Re: Trump: Worst economic record since WW2
Originally posted by Old Man Whirly!
https://www.cnn.com/2020/12/13/politics/trump-economy-record/index.htmlPresident Donald Trump still can't accept the numbers measuring his loss to Joe Biden: more than 7 million popular votes and 74 electoral votes.
But another set of numbers adds insult to his psychological injury. They show that -- notwithstanding lies as promiscuous as the ones he tells about election fraud -- Trump will leave office in January with a historically bad record on the economy.
That sounds discordant since many Americans believe the economic fable that Trump has repeated relentlessly throughout his term. But placing his bottom-line results alongside those of his predecessors paints a deeply unflattering portrait.
Alone among the 13 presidents since World War Two, Trump will exit the White House with fewer Americans employed than when he started. He will have overseen punier growth in economic output than any of the previous 12 presidents.
His throwback "America First" agenda has failed to restore the old economic engine that powered an earlier era's prosperity. On Trump's watch, industrial production has fallen. The Federal Reserve says the manufacturing sector fell into recession in 2019 even before the coronavirus pandemic hit.
Last week was the 38th in a row in which at least 700,000 Americans filed first-time claims for unemployment benefits.Trump's pre-pandemic record
Trump's record offered little legitimate grounds for boasting before the pandemic. The persistent growth in output and decline in the unemployment rate during his first three years extended trends in the recovery from the Great Recession that he inherited from President Barack Obama.
Growth accelerated in early 2018 following Trump's sole major legislative achievement, the tax cuts he and Congressional Republicans enacted. But that didn't last long with the economy already near full employment, and the budget deficit swelled. A temporary surge in investment resulted mainly from higher energy prices.
"It provided no long-term benefit," Zandi says.
The counter-productive tariff wars Trump initiated quickly offset any short-term benefit from the tax-cuts and the administration's deregulation push. That's why Trump, to avoid further damaging the economy in his re-election year, called a truce with China in January without obtaining the structural reforms he had demanded from Beijing. Trump earlier threw away leverage by abandoning the Trans-Pacific Partnership with allies that the Obama administration had negotiated.
Among Trump's "very serious policy mistakes," Zandi said, were his attacks on international and domestic institutions. They include "actively trying to undermine" the Fed's independence.
"Alone among the 13 presidents since World War Two, Trump will exit the White House with fewer Americans employed than when he started. He will have overseen punier growth in economic output than any of the previous 12 presidents." -snip
Trump, his presidency and most of his policies will go down as disasters. This is the legacy of Trumpers; this is what they voted for not once, but twice.
Originally posted by Lestov16
I'm pretty sure EVERY THREAD MADE IN THE PAST 2 MONTHS should just be assimilated into this one. That way it will be easier for me to watch you all EAT SHIT-COVERED CROW :tomcatbetagiljotiinichairjerry✅😆 hysterical💃💃
-from this thread
https://www.killermovies.com/forums/showthread.php?threadid=670364&pagenumber=11#post17369273