Authored by William Galston via RealClearPolitics,

When the Commerce Department released a report on April 30 showing that the economy had shrunk during the first quarter of 2025 – the first such decline since 2022 – President Donald Trump was quick to respond. “This is Biden,” he said, adding that “You could even say that the next quarter is sort of Biden [too].” Later that day, he told a group of corporate executives that “This is Biden’s economy.” He capped his day by posting on Truth Social that “This is Biden’s Stock Market, not Trump’s.”

By the end of the week, the president had refined his message. When asked about responsibility for the economy during an interview on NBC’s Meet the Press, he stated that “The good parts are the Trump economy and the bad parts are

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