Former Labor Secretary Robert Reich warned in a new essay published on Substack Tuesday that President Donald Trump's growing control over the U.S. economy could ultimately cause his downfall.
Trump's bid to run the Federal Reserve, influence and gain stakes in key industries and reward loyal businesses -- among other moves -- means "an increasing part of our economy is no longer being determined by supply and demand but by the deals Trump is striking," said Reich, who served under President Bill Clinton and who is vocal critic of the current POTUS.
Related: Trump Has Forced Out Nearly 10% Of The Federal Workforce
"I don't know the proper term for this. State capitalism? Fascist capitalism?" Reich wrote. "Whatever we call it, it will be Trump's downfall because his arbitrary and mercurial decisions are making the private sector nervous about investing in the U.S. economy, causing global lenders to demand a higher risk premium, and pushing the economy toward both inflation and recession -- so-called 'stagflation.'"
"If nothing else brings him down, his authoritarian control over the economy surely will," he concluded.