Read on Twitter
THREAD: A few slides on the current state of the economy. Let& #39;s start with cumulative job creation as of month X of presidency, where Trump was in 3rd place of the last 7 presidents pre-coronavirus, but now is in last place. 1/
Coronavirus has erased 5 years of job gains, with the number of persons with jobs back to March 2015 levels. We& #39;re about 5 million jobs below the level inherited from Obama in January 2017, and 11.5 million below February 2020 peak. 2/
When analyzing job creation, note that job creation was about 20% faster in Obama& #39;s last 3 years (2014-2016) than Trump& #39;s first 3 (2017-2019). 3/
Trump and his team have falsely claimed that he turned around a stagnant economy. Real GDP growth was in fact nearly the same under both Presidents, comparing Obama& #39;s last 3 years and Trump& #39;s first 3. 4/
CBO provided some helpful insight here, explaining in January 2017 that if Obama policies continued, the U.S. would achieve full employment ("eliminate slack") in the next two years. 5/
Trump often talks about stock market performance. Pre-coronavirus compared against other Presidents, Trump was behind Clinton and Obama. He remained behind Obama as of August 31, 2020 as well. 6/
Real wage growth (adjusting for inflation) was faster in Obama& #39;s last 3 years vs. Trump& #39;s first 3 years. While nominal wage growth picked up, so did inflation. 7/
While the budget deficit wasn& #39;t in the news as it was in the Obama era, it& #39;s been far higher than CBO forecast it would be just prior to Trump& #39;s inauguration, as much as 60% in 2018 and 2019, with 2020 in a different league altogether. This is due to tax cuts and spending. 8/
Coronavirus deaths per million (rolling 7-day average ending Sept 6th) indicate the U.S. second worst behind Brazil among major countries. A recovery will be difficult while the pandemic is so lethal in the U.S. 9/
So here we are in August 2020, with most variables well below the level Trump inherited from Obama in January 2017. The gap is much more pronounced relative to the pre-crisis peak in February 2020. 10/
