Creating the Greatest Economy Ever?
Donald Trump boasts of creating the greatest economy in America’s history. Yes, the economy was strong during his first three years as president, but doesn’t credit belong more to the strong economy Trump inherited from President Obama than his actions in office?
Remember that, after rescuing us from Bush’s financial crisis, Obama’s first term saw a stunning economic recovery that continued for a decade, with steady employment and wage growth, and inflation that never exceeded the Fed’s 2.0% goal. When Trump took office, inflation was a mere 1.3%, a rate he didn’t beat until his mismanagement of the COVID pandemic crashed the economy, and his best year of job growth didn’t beat any of Obama’s last three years.
Trump credits his tariffs, trade policies, and massive tax cuts for corporations and the rich for the robust economy of 2017-2019. Yet, among their failures, his tariffs contributed to the 2019 manufacturing recession, while his trade war with China inflicted great harm on the economy, and his tax cuts did little to benefit American workers.
Trump may have been adjacent to a strong economy but, as with many of his claims of success, he didn’t earn it so much as inherit it.