Trump Slams ’Doom and Gloom’ Economists—Here’s Why They Might Be Right

Former President Trump takes aim at bearish economists—just as markets flirt with all-time highs. Who's really out of touch?

Wall Street's perpetual pessimists face fresh fire from Trump. But with inflation still biting Main Street, maybe those 'doom and gloom' forecasts aren't so crazy after all.

Funny how the same guys crying recession still haven't updated their 2023 crash models. Maybe they're waiting for their short positions to print first?

Trump targets ‘Doom and Gloom’ economists

In a late-night Truth Social post on August 10, 2025, President Donald Trump directly attacked the Nobel Prize–winning economist Paul Krugman, characterizing him as a “Deranged BUM” and accusing him of keeping the public from entering what Trump dubbed the “BEST MARKET IN HISTORY.”

Trump blamed Krugman and similar “doom and gloom” economists for poor market sentiment and urged his followers to “Sue them!” for their predictions, arguing that they had been wrong for years.

Krugman, a longtime columnist for The New York Times, has frequently criticized Trump’s economic policies. Most recently, Krugman condemned Trump’s decision to fire the Bureau of Labor Statistics (BLS) commissioner following disappointing July 2025 jobs data, which reported just 73,000 new jobs.

Trump declared the figure “rigged” and politically motivated.

“Claiming that economic data you don’t like is fraud perpetrated by a DEEP state conspiracy has been standard practice on the right for a long time, going back to the ‘inflation truthers’ of the Obama years,” Krugman shot back.

Trump parades bullish markets

Trump’s post leaned heavily on the narrative that markets have been consistently strong under his administration.

“ALL markets have been hitting new HIGHS, and are now higher than ever before,” he wrote, implying Krugman’s warnings failed to materialize.

Market indicators have experienced a downtrend and then regained green territory in many instances, but none had a more immediate impact than Trump’s April rollout of sweeping “Liberation Day” tariffs. Markets initially plunged but later rebounded, even surpassing previous highs during subsequent trade deals and easing inflation.

Despite this, in May, Krugman described Trump’s policies, especially the abrupt and unpredictable tariff shifts and federal layoffs, as “crippling” to the U.S. economy. He warned that these moves are eroding trust, creating a hostile environment for businesses, and increasing the risk of recession.

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