COMMON SENSE SAYS: When Republicans try to rewrite history, they look like the liars they are. There might be some people who believe those lies, but their ignorance is beyond comprehension.
Republicans lie more than any other party; that’s a fact. According to MSNBC, “Republican Sen. Pat Toomey of Pennsylvania recently argued that he saw “the strongest economy” of his lifetime during Donald Trump’s presidency. The GOP senator added, “That’s just an indisputable fact.” Now that’s a whopper!
Fact Check.org looked at Trump’s final record, and here are the numbers:
- The economy lost 2.9 million jobs. The unemployment rate increased by 1.6 percentage points to 6.3%.
- Paychecks grew faster than inflation. Average weekly earnings for all workers were up 8.7% after inflation.
- After-tax corporate profits went up, and the stock market set new records. The S&P 500 index rose 67.8%.
- The international trade deficit Trump promised to reduce went up. The U.S. trade deficit in goods and services in 2020 was the highest since 2008 and increased 40.5% from 2016.
- The number of people lacking health insurance rose by 3 million.
- The federal debt held by the public went up, from $14.4 trillion to $21.6 trillion.
- Home prices rose 27.5%, and the homeownership rate increased 2.1 percentage points to 65.8%.
- Illegal immigration increased. Apprehensions at the Southwest border rose 14.7% last year compared with 2016.
- Coal production declined 26.5%, and coal-mining jobs dropped by 16.7%. Carbon emissions from energy consumption dropped 11.5%.
- Handgun production rose 12.5% last year compared with 2016, setting a new record.
- The murder rate last year rose to the highest level since 1997.
- Trump filled one-third of the Supreme Court, nearly 30% of the appellate court seats and a quarter of District Court seats.
As a candidate, Trump proclaimed: “I am going to be the greatest jobs president that God ever created.”
As president, Trump saw 100 months of continuous U.S. monthly job gains end in February 2019 as the economy slowed. In 2020, job growth collapsed entirely when COVID-19 went from being a localized problem in Wuhan, China, to a global pandemic abroad-based prosperity that requires strength on the supply, demand, and distributive sides of the economy, and Trump administration policies were either weak or outright damaging on these fronts.
Demand: Most of the Trump tax cuts went to already-rich corporations and households, who tend to save rather than spend most of any extra dollar they’re given.
Supply: Business investment plummeted under the Trump administration, despite their lavishing tax cuts on corporate business.
Distribution: The Trump administration undercut labor standards and rules that can buttress workers’ bargaining power.
Trump benefited from the continuation of trends that had been in place under the Obama recovery.
“While Trump can take some credit, I see it like the relief pitcher who comes in during the 9th inning with a seven-run lead, then boasts about winning the game,” Dean Baker, co-founder of the liberal Center for Economic and Policy Research, told PolitiFact last year. “It’s fine to get some credit for holding the lead, but this is much more an Obama story than a Trump story.”
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Donald Trump has often touted economic growth during his presidency as evidence that he was a successful president. Still, a recent revision to GDPdating back to 1999 has suggested his rosy view of the period is a fantasy.
Despite Republicans long promoting the idea that theirs is the party of fiscal responsibility, the periods of highest GDP growth are all during Democratic administrations. Economic growth has increased more under Democrats than Republicans in every administration for the past 75 years.
The Trump economy was a disaster for 95% of Americans. Corporations saw substantial tax cuts, which were used to buy back stock and enrich CEOs. Even when considering the pandemic, Trump increased our national debt by trillions while Republicans are now suddenly concerned about the debt. Dumb as a rock.