on the Hill most days, and we even collaborated recently with the 50 state Democratic Parties on an important resolution advancing election security.  So once again we are not just howling into the wind of history, but successfully working to forge a better path in a deeply tumultuous time. 

Our fundraising has gone well this year but as with every organization there is always more money to raise - we need to raise about another $50,000 to make our 2019 target.  Can you give something today - $25, $50, $100 or more – to help us reach our goal?  Every little bit helps – as each contribution is itself a “like” and affirmation of our work. 

Finally, as I look back at my 27 years in Washington, and 23 years leading NDN, what I am most proud of us is that this organization, in different forms, over a long period of time, has continued to provide cutting edge thought leadership even as the issues we debate, the challenges we face, and the leaders here who lead us have changed, dramatically.  We’ve only been able to do that because of you, your inspiration, your financial support, your partnership.  We cannot rest for despite of all our accomplishments, our hardest and most important work still lies ahead.

With gratitude.

Onward, together -

Simon

Simon In Richard Clarke's Future State Podcast On "The Future Of Hacking Democracy"

We’re very excited to share with you that Simon’s discussion with former National Security Council Special Advisor Richard Clarke, titled The Future of Hacking Democracy, is now available for your listening pleasure.  Drawing from his experience running a countering disinformation operation for the DCCC in the 2018 election cycle, Simon talks about what Russia did in 2016, new trends and threats we've seen in the past few years, and what steps we should be taking now to prevent foreign governments and domestic actors from manipulating our elections and discourse.  Big thanks to Richard for being a gracious host. You can listen to the discussion on “The Future State” podcast here (please select Episode 20). 

ASDC Resolution on Protecting our Elections from Foreign Manipulation

The following is the text of a Association of State Democratic Committees (ASDC) resolution that passed unanimously on June 15th in Santa Fe.  A PDF of the official resolution is below. 

Resolution on Protecting Our Elections from Foreign Manipulation

Whereas in 2016 the Russian government launched an extensive attack on America’s democracy and the Democratic Party and its leadership in particular;

Whereas the current Administration has not taken sufficient steps in these past 2 ½ years to protect our elections, our candidates, our political parties and our discourse; and

Whereas America’s intelligence services have warned that Russia and other nations are likely to attempt to manipulate our elections and discourse once again in this current election cycle; now, therefore, be it

Resolved, that the Association of State Democratic Committees (ASDC):

  1. Urges the Democratic National Committee (DNC) to establish a new party-wide framework which would discourage and prevent the use of the kind of illicit campaign tactics used by Russia against our party in 2016 in the 2020 elections; 
  2. Recommends this framework seek to discourage and prevent hacking and the use of hacked or stolen materials; discourage and prevent the use of disinformation tactics including, but not limited to, the use of fake social media accounts, fake websites, bots, trolls, troll farms, deep fakes and any use of falsified images, video or audio;
  3. Endorses efforts by Senator Ron Wyden and FEC Chairwomen Ellen Weintraub to protect our elections from cyber-attacks, including by allowing national party committees to use monies from the Party’s building funds to provide cybersecurity assistance to campaigns and state parties;
  4. Encourages a new party wide commitment regarding the reporting of illicit activity discovered from any source to the proper authorities, the social media platforms and the DNC; and to discourage the use of these tactics by supporters, allied groups and institutions and consultants.

Mover: Tina Podlodowski, Chair, Washington State Democratic Party

Seconder: Raymond Buckley, Chair, New Hampshire Democratic Party

Biden, Democratic State Parties Embrace Call to Forgo Illicit Campaign Tactics

Over the past few days, we’ve seen dramatic progress on efforts to prevent the continued proliferation of the kind of illicit campaign tactics Russia used in the 2016 election.  On Friday, Vice President Biden made his own very public and aggressive pledge (and see this companion video), expanding on his public commitment to the idea prior to him becoming a candidate.  And on Saturday, the Democratic States Parties passed a resolution calling on the DNC to encourage Democratic candidates to adopt such a pledge, and forgo the use of these tactics against one another in the Democratic Presidential Primary.  At NDN we are very proud to see an idea which we’ve arguably been the principal champion of making so much headway.  You can read more about these exciting developments in stories from Natasha Korecki in Politico and Amy Wang in the Washington Post.

We first called for a pledge like this in an op-ed published on Dec 18th, 2018 on the NBC News website: “The DCCC also made an unprecedented public pledge to combat these new malicious tactics by committing to never use hacked materials in the election, as was done against us in 2016. We think future pledges like this one should include promises not to hack, use hacked materials or use fake accounts, bots, troll farms or “deep fakes.” Whether the parties themselves can agree to a common approach remains to be seen — it didn’t work this time — but the DNC and sister committees should lead by example and get every Democratic presidential campaign to sign on to some set of practices similar to the pledge released by the DCCC in 2018.  Everyone in US politics, regardless of party, should follow our lead and commit to not use the tools the Russians used — and continue to use — against us and other democracies in our own work.”  

And we expanded on this idea in a series of essays, twitter threads, and television appearances in the months since. 

Where is all this going? Our hope is that these steps to create new norms, to make clear what is right and what is wrong in a democracy, will be adopted by all candidates and parties in the US, Democratic and Republican. These are common sense practices and should be the norm here and in democracies throughout the world.  In the days after the recent, horrific shooting in New Zealand we saw another step in this direction when a dozen nations came together with the major social media platforms in Paris to form the Christchurch Call, which is a broad commitment to rid the Internet of extremist speech.  Eventually we hope these incremental steps forward build over time into some kind of global set of norms, frameworks and understandings.  It just cannot be that the wanton interference in the domestic politics of other nations becomes commonplace, particularly as a tool of authoritarian governments to weaken the global democratic challenge to their unjust rule.  We have to draw the line now, brightly. And the courageous steps Vice President Biden and the Democratic State Chairs have taken in recent days should encourage all of us that we’ve begun to develop a coherent societal response to this particular pernicious manifestation of the digital age. 

Wyden Cyber Bill - The resolution passed by the State Chairs also endorsed an effort to make it easier to provide and pay for cybersecurity tools for federal campaigns and state parties.  Current law makes this hard, and recently Senator Wyden introduced a bill which would allow the party committees to use their building fund accounts to pay for cyber security tools and services.  This effort has also been backed by the Chair of the FEC, Ellen Weintraub, and other organizations including the Campaign Legal Center and R Street.  A version of the Wyden Bill will soon by introduced in the House.  More on that when it happens. 

Trump 1.0 Has Failed. What Comes Next?

Trumpism Is Failing – Two and a half years in and Trumpism is increasingly looking like a failed governing and political project.  No other President in the history of polling has been as unpopular as Trump in their first term; the 2018 elections were a significant repudiation of his politics and leadership; the economy is clearly slowing as the badly designed stimulus/tax plan starts to run out of gas and his trade policies wreck havoc on the US and global economies; his immigration approach is among the biggest policy failures modern America has seen; America's standing in the world has taken a huge hit; after years of dramatic decline, the uninusred rate has begun to rise again; perhaps no President has been less faithful to the promises they made during their campaign; and then there is the relentless crazy Twitter feed, wild policy swings, venal corruption, denigration of democracy and its rules, and the ongoing dance with despots and oligarchs.   It is just a huge ugly failure, a political bankruptcy, a tired TV show which has lost its magic.

Recent polls capture just how bad it is for Trump. Fox News has him losing nationally by 10 points to Joe Biden. Quinnipiac has him down by 13, Ipsos by 11, and Morning Consult by 11. Trump has now spent over 730 days with a net approval rating of -10 or worse. At this point in their Presidencies, all other Presidents since 1953 combined have been at -10 or worse for just 100 days.  He also trails Biden by 11 points in recent polls in MI and PA, showing that it is he and not Democrats who have to win back voters in the Rust Belt. New polls also have him down in AZ, NC, and even TX, 3 states which have not been part of the Dems' Blue Wall.  If the election were held today Trump would lose badly, McGovern/Mondale territory.  And as his recent retreat over Mexican tariffs demonstrates, he knows it.

As he kicks off his re-election, Trump has two options now.  Retool, reboot, move on to Trump 2.0.  Seems unlikely at this point, but could happen.  The other option is that he does something dramatic and dangerous to fundamentally alter the current political landscape which is so unfavorable to him now – war with Iran, trade wars with everyone, despotic attacks on his domestic opposition.  What our political system has to come to terms with in the short term is that the volatility we are seeing in the White House these days could get far worse, as nothing he is doing is working to improve his poor standing; the economy is going to get worse; and his legal troubles will worsen too.  Where might this take us? Nowhere good we fear. But where we are likely not headed is a second term for this accidential and awful President. 

NDN's Chris Taylor made significant contributions to this analysis.

Historically Low Poll Numbers, Slowing Economy Endangering Trump’s Re-Election

This piece was originally published on Medium.

A year and a half before the Presidential election, Trump’s electoral position looks precarious to say the least. According to FiveThirtyEight, Trump currently stands at a net approval rate of -11.6, and he hasn’t been better than -8 since March of 2017. Of the 12 Presidents in office since 1945, only 1 has had a negative net approval rate at this point in their first term — Jimmy Carter — and we know how that turned out. By contrast, Obama was at +1.5 in May of 2011, and he went on to win in 2012 by the still relatively modest margin of 3.9 percentage points.

Crucially, and even worse for Trump, this extremely poor level of approval has taken place while the economy has been strong. By the 1980 election in which Carter lost by 8.3 percentage points, the economy had entered a recession and unemployment was near 8%. By contrast, Trump inherited an economy with 4.8% unemployment and job creation of over 210k/month, and that strength has largely continued to this point. What this means for Trump, however, is that he is probably getting the largest boost from the economy to his approval rate that he will get — that is to say, he is at his high water mark in the polls right now. Furthermore, as the economy weakens, it is likely that voters who approved of him primarily because of the economy will grow more likely to oppose him. It could be devastating to his electoral chances in 2020, therefore, that the economy seems to have begun a sharp deceleration over the past several months (something that the conventional wisdom is only now beginning to acknowledge).

First, the economy in the first quarter of this year was never close to as strong as was commonly assumed. This misconception was based upon two very strong headline reports (3.1% GDP growth and 3.6% unemployment) whose underlying data was actually quite poor. The headline GDP number came in strong because two temporary, one-off factors (inventories and net exports) gave big boosts to the economy in Q1. However, these boosts will not happen again for the rest of the year, and the fact that they were large in Q1 will actually cause them to subtract from growth in Q2-Q4 (as businesses reduce their inventories after a big build-up for example). In fact, the core components of GDP — consumption and business investment — grew at their slowest rate since 2013, illustrating that the fundamentals of the economy were weak. Similarly, the unemployment rate fell to its lowest level in 60 years in April not because more people were employed, but because 490,000 people dropped out of the labor force. According to the household survey that is used to calculate the unemployment rate, 103,000 fewer people were employed in April than in March, and 300,000 fewer people were employed in April than in December 2018.

Second, the deceleration in the economy has become very clear with the release of new economic data for April and May. Three key reports that look at the fundamentals of the economy — retail sales, industrial production, and business investment — all came in very weak in April. Retail sales, a good proxy for consumer spending, fell for the 3rd time in the past 5 months while industrial production grew at its slowest rate since February 2017. Capital spending, a good measurement of the level of investment by businesses, declined to its lowest overall level since June 2018. And this data was all compiled before Trump increased tariffs on $200 billion of Chinese goods from 10% to 25%, and threatened tariffs of 5% on all Mexican imports. This rapid escalation of Trump’s trade wars with China and Mexico starting in mid-May has clearly affected the economy, and has turned already weak April numbers into extremely poor May ones. For May as a whole, services activity fell to its lowest level since early 2016 while manufacturing activity cratered to levels not seen since 2009. Furthermore, job growth fell significantly, expanding by only 75,000 jobs in May compared to the 2014–18 average of 215,000 jobs per month. Finally, consumer confidence took a sharply negative u-turn after the imposition of the tariffs in mid-May, which will likely weaken consumer spending in the weeks ahead.

Overall, then, the economy has clearly taken a dramatic turn for the worse over the past few months, something that is now starting to be reflected by the conventional wisdom in the markets and media. The Atlanta Fed and New York Fed now project Q2 GDP growth to be an average of only 1.2%, while Goldman SachsJP Morgan, and Morgan Stanley see an average of just 0.9% growth. Similarly, the Fed’s preferred metric for forecasting recessions — the yield curve — is now at its flattest point (meaning the highest probability of recession) since 2007. And the economy is likely to only get worse in the coming weeks. The most important risk factor for a further deceleration is Trump’s trade wars, and conflicts with China, Mexico, and Europe all look unlikely to abate anytime soon. With China, negotiations have come to a complete standstill and Chinese state media has become far more hostile to the US in recent weeks, meaning that the chance of a deal is extremely unlikely. Furthermore, as of this morning the White House has said that Trump still intends to impose the 5% tariffs on Mexican imports, and the complete lack of progress in trade talks with the EU means that the chance of a 25% tariff on auto imports from the bloc is increasingly likely. As these conflicts continue unabated, the risk of a full-blown recession only increases. Indeed, Morgan Stanley’s economists last week forecast a global recession if Trump escalates his trade wars any further.

What does this mean for Trump and his chances of re-election in 2020? Very simply, it could mean that the President suffers a major defeat in 2020, if not an early primary challenge late this year. According to Ipsos polling from mid-May, Trump has a positive approval rate on just 2 out of 14 policy areas — his handling of the US economy (+5) and employment and jobs (+12). His average approval on the other 12 areas is -13, including -12 on healthcare, -12 on trade, -13 on taxation, and -11 on foreign policy. If the economy falters and his approval on those metrics falls in line with his broader popularity, the GOP could face a landslide defeat next year. As it is right now, Trump is the most unpopular first-term President in the postwar period, but depending upon his actions towards China, Mexico, and Europe over the next few months, things for him could get a whole lot worse.

Dems Have Already Won Back Voters In The Rust Belt. It's Trump Who Needs To Win Them Back Now

Perhaps the most persistent myth in American politics today is that the President has some magical hold on voters in the Rust Belt, and that his anti-immigrant and protectionist policies would make it difficult for a Democrat to win there in 2020.  There has been enough polling now for us to conclude that at this point in the 2020 race, it is Trump not the Democrats who faces an uphill climb in the Rust Belt next year.  Let’s look at some numbers:

Michigan – A new Detroit News poll has Biden up over Trump 53-41, and other Democrats are posting strong numbers there as well.

Pennsylvania – A recent Quinnipiac University poll had Biden up over Trump by a similar spread, 53-42.  

Morning Consult has Trump’s approval in these states down 17-19 points net since early 2017.   This morning Axios reported that “Internal Trump polls have Biden substantially ahead in the Rust Belt." And there are even recent polls showing Biden leading Trump 48-44 in Texas, 49-44 in Arizona and 53-41 in North Carolina.

While it is still early in the Presidential race, a few observations about these numbers:

1) Trump’s trade and immigration policies are not working for him even in the Rust Belt, and we know they have caused him and the GOP brand significant harm in the heavily Mexican-American parts of the country.   Trump has had the worst poll numbers of any President at this point in their Presidency in the history of polling.  It's getting hard to avoid the conclusion that Trump as a political project is failing.

2) There is evidence now that Trumpism/illiberalism is causing voters to rethink important issues, and what might be considered a “backlash” is emerging here and in Europe.  When Trump and the GOP attacked the ACA in 2017, we saw a 23 plus jump in its standing (from 38-49 in April 2016 to 50-38 today), as if voters realized they had something valuable once someone threatened to take it away.  The same may be happening with the openness of our societies here and in Europe and the UK.  In 2018, the US handed Trump one of the worst midterm defeats of the past few decades, and the GOP’s losses in MI and PA were among the worst of any state in the nation.  In the 2019 European elections, the party which gained the most ground were the Liberals, a party associated with open trade and immigration and the European project.  Liberals saw similar gains in the UK.  The Greens, a party which also could be considered to be in direct opposition to Trump’s politics, also made important gains in Europe and the UK.  Here, in early 2019 polls the candidate most identified with “liberal internationalism,” Joe Biden, has large leads in both Democratic Primary and general election polls. 

It is also important to note that in Europe the combined forces of both the center-right and far right actually lost seats in the European Parliament, as did the far left.  We’ve also seen significant declines in the standing of Bernie Sanders here in the US, and Jeremy Corbyn in the UK, political leaders on the left who’ve historically been more skeptical of the global liberal order. 

3) Democrats are currently very pro-free trade and anti-tariff.  The notion of the Democratic Party as a protectionist party is not now and has never been true.  The current global order was imagined and championed by FDR and Truman.  NAFTA, the Uruguay Round, China’s ascension into the WTO, and the TPP were all advanced by Democratic Presidents.  Current Democratic voters are overwhelmingly in support of openness and America’s leadership in the world, and even specifically pro-free trade by very large margins (67-19 in favor of free trade, 77-15 against tariffs).

4) It is our hope that in coming days Democrats see trade as an opportunity and lean in, as we’ve argued they should be doing on immigration too.  The nation and the Democratic coalition is in favor of the openness of the modern world, but we need to make our case, not let Trump define the terms of the debate.   Dems should begin by far more forcefully rallying against the President’s dangerous tariffs, and then perhaps advocate for the US to rejoin TPP if we are able, and be open to the new NAFTA if improvements can be made.  But most importantly, Democrats should tie our advocacy for an open world, perhaps our Party’s most important legacy, with far greater investments in everyday people and their prospects.   Ideas like expanding the ACA, raising the minimum wage, hastening the transition to a post carbon world, creating a new Department of Jobs, Skills, and Economic Development should all be considered in tandem with modernizations of the global trade system.   Many good ideas are coming from the Democratic Presidential debate.  What that would mean in the short term for example would be to condition Dem support for the USMCA to a rollback of Trump's policies weakening the ACA, as the ACA is one of the most successful programs ever put into place to help workers navigate the challenges of a more competitive global economy; or tax hikes and full funding of a national infrastructure plan; or passing comprehensive immigration reform.  

Tariffs, Trump, and Tyrants

One of the great animating principles which drove the founding of America and the design of our government was the quest to curtail the power of a single person to determine the fate of the nation without reasonable deliberation and what we call checks and balances.   There is perhaps no more quintessentially American idea than this – that the President is not a sovereign, but a partner in governing the nation with Congress and the Judiciary; that he or she serves the people, not themselves; that we are a nation of laws, not men and women.

After more than two years of his Presidency, it just isn’t clear that Donald Trump agrees with this time worn American belief that the power of an executive in a democracy must be limited and checked.  At the core of Bob Mueller’s report to the American people are profound questions about Donald Trump’s willingness to trample democratic norms and laws, even openly working with a hostile foreign power to influence the outcome of an American election.  The President showers authoritarian strongmen like Putin, Kim, and Orban with praise, and denigrates our democratic allies.  In case after case – the unrelenting lying about everything, the refusal to divest from his businesses, the unilateral deployment of the military on US soil, the years of obstruction documented by Mueller and the unprecedented disregard for the oversight responsibilities of Congress, the many times the President’s policies have been stopped by US courts, the granting of security clearances over the objections of professional staff and the intelligence community, the wanton lawlessness of his Cabinet and staff, and the persistent invocation of emergency powers when no emergency exists (either the US economy is the best ever or we are in a national emergency, can’t be both) – the President has refused to abide by the laws and norms essential to making our democracy, or any democracy, work.  In many ways he has become the type of American leader our Founding Fathers tried so hard to prevent from ever occupying the White House. 

It is in this light that we must see, and ultimately challenge, the President’s use of tariffs with Mexico, China, and other nations in the world.  The way he is using them, without consulting Congress and by whimsically announcing and enacting them without public debate or deliberation, is simply outside any reasonable understanding of how our nation should be governed.  They are the actions of a tyrant, or a Mad King, not an American President.  They also, perhaps even more importantly, violate the entire theory of how the post WWII order, designed and built by the United States, was supposed to work.  Whimsical use of tariffs has been essentially outlawed or highly constrained in our global system, in ways similar to how we’ve approached chemical and nuclear weapons.  Their escalating use in the pre-war period led to world war, and leaders from around the world came together and designed a system which sought to eliminate their existence entirely.  The President’s repeated deployment of tariffs to achieve not just economic but political objectives is a clear break from the norms and laws of the modern world. 

What the President has done with his tariffs, Mexican and otherwise, is therefore both a clear betrayal of the American system of government, and of the system we designed and built for the world after WWII.  As many predicted, the tariffs are slowing global economic growth, slowing American growth, creating extraordinary tensions with our largest trading partners and most important geopolitical allies, and weakening the global system America built that has ushered in the most peaceful and prosperous period in all of human history.  Congress has a profound duty to step in now and stop this dangerous abuse of Presidential authority before more harm is done to the United States and the world.  It can begin by advancing a bicameral, bipartisan bill already introduced into Congress that is designed to reign in the President’s abuse of his tariff authorities. 

But Congress has an additional remedy it is considering now – impeachment and removal.  It is my own belief that if Congress does begin the process of removing the President, among the more persuasive arguments which will need to be made is Donald Trump’s historic abandonment of the democratic principles which have inspired the world and made America great.  Refusal to embrace those principles, flirting and encouraging autocratic whimsy rather than democratic deliberation, is perhaps the greatest crime an American President can commit, for it is a betrayal of our nation’s most important contribution to human kind – that it is the people who are sovereign, not Mad Kings and tyrants.  There is perhaps no greater rationale for the removal of a President than failure to maintain fidelity to our democratic system itself. 

For more on why Congress should be challenging the President’s tariffs see this recent series of essays from the NDN team. 

Trump Is Leading The Economy Into A Substantial Slowdown

Over the past week, new economic data has painted a picture of a rapidly decelerating US economy. In April, industrial production grew at its slowest rate since February 2017, retail sales declined for the 3rd time in the past 5 months, and capital spending fell by 0.9% to its lowest overall level since June 2018. And this data was compiled before Trump increased tariffs on $200 billion of Chinese goods from 10% to 25%. Since then, the numbers have gotten even worse. In May, US manufacturing production fell to its lowest level in 9 years while overall business activity fell to its lowest level in 3 years. Meanwhile, growth projections for Q2 GDP have fallen rapidly, with the Atlanta Fed, the New York Fed, JP Morgan, and Morgan Stanley all seeing growth under 1.5% this quarter. Indeed, the Fed's preferred metric for forecasting recessions - the yield curve - is now at its flattest point (meaning the highest probability of recession) since 2009. Trump's trade war, and recent significant increase in tariffs, has played a large role in this slowdown. Export markets have dried up for American farmers and manufacturers, investment has declined as firms face significant uncertainty, and higher costs for consumers and producers alike have caused output to slow. You can find more of NDN's analysis on why the economy is currently worse than conventionally believed here. As well, you can read our work detailing the failures of the President's tax cut here and his trade policy here

Weekly Notes On The Economy is a weekly column that NDN writes on the most recent economic news, policy, and data.

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