But it includes the first few years that were affected by the recession. If you compare the last three Obama years to the first three Trump years, the Obama years were better. An economist writer at Forbes did a series of articles comparing them. Below are are excerpts from two of the articles he did, with links to the complete articles (note that these articles were written in Feb 2020, before any pandemic effects). One compares GDP, the other employment numbers. But of course, actual statistics won't matter to node, he prefers Trump's claims to everything and will continue to repeat them ad nauseum. Like his idol, he must like the attention he gets. No one could be so stupid that he actually believes the crap he writes. Can they?
Trump’s Economic Growth Is Slower Than Obama’s Last 3 Years
Chuck Jones
February 1, 2020
The U.S. Bureau of Economic Analysis released its first estimate for the December quarter and it shows the economy growing at 2.1%. For 2019 GDP growth was 2.3%, which is down from 2.9% in 2018 and just below 2.4% in 2017, Trump’s first year in office.
Over the 12 quarters Trump has been President only four of them have had GDP growth over 3% and six of the quarter’s growth was 2.3% or lower. And for the past three quarters GDP growth has been 2.0%, 2.1% and 2.1%, respectively. This is a far cry from Trump’s claim that the economy could growth 4%, 5% or maybe even 6% when he was President.
Real GDP growth
U.S. BUREAU OF ECONOMIC ANALYSIS
PROMOTED
Under Trump business investment has turned negative the past three quarters and is negative or essentially flat when the impact of inventory changes are taken into account. Pretty much the only segment of business investment that has been positive the past three quarters is Intellectual Property Products.
Even consumer spending slowed substantially in the December quarter. It went from a 4.6% growth rate in the June quarter to 3.2% in September to 1.8% in the last three months.
Trump’s second half GDP growth was weaker than reported
There are two major segments (inventories and trade) that can swing widely in any quarter, which can either add or subtract substantially from the GDP calculation. A third, government’s contribution, doesn’t tend to have the same multiplier effect on the economy as consumer or business spending as military goods don’t increase productivity.
continues at Trump’s Economic Growth Is Slower Than Obama’s Last 3 Years (forbes.com)
Obama’s Last Three Years Of Job Growth All Beat Trump’s Best Year
Chuck Jones
Feb 7, 2020
The U.S. Department of Labor released the January jobs report that showed better than expected growth of 225,000 new jobs vs. the consensus of 158,000. However, there were detailed updates with a major revision to 2018’s employment numbers, which substantially decreased job growth under President Trump.
Far from being the “Best economy ever”
Trump continually says that, “the U.S. is experiencing the best economy ever.” This is obvious gaslighting since the new results show that President Trump’s best year of job growth was 2.314 million in 2018 (the first year of the tax cut) but it falls short of any of Obama’s last three years. His boasts also don’t stand up when you peel the onion on GDP growth and realize that the Federal deficits during his Presidency will exceed any that were not impacted by a recession.
continues at forbes.com |
