How much credit does Donald Trump deserve on the economy?
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by Future Majority | 6.18.19
The answer is, not much.
Presidents deserve credit or blame when their policy changes directly affect the economy, usually by creating conditions that stimulate employment, growth, investment or consumer spending. Donald Trump’s tax and spending program approved by the GOP Congress in late 2017 have changed certain economic conditions, but not in ways that have enhanced prosperity for most Americans.
Here's how the economy stands under Trump:
- The jobless rate today is 3.6 percent. But unemployment had fallen steadily for more than six years before Trump took office, from 10.0 percent in October 2009 to 4.7 percent in January 2017.
- Real GDP growth accelerated from 2.5 percent in 2017 to 2.9 percent in 2018 and 3.1 percent in the first quarter of 2019. But Trump’s policies had almost nothing to do with it.
- Trump’s policies also have not boosted growth or jobs by promoting consumer spending.
- Trump’s trade policies have not boosted growth or jobs. Despite his repeated promises, the trade deficit increased sharply since he became president.
- Since he became president, the deficit has jumped from $584.7 billion in 2016 to $665.4 billion in 2017 and $779.1 billion in 2018.
Trump may say he's done a lot for American's pocket books, but the picture here shows a different story.
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