Joe Biden tried to claim that President Donald Trump didn’t really build a strong economy, but instead he inherited it from the Obama administration. I’ll wait until you’re done laughing. Come on. Get it out. Ready? Good.
It’s a great line for people who don’t know any better, but it completely ignores the successes of the Trump administration, before the Chinese virus pandemic struck our shores and allowed Democrat governors and mayors to shut down our economy. Trump’s policies were so good that the economy is already coming back strong. And we’re still experiencing the pandemic, at least that’s what the Fauci’s and Fredo Cuomos of CNN are telling us whether you believe them or not.
In fact, if God forbid Joe Biden wins the election, he would do himself and the county a real solid if he continued the economic policies of the Trump administration. But we all know he won’t, because there are too many progressive hands in the pot that will block doing what works and what’s right for the country. Instead, you can count on Biden going right back to the Obama policies that created a stagnant economy that created the longest recovery in our history.
Between December 2009 and December 2016, unemployment dropped 5.2 points, from 9.9 percent to 4.7 percent. It fell another 1.2 points by December 2019. If you’re not educated in such things and use this kind of data to score political points, you would see those numbers to think the growth in the economy under Trump was nothing more than a continuation of Obama-era policies, and you would be wrong.
Democrats always take things out of context to either help their own arguments or trash their opponents, and this is no different. You have to look at this in the proper context. By 2016 the Treasury Department and the Federal Reserve were saying that the economy was at full employment, and they believed any improvement at that point wasn’t possible. Full employment doesn’t mean everyone who can work has a job. It simply means that the percentage of people who fall in the category of unemployed are either between jobs, in college, on maternity leave, or don’t want to work. There will never be zero unemployed. Even the Congressional Budget Office (CBO) felt that if the unemployment numbers went any lower it would move into territory that is regarded as unsustainable capacity.
When Trump got elected he threw out that belief and implemented tax cuts, he cut job-crushing regulations, and pushed the Federal Reserve to cut interest rates to zero. The so called “experts” said Trump’s goal to get 3 percent growth was delusional, and Democrats, RINOs and the pundit brigade all called his policies irresponsible and dangerous. They were all wrong. Even the idiot Paul Krugman said that under Donald Trump the markets would never recover and that Trump’s economic policies would bring on a global recession. Can you believe he won a Nobel Prize in economics?
The markets did exactly the opposite of what the experts predicted and the unemployment rate dropped drastically. Americans between 25 and 54 who were employed or seeking a job for the first time since the 1980s (Reagan) saw a sustainable rise in jobs on the market.
By 2016 the median household income was $62,898, meaning it grew only $257 since 1999. That’s 17 years of not much growth at all, thanks to the DC swamp. However, over the next three years we saw median household income shoot up to nearly $6,000 at $68,703. That explains why so many people last month polled that their families are better off today than they were four years ago under Obama-Biden. And remember, we’re in a pandemic.
The reason for this expansion under Trump is because this president didn’t settle for what Republican presidents normally push, like doing tax cuts for businesses and individuals to incentivize growth in investment and wages. On the other hand, Democrats push Keynesian policies of government spending increases hoping the extra spending will stimulate the economy enough to increase job growth.
Trump fought on three different fronts. He fought to bring back manufacturing jobs and to boost our agricultural industry by starting trade wars where he fought to change our current trade policies to be more fair to America, which were designed by past presidents to help our foreign trade partners over the US. That coupled with tax cuts and regulation cuts exploded the economy by causing many American companies to come back home and they brought the jobs with them. Trump’s successes in the economy are so profound that it’s not even a question of should we continue with Trumpian economics or go back to the wimpy policies of past presidents. We should stick with Trump’s policies and continue to grow.