A rocking economy boosted Bill Clinton during the 1998 impeachment. Donald Trump does not have the same sunny backdrop.
In 1998, as the GOP-controlled House moved to impeach President Bill Clinton, the stock market soared and the economy grew nearly 5 percent.But economists and Wall Street analysts note that conditions are very different now as Democrats push toward a possible impeachment of President Donald Trump.During the Clinton impeachment, the dot com boom was making Americans exuberant about the economy.
Trump and his advisers inside and outside the West Wing dismiss all of this and argue that warnings about the economy are dramatically overblown. And they blame the media for hyping signals of weakness and ignoring more positive signs like a strong housing market, wage growth and solid consumer spending.
Kevin Hassett, who recently departed as chairman of Trump’s Council of Economic Advisers, said data on housing and sales suggest that while third-quarter growth might be slow, the fourth could bounce back close to 4 percent. “There are a lot of big scary monsters out there and that’s certainly one of them,” said Peter Cramer, senior portfolio manager at SLC Management, who is otherwise fairly bullish on the economy, noting that a good deal of economic data has surprised to the upside recently.
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