President Trump’s economy pre-COVID was strong (“fiscally healthy” to use a common jargon by economists) even with a divided Congress. It was going to be stronger during a second term in office, especially if the GOP had won control of Congress. His GDP growth and tax breaks and his trade policy were positive.
This is why prior to election day a Gallup poll revealed that voters felt they were better off compared to four years earlier in 2016 (https://nypost.com/2020/10/09/majority-of-americans-better-off-under-trump-than-4-years-ago-poll/) and why a Rasmussen poll last Summer showed that President Trump’s approval rating was better than Obama’s at the same time of their Presidency (https://thespectator.info/2020/07/24/president-trumps-approval-rating-better-than-obamas-at-same-time-of-presidency/).
It is wrong to attack President Trump for the economy in 2020 while omitting the fact that it was out of his control because, after all, the world and not just the USA was paralyzed because of a pandemic.
Italy, for example, has been hit exceedingly hard by the pandemic (“COVID-19 has a devastating impact on Italy’s economy”, https://thespectator.info/2020/07/24/president-trumps-approval-rating-better-than-obamas-at-same-time-of-presidency/).
The UK was dealt a devastating blow as well (“UK economy slumps by record 10% in 2020 after COVID hit”, https://thespectator.info/2020/07/24/president-trumps-approval-rating-better-than-obamas-at-same-time-of-presidency/).
France faced the worst recession since World War 2 because of the pandemic (“France Heading For Worst Recession Since WWII: Minister”, https://www.barrons.com/news/france-heading-for-worst-recession-since-wwii-minister-01586167808).
The pandemic has proved costly economically even for Australia in spite of its lauded reaction to COVID (“Coronavirus lockdowns costing Australian economy millions”, https://www.news.com.au/finance/economy/australian-economy/coronavirus-lockdowns-costing-australian-economy-millions/news-story/f9067f4694f0acf048aa609e1a0d9613).
And even Fiji has been hurt so badly by the pandemic that its Minister for Economy stated that Fiji’s GDP may not return to pre-COVID levels for three years (“Fiji’s GDP unlikely to return to pre COVID-19 levels at least for the next 3 years”, https://www.fijivillage.com/news/Fijis-GDP-unlikely-to-return-to-pre-COVID-19-levels-at-least-for-the-next-3-years---AG-5frx48/).
But in the U.S., liberals and the Never-Trumpers including “conservative” Forbes pretend the economy in 2020 is not the fault of the pandemic but the fault of President Trump. This criticism may sound “good” if you oppose President Trump but it is unfair to attack him for the 2020 economy which no one on the Right or on the Left predicted pre-COVID. It would have been unfair to attack any president, Republican or Democrat, for what happened to the economy because the economy was hurt badly by a global pandemic that forced a global lockdown that naturally led to devastating results throughout the world and not just in our own nation.
This issue does not make President Trump look bad but it makes anti-Trump folks look awful because last year they gloated over the fall of the economy and constantly played the blame game while lives were being lost and jobs were disappearing. They praised Dr. Fauci and gave him positive reviews (but he is apparently a “weathervane”) whose suggestions President Trump put in place without contradiction (“Fauci: The Response Of Trump Admin Has Been Impressive, I Can't Imagine Anybody Could Be Doing More”, https://www.realclearpolitics.com/video/2020/03/23/fauci_the_response_of_trump_admin_has_been_impressive_i_cant_imagine_anybody_could_be_doing_more.html).
Instead of supporting the President and unifying the country Trump haters, instead, worked 24/7 to damage any opportunity to bring healing. They caused grave damage even through the use of political violence (“Liberal America has a political violence problem”, a 2017 article, https://www.chicagotribune.com/opinion/commentary/ct-liberals-antifa-violence-20170718-story.html; “Democrats encouraging violence compilation”, https://youtu.be/hgPVkcLBjK8; “28 Times Media And Democrats Excused Or Endorsed Violence Committed By Left-Wing Activists”, https://thefederalist.com/2021/01/07/28-times-media-and-democrats-excused-or-endorsed-violence-committed-by-left-wing-activists/; “Democrats own the violence and riots in their cities”, https://www.washingtonexaminer.com/opinion/democrats-own-the-violence-and-riots-in-their-cities) and ongoing threats to harm President Trump including threats of assassinating him (“New York Times Publishes Fantasy Story Depicting Trump’s Assassination”, https://legalinsurrection.com/2018/10/new-york-times-publishes-fantasy-story-depicting-trumps-assassination/; “Johnny Depp Raises 'Last Time an Actor Assassinated a President’”, https://www.nbcnews.com/pop-culture/pop-culture-news/johnny-depp-when-was-last-time-actor-assassinated-president-n775881; “Protesters Stage Mock Execution of President Trump Outside White House”, https://thepoliticalinsider.com/protesters-stage-mock-execution-of-president-trump-outside-white-house/; “Trump Haters Call for Presidential Assassination”, https://www.nationalreview.com/2017/03/trump-assassination-threats-investigate-prosecute/; “Anti-Trump Activists Call for President’s Assassination—Rappers, celebrities among those who have threatened Trump's life”, https://freebeacon.com/culture/anti-trump-activists-call-presidents-assassination/) which is a federal felony under United States Code Title 18, Section 871.
But now that the Democrat Party has the majority in Washington, D.C., they are suddenly calling for “unity” which in translation really means “we want unity but only if you agree with us! If you refuse to comply you will be a victim of our cancel culture!”
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Here are a few key links on the Trump economy:
1. The startling news about Trump's economy that mainstream media ignored
Excerpt:
Released two weeks ago, the Census Bureau’s report on “Income and Poverty in the United States” for 2019 clearly shows that, pre-pandemic, President Trump’s economic success blew past that of any other presidency.
2. Trump’s Economy Really Was Better Than Obama’s—At least until the pandemic, the president’s unconventional policy got unprecedented results.
https://www.bloomberg.com/opinion/articles/2020-10-30/trump-s-economy-really-was-better-than-obama-s
Excerpts:
Once in office, Trump ignored this consensus. He implemented a program of tax cuts, spending increases and unprecedented pressure on the Fed to cut interest rates to zero and keep them there. Trump’s goal of 3% growth was derided as delusional, while a bipartisan chorus of commentators declared his policies reckless and irresponsible.
They were anything but. Not only did the unemployment rate continue to fall, but the percentage of Americans aged 25 to 54 either employed or looking for a job saw its first sustained rise since the late 1980s. This inflection point changed the character of the labor market.
In 2016, real median household income was $62,898, just $257 above its level in 1999. Over the next three years it grew almost $6,000, to $68,703. That’s perhaps why, despite the pandemic, 56% of U.S. voters polled last month said their families were better off today than they were four years ago.
3. In final reading, GDP increased at record 33.4% annual rate in third quarter (published on December 22, 2020)
Excerpt:
The rebound in gross domestic product followed a 31.4% rate of contraction in the second quarter, the deepest since the government started keeping records in 1947. On a year-on-year basis GDP jumped 7.4% last quarter after sinking 9.0% in the April-June period. The rebound reversed about two-thirds of the 10.1% drop in GDP in the first half. By comparison, the economy contracted 4% peak to trough during the 2007-09 Great Recession.
4. Historic President! Pittsburgh Post-Gazette Endorses Donald Trump for President — First GOP Pick Since 1972
Excerpts:
Under Donald Trump the economy, pre-COVID, boomed, like no time since the 1950s. Look at your 401(k) over the past three years.
Unemployment for Black Americans is lower than it has ever been, under any president of either party.
Under Mr. Trump, our trade relationships have vastly improved and our trade deals have been rewritten.
5. Five Economic Records Trump Set in 2019
Excerpts:
Minority Unemployment
Black unemployment now stands at 5.5%, and was 5.4% in October, the lowest point ever recorded.
Hispanic unemployment is at 4.2%, and his its lowest point on record in September when it was 3.9%.
[This is one reason why President Trump experienced record-breaking support among Blacks and Latinos in the 2020 election. Read: https://nypost.com/2020/11/07/why-trump-grew-his-numbers-with-black-and-latino-voters/].
6. Don't Look Now, But Minority Unemployment Is At Record Lows Under Trump
Excerpt:
It's really about all of those at the bottom doing better. As we wrote in December, "the most interesting part of the jobs report, which goes almost unnoticed by the media, is that it's not just a few groups seeing more jobs and opportunity — it's broad-based, with minorities, women, men and even those with low incomes, showing the best gains."
7. DNC Slams Trump on Economy on the Same Day the S&P500 Hits Record High
Excerpt:
The S&P 500 is an index fund which, like the Dow Jones Industrial, tracks a broad range of company performance across the industrial spectrum, ultimately giving an accurate depiction of where the economy is as a whole. That said, it sounds like things are going pretty well.
8. U.S. Economic Recovery Continues at Solid Pace While Japan and Europe Stumble
Excerpt:
Growth in the manufacturing sector accelerated, pushing the index up to 53.5 from 53.1. Growth in the services sector tapered a bit to 54.6 from August’s 55. Both were strong enough to signal solid growth as the third quarter begins.
9. BET founder praises Trump economy
BET founder: Trump’s economy is bringing black workers back into the labor force
Excerpt:
“You have to take encouragement from what’s happening in the labor force and the job market,” Johnson told “Squawk Box.” “When you look at African-American unemployment, ... you’ve never had African-American unemployment this low and the spread between African-Americans and whites narrowing.”
10. The U.S. Economy Is Recovering Much Faster Than Expected
Excerpt:
Economists this week reacted to data released this week by upgrading their forecasts for what had already been projected to be a record-shattering third quarter for growth in GDP.
11. Trump: A Record Breaking President
Excerpt:
During the first three years of Trump’s presidency, nearly eight regulations were cut for every new one that was added. The Council of Economic Advisers (CEA) estimated that the reduction in federal regulations raised the income of Americans by $3,100 per household, per year. Businesses and consumers also saved $220 billion per year.
