MAGAnificent! The Economic Truth or Terror is Known at Last
MAGAnificent! The Economic Truth or Terror is Known at Last by David Haggish for The Great Recession
What does MAGAnificent America look like now that it’s here? Does America really feel greater after the last four years? Be honest now. Be really honest. From where I stand, America has never looked worse in any year of my life! That’s a statement packed with facts.
One of the big lies we are currently told by Trump’s remaining congressional allies and staffers, which I’m getting particularly sick of, is that we should remember his great accomplishments. Let’s look at those that are often claimed by Trump in his endless boasting. Outside of his unhinged stock market, which has been soaring, America’s economic decline was already relentlessly happening before COVID, as I frequently pointed out throughout his last two years.
Remember Trump’s GDP growth rate prior to COVID? Trump’s average, excluding his anomalous and worst COVID year, because he can’t be blamed for that, was 2.57% AND FALLING! Obama’s average for all years he was in office, excluding his first Great Recession year, because that was handed to him by George Bush on the way out of office so he can’t be blamed for that either, was 2.16%.
That minimal 0.4 point difference erodes to nothing when you consider Trump’s last pre-COVID year, which was supposed to be greater than ever, had settled back to 2.33% for the full year average, and 2.1% for its last quarter. It was falling, falling falling before COVID. The difference is particularly meaningless when you consider the massive breadth of economic destruction Obama had to dig out of throughout his first term.
Here are the Fed facts:
Let’s be fair: We did NOT get much bang for the buck out of Trump economically. There is not much to show in exchange for the most massive deficits in history, which were created specifically to stimulate growth (or so we were told). Those deficits were set in place as far as the eye could see even before COVID hit. (Or were they really created just to make rich people richer faster?)
Was Trump’s boasting about the greatest job market ever … ever merited? He boasted that he brought jobs back to America. Show me on the graph below where the drop in unemployment as a result of Trump improved over the drop that was already consistent throughout Obama’s two terms:
I’m having a hard time seeing the great Trump improvement.
Again, just the facts v. the falsehood.
Remember that year of continually declining business sales and revenue growth before COVID? If you don’t remember my pointing that out throughout 2019, here is a graph showing what business leaders believed was coming well before COVID based on what they were seeing in their businesses: