More: "Manufacturing is in recession. Construction is in a deep recession. Transportation and distribution is in recession. Wholesaling is in recession. Retail is holding on by its thumbs, it's very close," says Mark Zandi, chief economist at Moody's Analytics.

He believes that as much as a third of the US economy is already effectively in recession.

"The industries that are going to get nailed, they're the kind of working class, low-to-middle income kind of job," Zandi says.

In other words, Trump has succeeded in splitting the US economy in two: while Wall Street and Silicon Valley are booming, the rest of the country is suffering a redneck recession. The working classes who helped Trump return to the White House are now suffering.

"We have an economy with really just one dynamic sector, the tech sector," says Dean Baker, the senior economist at the Center for Economic and Policy Research (CEPR), a think tank.