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Monday, August 24, 2020

President Trump saved the U.S. coal industry ... in his dreams !

In 2016, candidate Trump told coal industry leaders and workers that Barack Obama's strict environmental regulations had doomed them. But if he was elected there would be a turnaround.

"We're going to take care of years of horrible abuse. I guarantee it. ...  If I win, we're going to bring those miners back to work – you're going to be so proud of your president and your country. You're going to be back to better than ever before and that means all kinds of energy. We never want to be in a position like we were in before, where we were literally controlled by people."

That empty promise was a steaming pile of farm animal digestive waste products!  There was no recovery of the U.S. coal industry. The coal industry decline accelerated after President Trump took office. With bankruptcies, liquidations, mine closures, and idled mines. U.S. electric power generation from coal recently hit a five-decade low.

Now President Trump is cheerleading about the NASDAQ stock average hitting record highs, even as the real economy is in a COVID-19 depression. No mention of the U.S. coal industry, of course.