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Reality is catching up with Trump -- everywhere

Dana Milbank on

State party officials can't get either candidate to back off -- and no wonder. The president of the United States and leader of the party has, with his actions, licensed this anything-goes environment.

But perhaps nowhere does reality threaten such a rude intrusion into Trump's world as it does on Wall Street. Trump claimed credit for the rising stock market, even though it has been setting records for about six years. But what goes up inevitably must come down.

New York Federal Reserve Bank President William Dudley, in a prescient speech as the market surged last month, said that while he was optimistic about the near term, he was concerned that the tax cut worsened a fiscal position already "far worse" than before the last downturn and that the "extra boost" caused by the tax cuts to an already tight labor market means the Fed "may have to press harder on the brakes at some point over the next few years. If that happens, the risk of a hard landing will increase."

Now just such a concern is riling markets. For the braggadocious Trump, it could be a particularly hard landing.

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(c) 2018, Washington Post Writers Group

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