October 16, 2020 - 9:00 pm
Management of the economy as compared to that of the previous administration is often a talking point championed by loyalists favoring the president. It is therefore illuminating to weigh a Forbes magazine piece published in February that examined “pre-epidemic” economic numbers.
According to Forbes, and contrary to President Trump’s promises of 4 percent, 5 percent or even 6 percent growth, his best quarter has not exceeded 3.5 percent growth. The Obama-Biden administration peaked at 5.5 percent in 2014. As far as job growth, the last three years of the Obama-Biden administration whips President Trump’s first three years by 1.6 million more jobs, which equates to roughly 44,000 more per month.
This administration is projected to increase the federal deficit by 74 percent, pre-COVID. Mr. Trump gifted a tax cut for the wealthy class in 2017, promising that the cuts would “pay for themselves.” That is not going to happen. Moreover, the Obama-Biden administration inherited a devastated economy across multiple levels. Yet through their steady yet slow growth, 2015 found the economy primed for continued expansion. President Trump took full advantage of this, as he should have.
Regrettably, Mr. Trump publicly snubbed the science of the pandemic and openly downplayed the risk to our nation. His slow-to-act, muddled leadership shuttered businesses, leading to massive unemployment, a distressed economy, closed schools and a soaring national debt. And, after all this, no new infrastructure, health care or prescription medication price reduction legislation are broken promises that litter this administration.
Feeling great, America?