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The Dow Jones Industrial Average plummeted by another 320 points on Tuesday, continuing a downward trajectory spurred by ongoing tariff concerns. With each passing day, economists are increasingly convinced that the United States is heading towards a self-induced economic downturn. So, what is the individual at the helm doing amid this turmoil?
Donald Trump was in the White House, hosting an event that appeared more like a marketing campaign for the coal industry than a serious policy address.
In a nostalgic echo of 2017, Trump proclaimed:
âToday we’re taking historic action to support American workers, miners, families, and consumers. Weâre putting an end to Joe Biden’s so-called war on beautiful, clean coal once and for all. And it wasn’t only Biden; it was Obama and many others. But now, weâre doing the exact opposite. All those plants that have been closed will be reopened, provided theyâre up to modern standards, or weâll tear them down and construct brand new ones.â
âWe’re going to put miners back to work. Iâve said this before, loud and clear, and itâs time to get it done. Look at the people behind me; I donât want any arm wrestling contests with them.â
Trump’s executive orders aim to lift the Obama-era moratorium on coal mining on federal land, a move he believes will rejuvenate the coal industry, which he has absurdly suggested will power future advancements in AI and data centers.
However, thereâs a slight hitch. One major problem exists.
The US coal industry is essentially on life support:
As the dirtiest of the fossil fuels, coalâs emissions have been linked to the deaths of 460,000 individuals between 1999 and 2020. To add insult to injury, itâs no longer a cost-effective energy source; even natural gas is cheaper than coal. Furthermore, the average age of operational coal plants is a staggering 53 years.
Coalâs decline has been precipitous; it peaked in 2007. As indicated in recent statistics, coal contributed a record low of 15% to total electricity generation in the US in 2024, while wind and solar sources accounted for a surprising 17% of electricity generation. Yes, you read that rightârenewables outperformed coal last year.
The decline of coal began during the waning days of the Bush administration, but it wasnât politics that sealed its fate. The rise of natural gas, and now clean energy, has rendered coal obsolete. Coal mines are not making a comeback, nor are coal-powered plants; they are steadily being phased out.
The current economic downturn can be traced back to Trumpâs reliance on antiquated trade policies from the 19th century. Similarly, his energy strategies are reminiscent of mid-20th-century thinking, which is woefully out of touch with todayâs realities.
Trumpâs approach stands in stark contrast not only to the majority of American sentiments but also to global trends.
As the US economy falters, Trump holds a promotional event for a dying industry.
It seems he is not just out of touch; he is operating in a different reality altogether while attempting to steer a nation that is struggling to stay afloat.
What are your thoughts on Trumpâs promotion of coal? Letâs engage in discussion in the comments below.
