The unemployment rate is at a SIGNIFICANT low.
Unemployment Rate by Year Since 1929 Compared to Inflation and GDP
Consumer spending is up slightly. There are positive signs compared to perceptions. We were due for a market correction and have been for some time. Trump took office on a 128 month streak of positives - the longest in history. Trump's people saw it coming and fought it off with deficit spending. I mean he was inheriting that economy and campaigned on "American Carnage" and promised to eliminate the national debt in 8 years - I guess he was planning on doing that in his second term. He was a charlatan.
The pandemic changed the economy on Trump and I don't blame him for anything that happened with the economy because of it. I just think it's laughable that we're gonna blame Biden for a global trend. Keep on keeping on, I guess.
Because I know you'll love it, here's a very good summary in wikipedia of the pre-pandemic Trump economy:
President Trump inherited an economy in January 2017 that was already at a record level on many key measures, such as the number of persons with jobs,
[19] real median household income,
[21] household net worth,
[22] and stock market level. It also featured a low unemployment rate of 4.7%, very low inflation, and a moderate budget deficit.
[23][3] While Trump referred to "American carnage" in his first inaugural address and announced an "America First" economic strategy,
[24][25] overall the economy when he began was on solid ground in terms of major aggregate measures.
[3][4] The
Congressional Budget Office forecast in January 2017 that assuming the continuation of Obama policies (current law), real GDP growth would be 1.8% in 2017 and 2.3% in 2018, and unemployment would continue falling to 4.4% by 2018, as the economy reached full employment.
[26]
A key part of Trump's economic strategy was to temporarily boost growth via tax cuts and additional spending,
[2] with mixed success.
[27] Comparing the 2014–2016 period (President Obama's last three years) with the 2017–2019 period (President Trump's first three years), actual results included several variables that continued their previous improvement trends, such as the unemployment rate, which had been falling since 2010 for all ethnic groups.
[28] Some variables improved (e.g., real GDP growth and nominal wage growth) while others worsened (e.g., inflation and real wage growth).
[6][27] Compared to the January 2017
Congressional Budget Office (CBO) ten-year forecast just prior to Trump's inauguration, the unemployment rate, job creation, and real GDP improved over the 2017–2019 period.
[26]
Contributing to this economic performance were large annual budget deficits of $779 billion in 2018 and $984 billion in 2019, about 60% above the CBO 10-year forecast.
[26] Sustained economic expansions have historically brought down deficits, indicating the high degree to which economic stimulus has helped growth under Trump.
[2] CBO explained in January 2020 that budget deficits averaged 1.5% of GDP over the past 50 years when the economy was "relatively strong (as it is now)." However, the budget deficit was 4.6% GDP in fiscal year 2019 and was expected to average 4.8% GDP over the 2021–2030 period.
[1][29] The
Committee for a Responsible Federal Budget estimated in January 2020 that President Trump had signed $4.2 trillion of additional debt into law for the 2017–2026 decade, and $4.7 trillion for 2017–2029. This was on top of the $17.2 trillion debt held by the public and the $9.2 trillion already expected to be added to the debt excluding these proposals.
[30]
...
Trump falsely characterized the economy during his presidency as the best in American history over 250 times.
[55][56]Click to expand...
