REMINDER: Trump’s Awful Economic Agenda Failed Iowans
July 19, 2023
As Donald Trump gets ready to lay out his extreme MAGA agenda with Sean Hannity in a Fox News town hall tonight, here’s a reminder that Trump’s horrendous economic record hurt Iowans and was a disaster for hardworking families across the country.
Trump repeatedly put the oil industry’s profits over the needs of Iowans, and started a reckless trade war that hurt the manufacturing industry and bankrupted farmers.
Bloomberg: “U.S. Farm Bankruptcies Surge 24% on Strain From Trump Trade War”
Huffington Post: “Farm Bankruptcies Soared 20% Amid Trump Trade War. It’s The Highest Rate In 8 Years.”
Des Moines Register: “Since taking office, the Trump administration has granted 85 refineries a pass from buying 4 billion gallons of renewable fuel, killing demand for 1.4 billion bushels of corn used to make it.”
Financial Times: “Farmers were already frustrated by the decline in soyabean, sorghum, ethanol and corn-based livestock feed exports as a result of the US trade war with China. In north-west Iowa’s fourth congressional district, goods exports to China fell by $558m in 2018 because of higher tariffs, the most of any district in the country, according to the US-China Business Council.”
CNN: “Trump promised to win the trade war with China. He failed”
Although Trump made endless promises to stop offshoring, his tax law created new incentives for companies to ship jobs overseas and left American workers behind.
Reuters: “Donald Trump won the U.S. presidency four years ago, in part, by a promise to Midwest factory workers that he would stop companies like Schneider Electric SE from moving jobs out of the country. He didn’t stop them.”
Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”
Trump let hardworking American families suffer while rigging the economy for big corporations and the ultra-wealthy, causing the national debt to SKYROCKET.
Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”
CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”
The Guardian: “They were billed as a ‘middle-class miracle’ but according to
a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”
New York Times Opinion: “President Trump’s 2017 tax cut, which was largely a handout to the rich … helped push the tax rate on the 400 wealthiest households below the rates for almost everyone else.”
Washington Post Analysis: “One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump’s time in office.”
Trump also left office with the worst jobs numbers of any president since the Great Depression.
Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”
Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”