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trump claims he “created the best economy in the history of the world.” that is total bull shit. he created nothing. He rode Obama's coat tails then turned Obama’s economy into a “smoke & mirrors” economy. this thread lays out the counterargument to his ridiculous claims
1/13
1/13
he has had a negative impact on the economy since 2015. this chart shows he disrupted a steady 8 yearlong trend of lower unemployment numbers when it looked like he would be the nominee. we were heading for record lows and should have hit them a year sooner than we did.
2/13
2/13
other charts show he had little impact on what was Obama's very strong economy & Obama outperformed trump by nearly every measure.
his tax cuts went into effect 2017. they promised:
-$4000 tax break for everyone
-Rocket fuel for the economy
-it would pay for itself
3/13
his tax cuts went into effect 2017. they promised:
-$4000 tax break for everyone
-Rocket fuel for the economy
-it would pay for itself
3/13
tax cuts delivered none of these things but they did add $1.8 trillion to our debt that will likely balloon to $2.5 trillion. then he added another $2 trillion after that. Speaking of debt, he promised to eliminate it. Assuming he meant over 8 years
4/13 https://www.npr.org/2019/12/20/789540931/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises
4/13 https://www.npr.org/2019/12/20/789540931/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises
we should have been at around $12 trillion before CV19 hit instead of around $23 trillion. It now stands at $27 trillion. anyone claiming to be a true conservative republican should have a real problem with this
5/13 https://www.newsweek.com/under-trumps-watch-americas-national-debt-has-increased-66-trillion-1521418
5/13 https://www.newsweek.com/under-trumps-watch-americas-national-debt-has-increased-66-trillion-1521418
Remember when trump said, “trade wars are good and easy to win?” well here we are 2 years later, and we aren’t winning any trade wars. Farmers have lost most of their profits from China, thousands upon thousands have gone bankrupt and
6/13
6/13
sadly, hundreds have also committed suicide over their losses. To put a band aid on it he borrowed billions from China to help subsidize farmers who lost money because they couldn't sell to China
7/13 https://www.brookings.edu/blog/order-from-chaos/2020/08/07/more-pain-than-gain-how-the-us-china-trade-war-hurt-america/
7/13 https://www.brookings.edu/blog/order-from-chaos/2020/08/07/more-pain-than-gain-how-the-us-china-trade-war-hurt-america/
In addition, the incredible amount of debt he has needlessly heaped on us, he pushed the deficit to over $1 trillion. as with the trillions in additional debt, in a “booming” economy a $1 trillion deficit shouldn’t be necessary
8/13 https://theweek.com/articles/889337/paradox-trumps-trilliondollar-deficit
8/13 https://theweek.com/articles/889337/paradox-trumps-trilliondollar-deficit
He promised “4%, 5% even 6% GDP” yes, he actually said that. prior to covid hitting he averaged 2.5% and again, by nearly every measure was outperformed by Obama
9/13 https://www.forbes.com/sites/chuckjones/2020/02/01/trumps-economic-growth-is-slower-than-obamas-last-3-years/#5bb1c62b4fed
9/13 https://www.forbes.com/sites/chuckjones/2020/02/01/trumps-economic-growth-is-slower-than-obamas-last-3-years/#5bb1c62b4fed
He has been buying up billions in bonds which is essentially buying up our own debt. Most of this was to keep the stock market afloat which his ‘go to’ indicator of a good economy. Every time he borrows money or uses other ‘smoke & mirrors’ tactics,
10/13 https://www.marketwatch.com/story/former-imf-chief-economist-says-feds-bond-buying-is-smoke-and-mirrors-doesnt-solve-us-debt-problems-2020-05-20
10/13 https://www.marketwatch.com/story/former-imf-chief-economist-says-feds-bond-buying-is-smoke-and-mirrors-doesnt-solve-us-debt-problems-2020-05-20
it artificially inflates the market. When the dow bottomed out around 24,000 several months back,
11/13 https://www.thestreet.com/investing/fed-bond-buying-driving-stock-market-rally
11/13 https://www.thestreet.com/investing/fed-bond-buying-driving-stock-market-rally
it probably should have stayed there. There has been no real news or progress on any front that justifies the dow making it all the way back up to 129,000 a few days ago. I suspect as things continue to unravel as they are doing, this bubble will burst
12/13
12/13
if he hadn't added $4 trillion to the debt, ran up the deficit and implemented this bond buying program, the market wouldn't be anywhere near where it is right now. btw, he claimed the 3rd quarter would be "fantastic". it probably will not be
13/13 https://www.counterpunch.org/2020/07/13/why-the-3rd-quarter-us-economic-rebound-will-falter/
13/13 https://www.counterpunch.org/2020/07/13/why-the-3rd-quarter-us-economic-rebound-will-falter/
