INTERVIEW WITH PHAM DO CHI IN RESPONSE TO THE OPEN LETTER OF MORE THAN 700 US ECONOMISTS

 


According to VN Express report (October 23, 2020) more than 700 US economists, including some Nobel laureates, posted their Open Letter to denounce President Trump’s economic policy and his handling of the pandemic.

 

This crowd of US economists took advantage of their influential positions in prestigious corporations and/or universities to attack President Trump’s credibility within only two weeks before the presidential election.  Mr. Pham Do Chi, a Vietnamese American and former IMF economist saw the Open Letter as an obvious lack of Fair Play, posted so close to the election without any comparison of the President's clear policies with those of Joe Biden, his opponent.  This resembles a wet nurse using her well-endowed breast to suffocate the very baby she pretends to breastfeed, to borrow the image from a Vietnamese proverb.

Speaking as an individual Mr. Pham Do Chi (PDC) single-handedly responded to all the questions posed in that Open Letter, one by one.  

 

The Issue: “within only one term, Donald Trump has transformed the US into an unrecognizable country without accepting any responsibility for his acts” (quoted from the Open Letter)

 

PDC’s response:  These economists' accusations of President Trump are totally vague, providing no evidence to show how “unrecognizable” the US has become.  By what standards?  Since this is a podium for economists, let’s state the conversation solely on economic standards before jumping into other arenas.

 

These US economists are not fair in ignoring the US economic growth during the first three years under President Trump, with unemployment dropping down to 3.5% by February 2020 (the lowest on record in 50 years); inflation also went down while the US dollar rose to its highest level in years, showing the US economy in full strength.  Accordingly, the US stock market also reached unprecedented heights until February 19th, 2020 when the impact of Covid-19 Pandemic appeared, causing market indices to plunge downward hitting a short term “bottom” on March 23rd.  However, the S & P and Nasdaq indices have since recovered to near former records.

Those economists are really unfair in not giving one word of praise for President Trump’s successes in those 3 years while accusing the President of “not accepting any responsibility for his acts” when in reality, President Trump has been harassed and bad-mouthed nonstop by Fake Media bribed by China and manipulated by “Deep State” billionaires.

 

The Issue: the Open Letter urged voters to prevent President Trump from being re-elected because he “destroys Democracy”.

 

PDC’s Response: It’s totally ridiculous to accuse a President elected in a free & legal election of “destroying Democracy”. The real culprits are the Democrats led by both former President Obama and Vice-President Biden who denounced President Trump from the very first day of Inauguration.  Standing out in this group is former President Obama who, against both the US Constitution & democratic traditions of cooperation in the transfer of power between the outgoing & incoming leaders of our nation, started his “Organizing For Action” movement.   Obama urged his 30,000 members (funded by an apparent huge budget) to attack the new President from Day One. Masterminded by the Democrat Party, numerous organizations continued nonstop attacks on President Trump from countless fronts. From Special Prosecutor Robert Mueller's two-year “Russian Collusion" investigations (elaborately orchestrated by Hillary Clinton to divert public attention from her illegal private emails), to the tireless efforts by the Democrat controlled House of Representatives under Speaker Pelosi that failed to impeach President Trump but hampered his efforts to control the pandemic that reached the US by the end of January 2020.

President Trump never attacks US Democracy. Actually, he has been the victim of the Democrats’ schemes to destroy US Democracy through the above wrong accusations, as well as organized national protests and riots funded by several Left-leaning tycoons in cahoots with China’s interventions.

 

The Issue: US economists criticized President Trump of mis-handling the pandemic and “communicating false information that endangered public health”

 

PDC’s response:  These economists’ accusations are really unfounded and out of line.  Although some are Nobel laureates, they shouldn’t have confused their economics expertise with the fields of Medicine, especially not in areas of Contagious Diseases & Public Health. It’s difficult to prove that any other governments could have done better than President Trump’s staff in their work against the pandemic these last nine months.  The President stopped Chinese and then Europeans from entering the US at the end of January 2020. He recommended wearing masks & keeping social distancing. He encouraged manufacturing products to prevent the virus spread as well as developing treatments (such as Regeneron's antibody plasma and Gilead Science's Remdesivir) and various Covid-19 vaccines which will be ready in the next few months.

 

To accuse President Trump of “communicating false information that endangered public health” shows both ignorance of the real effects of some medical treatments and denial of President Trump’s frank & spontaneous efforts evident throughout his nightly White House press conference for months.  The President himself regularly followed COVID-19’s every step along its development.  He quickly noted some instantly effective medications that showed temporary success confirmed by many doctors treating patients in different locations.  For example, treatment by Hydroxychroloquine yielded confirmed successes in France and many hospitals in the US. This drug was also validated temporarily for success in the US by the FDA which, however, later changed its stand.  If he is to be blamed, President Trump was somewhat hasty in sharing these treatments with the public instead of letting his medical staff do the talking.

The Issue: because of those issues US economists strongly urged voters “to recapture Democracy” by voting Donald Trump out of the White House.

 

PDC’s response: US Democracy is never lost because of Mr. Trump’s being our President.  As mentioned earlier, the Democrat Party is the real instigator.  Conversely, to strengthen our Democracy and uphold respect for our Constitution, American voters should enthusiastically re-elect President Trump AND vote for the Republican Party to take control of both the Senate and House of Representatives.

Those economists criticized President Trump’s economic policy unconvincingly, urging voters to “vote Mr. Trump out of the White House” while they intentionally avoided and neglected to mention anything about Biden’s economy policy as compared to another term with President Trump. 

Here is Phạm Do Chi’s biggest criticism of the 700 US influential economists’ Open Letter: They forget about Mr. Biden’s failures in all of his 47 long years holding public offices, especially the recent 8 years as Vice-President during Obama‘s two terms while the US economy dragged considerably after the 2008 Recession.

With the current pandemic, President Trump is the only one who can help our nation recover quickly, who can rapidly re-create jobs and stabilize the stock market at its current highs, fulfilling traditional predictions that a strong market means that the incumbent president will be re-elected.

 

On the other hand, if elected, Mr. Biden’s plan to raise both business and individual taxes will aggressively push the US economy toward both a deeper Recession and the collapse of the stock market, destroying 401k-based pensions of millions of individuals.  Additionally, Biden’s announcements about some of his other policies should pose some serious causes of concern for those economists:

 

a) Clean Energy, or worse the Green New Deal, is an illusionary policy because it’s not affordable and will kill the US oil industry and might raise gasoline prices to $7-$8 per gallon.

 

b) Social Security, Social Services, Healthcare, and Education programs as proposed by Biden will drive the Federal Budget and those of several states like California and New York into bankruptcies. 

Finally, Mr. Phạm Do Chi reminded us of Paul Krugman, the famous US economist and Nobel laureate who, in 2016 when Mr. Trump first ran for President, predicted that Mr. Trump’s economic policy would drive US economy into recession and the stock market would crash in his first year.

 

Remembering this and other false predictions from 790 US economists in their similar Open Letter of Non-Confidence at that time, Mr. Pham Do Chi hopes today’s US economists will play fair by applying proven models instead of injecting personal preferences in their evaluations of candidate Donald Trump’s future economic policy. 
Mr. Trump has gained innumerable real experiences with the US economy and won’t have any need for the Democrats' theoretical models which proved so wrong in the past 4 years.

(Translated by Bich-Thuy Pham)


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