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:

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David Haggith

Knave Dave — vigilante against the false profits of The Great Recession Too many criminal CEOs still fill their porky bellies with the biggest taxpayer bailouts in the history of the world. These bailouts protect their reputations, saving them from the fall they should have taken. They continue to receive bonuses for having done an unparalleled job of destroying their companies! Many of their companies wouldn’t be making any profit at all if not for the interest they’re making off of nearly free government bailouts. Just this week Hewlett-Packard fired its CEO, but is still paying him a bonus of millions of dollars in exchange for a year of corporate wandering in the wilderness. Netflix’s CEO cost his company hundreds of thousands of subscribers and had to reverse his decision. Bank of America’s CEO launched a debit-card fee plan that was immediately stupid in the eyes of many, but greed an arrogance led him to think he could pass it by his customers, and he lost customers in droves and had to reverse his decision, as did the many major banks that followed him. Since these corporate leaders do things most of us can immediately see as being dumb, why are they rewarded with salaries a thousand times greater than many of us make?