It is just a matter of days before we start picking our Dem candidate for the 2020 election who will in turn meet Trump on the field of politics.
One of the few things that Trump can say for his presidency is that the economy is booming.
You see I do not buy that spin.
The markets are setting records which is great for investors but the average Joe may not be sharing in all this boom……. the stock market grew 31 percent in the 807 trading days before Trump’s election, but it grew by 56 percent in the 807 trading days after it, up through the third anniversary of Trump’s inauguration.
But seriously folks…..
It should not surprise us in the least that the most dishonest president in U.S. history would spin a fantastical vision of the economy that appears to exist only in his imagination.
Indeed, Trump’s version of the U.S. economy is so outlandish that it would be laughable were he not president of the United States. “The United States is in the midst of an economic boom the likes of which the world has never seen before,” he said triumphantly Tuesday at Davos. Throwing out as many buzzwords as he could gather together in one speech, Trump proclaimed, at the risk of sounding repetitive, “America is thriving, America is flourishing, and yes, America is winning again like never before.” And, he claimed, “America’s newfound prosperity is undeniable, unprecedented and unmatched anywhere in the world.” Giving few specifics beyond the standard talking points scripted by his economic advisers, Trump resorted to his usual superlatives, saying, “America’s economic turnaround has been nothing short of spectacular,” and proclaiming, “No one is benefitting more than America’s middle class.”
But when asked about the economy, Americans take a different view from their president. A recent Pew research poll found that “[s]even-in-10 U.S. adults say the economic system in their country unfairly favors powerful interests, compared with less than a third who say the system is generally fair to most Americans.” Large majorities in all income groups from rich to poor are convinced the current system benefits powerful interests such as corporations and wealthy individuals.
Then there is the slow economic growth…….
The US economy grew at a moderate 2.1% rate in the final three months of 2019, capping a year when growth slowed significantly due to a weaker global economy and trade war uncertainties, the AP reports. The Commerce Department reported Thursday that the fourth-quarter increase in the gross domestic product, the economy’s total output of goods and services, matched the 2.1% gain of the third quarter. Both quarters were well below the 3.1% surge seen in the first quarter. For the October-December quarter, growth was supported by solid but slower consumer spending and an improvement in the trade deficit. Those factors offset a further drop in business investment in new plants and equipment and a slowdown in restocking store shelves. For the whole year, GDP increased 2.3%, the weakest performance in three years.
That was also a slowdown from a 2.9% gain in 2018 when the economy got a boost from President Trump’s tax cuts and billions of dollars in increased government spending. Economists expect even slower growth in 2020 of around 1.8%. But that outcome could be threatened by various threats, from a spreading coronavirus in China to a flare-up in trade tensions between the US and China. Even the US presidential election could end up having an adverse effect on growth if a hard-fought campaign increases uncertainty among consumers and businesses and causes them to cut back on spending. While Trump has not achieved his GDP growth goals, he has seen unemployment fall to a 50-year low during his presidency, and after trade tensions with China began to cool late last year, the stock market rebounded and climbed to new record highs.
The Middle Class is struggling….the wealthy class is rolling in money and benefits….so you tell me who is making out like a bandit.
I Read, I Wrote, You Know
“lego ergo scribo”