Mr Spinkles
Mr
According to Trumpworld, the US economy has taken off as a result of Donald Trump's presidency. But what do the facts say? Let's review.
Source: US economy under Trump: The greatest ever?
So those are the facts. We can all have our own opinions - but we cannot have our own facts.
Below, is my opinion. What is yours?
===
Personally, I do not give the president much credit for the health of the US economy. Whether we are talking about Clinton, GW Bush, Obama, or Trump, the economy is cyclical and not entirely predictable, and much of what happens is a consequence of events and policies that pre-dated each president.
For example, since Obama took office, the US has gone from being a net oil importer, to the world's largest oil and gas producer. The US now produces more oil than Saudi Arabia. It is hard to over-state the immense economic - not to mention strategic - value created by unlocking and unleashing one of the world's most valuable resources, which now constitutes nearly 20% of global production (setting aside its long-term negative impacts on climate). This had nothing to do with any policies put in place by Obama or Trump. They just happened to be in charge when this occurred, and did nothing to stop it from continuing.
There is no arguing that the US economy is doing well under Trump. He is entitled to due credit for not inverting the trend, and for confronting China, which both parties agreed needed to happen. He also gets credit for not embroiling us in another costly war.
But, it is certainly debatable the extent to which the positive economic trends when Obama left office, continued under Trump in spite of, rather than because of, his economic initiatives: namely, trade wars, renegotiating NAFTA, and his foreign policy.
His tax cuts, for example, undoubtedly increased stock prices. But the benefits disproportionately accrued to the wealthy. And it was paid for by ballooning the deficit. So it will likely be future, average Americans who will be disproportionately burdened when that debt comes due, in reduced services and/or higher taxes.
Finally, it is difficult to give Trump credit for things like the unemployment rate - which is indeed low - when he has proven himself to be a shameless liar who misleads his own supporters on such topics. To wit: when Obama was leaving office, candidate Trump said the low unemployment then was the "greatest hoax in politics". Trump told his supporters that the "real" unemployment rate was +40% (really!) Today, naturally, he no longer doubts Labor Dept. figures.
Source: Donald Trump says the unemployment rate may be 42 percent
So, giving Trump credit for things he previously blatantly lied about, and today exaggerates, IMO, is like giving a snake oil salesman credit for a genuine medical recovery. He is an economic charlatan. We are lucky his potions have not yet done more harm.
Source: US economy under Trump: The greatest ever?
So those are the facts. We can all have our own opinions - but we cannot have our own facts.
Below, is my opinion. What is yours?
===
Personally, I do not give the president much credit for the health of the US economy. Whether we are talking about Clinton, GW Bush, Obama, or Trump, the economy is cyclical and not entirely predictable, and much of what happens is a consequence of events and policies that pre-dated each president.
For example, since Obama took office, the US has gone from being a net oil importer, to the world's largest oil and gas producer. The US now produces more oil than Saudi Arabia. It is hard to over-state the immense economic - not to mention strategic - value created by unlocking and unleashing one of the world's most valuable resources, which now constitutes nearly 20% of global production (setting aside its long-term negative impacts on climate). This had nothing to do with any policies put in place by Obama or Trump. They just happened to be in charge when this occurred, and did nothing to stop it from continuing.
There is no arguing that the US economy is doing well under Trump. He is entitled to due credit for not inverting the trend, and for confronting China, which both parties agreed needed to happen. He also gets credit for not embroiling us in another costly war.
But, it is certainly debatable the extent to which the positive economic trends when Obama left office, continued under Trump in spite of, rather than because of, his economic initiatives: namely, trade wars, renegotiating NAFTA, and his foreign policy.
His tax cuts, for example, undoubtedly increased stock prices. But the benefits disproportionately accrued to the wealthy. And it was paid for by ballooning the deficit. So it will likely be future, average Americans who will be disproportionately burdened when that debt comes due, in reduced services and/or higher taxes.
Finally, it is difficult to give Trump credit for things like the unemployment rate - which is indeed low - when he has proven himself to be a shameless liar who misleads his own supporters on such topics. To wit: when Obama was leaving office, candidate Trump said the low unemployment then was the "greatest hoax in politics". Trump told his supporters that the "real" unemployment rate was +40% (really!) Today, naturally, he no longer doubts Labor Dept. figures.
Source: Donald Trump says the unemployment rate may be 42 percent
So, giving Trump credit for things he previously blatantly lied about, and today exaggerates, IMO, is like giving a snake oil salesman credit for a genuine medical recovery. He is an economic charlatan. We are lucky his potions have not yet done more harm.
