While Trump supporters tout the economy as why Trump should be re-elected, the rising stock market and falling unemployment rate are not the only economic indicators upon which to base success. Furthermore, these trends are extensions of Obama’s policies. Trump should receive credit only in that he hasn’t screwed these up yet.
Trump’s $2 trillion tax law has been a boon for billionaires and big corporations, but working Americans haven’t seen their paychecks grow despite Trump’s promise they would. As of August 2018, the average American wage has the same purchasing power as in 1980. A recent study found that two-thirds of jobs do not support a middle-class lifestyle when factoring in wages and costs of living and 40% of Americans do not have $400 to cover an emergency expense.
Additionally, health care costs are rising faster than wages. In fact, health care premiums under Trump have increased by 16% and repeal of the Affordable Care Act will increase premiums by another 20-25%.
Economic growth under Trump peaked in 2018 at 3.0%+ and now is only 2.0%. Home prices have increased 60%. U.S. household debt in 2018 was nearly $1 trillion higher than at the peak of the Great Recession. Trump’s trade war has pushed manufacturing into recession with 300,000 jobs having been lost. Farm bankruptcies have increased by 24%. Key consumer goods will cost the average U.S. household an extra $2,000 in 2020.
When you look at real facts that affect everyday people, Trump’s economy is far from a success.
Harold J. Bruyere, Jr.