by Mitch Kokai
Senior Political Analyst, John Locke Foundation
When the supposed clueless Trump was elected, a number of elites pronounced his economic plans to be absurd. We were told that Trump was bound to destroy the U.S. economy.
Former Princeton professor and Nobel Prize winner Paul Krugman insisted that Trump would crash the stock market. He even suggested that stocks might never recover.
Former Treasury Secretary Larry Summers said Trump would bring on a recession within a year and a half.
The former head of the National Economic Council, Steven Rattner, predicted a market crash of “historic proportions.”
In contrast, many of Trump’s economic advisers during his campaign and administration, including outsider Peter Navarro, pundit Steven Moore, former TV host Larry Kudlowm and octogenarian Wilbur Ross, were caricatured.
Yet three years later, in terms of the stock market, unemployment, energy production and workers’ wages, the economy has been doing superbly.
The point of these sharp contrasts is not that an Ivy League degree or a Washington reputation is of little value, or that prestigious prizes and honors account for nothing, or even that supposed experts are always unethical and silly.
Instead, one lesson is that conventional wisdom and groupthink tend to mislead, especially in the age of online echo chambers and often sheltered and blinkered elite lives.