These days Trump cultists love to talk about the booming economy. Time for a reality check. Learn more in Booming US Economy-Reality Check-Bob Davis Podcast 811.
Under 3 Percent
Especially relevant are Gross Domestic Product numbers from the 4th quarter of 2018. The average for the whole year is predicted to be under three percent.
Cherry Picking Numbers
Boosters like to cherry pick statistics. I like good old Gross Domestic Product numbers. They are released at the end of every quarter. GDP performance for each fiscal year is pretty hard to ignore. Especially when people say this president has ‘fixed’ the economy and worked miracles.
Just Because You Do Well Doesn’t Mean The Economy Is Doing Well
Moreover if I’ve heard it once I have heard it a thousand times. Saying your business is doing well does not mean the economy as a whole is doing any better than it has. The latest retail performance is a good example. This distinction is important only because the president wants us to believe he “blows Ronald Reagan Away”.
Objective Legislative Achievements On Economy
In Booming US Economy-Reality Check-Bob Davis Podcast 811 I objectively list President Trump’s few legislative achievements when it comes to the economy as well as his executive orders concerning the economy.
Hardly A Boom
In 2017 the US Economy grew by 2.2 percent. First quarter of 2018 was 2.2 percent. Second quarter 4.2 percent. Third quarter 3.4 percent. Fourth quarter 2.6 percent. Hardly a boom.
Not Even As Good As Obama
In contrast, President Obama’s best year was 2015, at 2.9 percent. Obama also presided over one quarter of growth of 5.1 percent, followed by another quarter of 4.9 percent growth. Better than Trump’s best two quarters so far.
Actual GDP Numbers
First of all growth is growth and we’ll take it. However, because of republican claims of great economic success, it’s time for a reality check based on actual GDP numbers.
And Obama Wasn’t That Good Either
At issue are claims by the president and his supporters he has done a fantastic job. Truth is so far his numbers are still about the same as Obama’s, which weren’t very good either.
We Pale In Contrast To The Early 80’s, Mid and Early 1960’s and 1950’s
Contrast our time with the 1980’s, 1960’s, or 1950’s.
What we’re living through is not a boom.
Republican Doesn’t Mean Conservative Anymore
Finally a republican in the White House does not guarantee ‘conservative’ economic management. Pushing for a weak dollar. Borrowing to stimulate. Trade Protection. Adding trillions to the national debt. More debt and deficit spending for ‘infrastructure‘ don’t seem like ‘republican‘ ideas.
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