Previous Trump economic advisor cautions of stock market decline if Trump faces jail time
Former White House economist Kevin Hassett issued a cautionary statement about the potential impact of ex-President Donald Trump’s imprisonment, highlighting consequences for the U.S., including disruptions in the stock market. Hassett, a former Council of Economic Advisers chairman under Trump, expressed his concerns as Trump faces trial for hush money charges in New York. Former White House economist Kevin Hassett shared a warning regarding the potential repercussions of ex-President Donald Trump’s incarceration on the U.S., particularly in causing disturbances in the stock market. Hassett, who previously served as the Council of Economic Advisers chairman under Trump, raised these concerns amidst Trump’s trial for hush money allegations in New York.
Former White House economist Kevin Hassett warned that if former President Donald Trump goes to jail, it would result in numerous consequences for the United States, among them a hit to the stock market.
Hassett, who worked in the Trump administration as the Council of Economic Advisers chairman, made his warning while the former president continues his hush money trial in New York. Hassett specifically criticized Judge Juan Merchan for making “unconstitutional” rulings against the former president, claiming that “it really looks like there’s a conspiracy” to put Trump behind bars.
“And if President Trump is in chains, going to Rikers Island, then would you want to buy U.S. Treasury the next day?” Hassett asked on Fox Business’s Mornings with Maria Bartiromo. “The thing that I’m really worried about, about short-term risks for the economy, is that the Democrats are serious in this lawfare, and if they actually succeed, then imagine, it’s like we become a banana republic the moment they take them to Rikers, and I just can’t imagine what happens to Treasury markets that day.”
Hassett specified that the idea of seeing Trump, a former president, go to jail over “ridiculous charges” would cause concern among international investors, who would opt to buy their bonds elsewhere.
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Trump’s hush money trial in New York relates to an alleged affair he had with adult film actress Stormy Daniels, who is believed to be Tuesday’s witness. This trial is one of several legal battles Trump is facing while running for president in the 2024 election.
Merchan fined Trump $1,000 for violating his gag order on Monday, with the former president already being fined $9,000 for other violations of this order. The judge also warned that further violations could result in Trump spending time in jail.
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