Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease

📆 5/19/2024 10:18 PM
📰 AP

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Economy,Joe Biden,Jobs And Careers

Numbers show that the economy during Donald Trump’s presidency has never lived up to his own hype. But polling shows Americans are more confident about his economic leadership than that of President Joe Biden. The question of who can best steer the U.S. economy could be a deciding factor in who wins November’s presidential election.

FILE - Republican presidential candidate former President Donald Trump speaks at a campaign rally, May 1, 2024, in Waukesha, Wis. Numbers show that the economy during Trump’s presidency has never lived up to his own hype. But polling shows Americans are more confident about his economic leadership than that of President Joe Biden . The question of who can best steer the U.S. economy could be a deciding factor in who wins November’s presidential election.

By contrast, growth during the second term of then-President Barack Obama averaged 2.33%. So far under Biden, annual growth is averaging 3.4%.Trump also assured the public that his tax cuts would pay for themselves because of stronger growth. The cuts were broad but disproportionately favored corporations and those with extreme wealth.According to the Office of Management and Budget, the deficit worsened to $779 billion in 2018.

The CBO estimated in a report issued Wednesday that the extension of parts of Trump’s tax cuts set to expire after 2025 would add another $4.6 trillion to the national debt through the year 2034.Inflation was much lower under Trump, never topping an annual rate of 2.4%, according to the Bureau of Labor Statistics. The annual rate reached as high as 8% in 2022 under Biden and is currently at 3.4%.

The inflation rate barely averaged more than 1% during Obama’s second term as the Fed struggled to push up growth. Still, the economy was expanding without overheating.

Source: Entertainment Trends (entertainmenttrends.net)

Economy Joe Biden Jobs And Careers Pandemics General News Election 2024 Business United States Congressional Budget Office F Washington News Federal Reserve System Inflation W Politics United States Government P Barack Obama Recessions And Depressions Elections Government Regulations 2024 United States Presidential Election Washington News

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