Growth of US economy under Trump was worst since Hoover | The Independent
S E E D E D C O N T E N T
The former president's claim that he created the 'greatest economy in the world' is a fantasy
By Graig Graziosi
Donald Trump has often touted economic growth during his presidency as evidence that he was a successful president, but a recent revision to GDP dating back to 1999 has suggested his rosy view of the period is a fantasy.
The revisions were part of the US's gross domestic product report that was released on Thursday by the US Commerce Department's Bureau of Economic Analysis.
The revisions revealed that economic growth under Mr Trump was the worst since President Herbert Hoover, who was in the White House from 1929 to 1933, the period of the Wall Street Crash and the onset of the Depression.
Bloomberg reported the results of the analysis, which began with the Dwight D Eisenhower administration - 1953 to 1961 - as that was the first time the BEA reported full quarterly data.
GDP growth under Mr Hoover was negative 7.4 per cent. Mr Trump performed better, with the GDP growing 1.6 per cent during his time in office, but that number is extremely low when compared to every other president since Mr Hoover.
The coronavirus pandemic is a major contributor to those numbers, as the economy and global trade effectively ground to a halt due to the hurdles presented by the virus.
Judging a president by the nation's GDP growth is not a fair measure of their success, as there are numerous contributing factors to economic conditions that a president has little control over. However, because Mr Trump insists that he has created the greatest economy the world has ever seen, it is important to note that his boasting is entirely unfounded.
Overall, economic growth has been generally lower in recent years than it was a few decades ago. Part of the reason for that decline is likely due to a decline in population growth. When adjusted for the decline in population, Mr Trump fares slightly better, putting him ahead of both President George W Bush and his father, as well as Eisenhower, but nowhere near the top.
Despite Republicans long promoting the idea that theirs is the party of fiscal responsibility, the periods of highest GDP growth are all during Democratic administrations. Economic growth has increased more under Democrats than Republicans in every administration for the past 75 years.
Mr Trump, like many Republicans before him, focused his economic strategy around a massive tax cut for corporations and the nation's wealthiest people, which some economists argue did little to actually aid in overall economic growth.
Tags
Who is online
483 visitors
"The coronavirus pandemic is a major contributor to those numbers, as the economy and global trade effectively ground to a halt due to the hurdles presented by the virus."
Out of his control.......................
Just like his mouth.
It's hilarious that the left can't quite grasp that.
It's hilarious that the left can't quite grasp that.
Umm, yeah. So misunderstood that it was written right into the article? Your slavish devotion to once again defending the worst American “leader” in history is noted.
Another fictional comment. There is no defense of Biden anywhere in my comment. Just pointed out the inability of the left to grasp simple fact.
Trump just LIED again last night, who the hell knows how many times, but HE is the one boasting this highest ever greatest never phallacy, that he needs to be called out on, not given ANOTHER DAMN PASS !
And granted, beliebve most know about that little pandemic thingggy, so WHY LIE ?
He HAS to about any and everything it does appear, and him stating that the government would have to ask please , please, please, before he would ever return, the governments damn documents! WTF people, enough already !
Pandemic may have been out of his control, but LYING THROUGH HIS TEETH, yet AGAIN,
IS within his control, if he weren't a narcissistic lying lolly pop lickin time ticken delusion stricken air wicken fragrance stealing no good back Stabbing Westward Dealing giant Orange Turd, it still could never change my mind about him, and that abortion of an interview was atrocious for the precocious LIAR and DENIER, who obviously has shown he is a TREMENDOUS liar, possibly to the likes(dislikes) never seen prior, and thus his ever believing Kool Aid slurpin posse will slurp on down to his defence. One more time, Y does a "Billionaire" have to beg for money from poor constituents already voting against their own best interests again...?
just askin for a friend...
He was the one in control at the time. Instead of handling it he decided to wait until it magically disappeared around Easter.
[deleted]
he bungled the response to covid also...
As did most of the world. What would you have done? At least he pressured a more rapid development of vaccines.
Give it a rest..................
When you are going to lie, then lie bigly. Like in this article.
Obama had a a recession to prop up his ghastly economic growth numbers- it was the slowest recovery from a recession. Didn't hear Democrats or leftists bitching about his economy.
Brandon had the pandemic economic recovery. Hard to fuck that up; but he has done a bang up job. Wall Street is fine, but main street is suffering inflation from his and Democrats out of control spending; increased crime; and lack of immigration law enforcement leading to record illegal immigrants living on the tax payer's dime.
No matter how much TDS suffering mighty mental midgets want to blame Trump for the Pandemic- it is not his fault. Nor is the fact that many states chose to shut down their economies- not that it did them any good Covid death wise. Nor did having 3 "vaccines" and multiple treatment options prevent Brandon from having more Covid related deaths than Trump.
We will see in 2024 if voters buy Democrat bullshit- or if they will listen to their wallets suffering from Democrat inflation and finally kick them the hell out of power.
I think all presidents get much too much credit for good economies and too much blame for bad ones. They are not that important.
It is misleading to say Trump had the worst economy for much the same reasons that it was misleading to say Obama had the worst economy, there were events beyond their control (the aftermath of the great recession , and the pandemic).