Americans Say Their Finances Haven’t Improved, Economy Slowed And Manufacturing In Decline
October 30, 2019
Trump promised to bring back manufacturing, improve economic growth, boost job creation and put more money in people’s pockets — none of that has happened.
AMERICANS AREN’T BENEFITING: 67% of Americans feel their finances haven’t improved since Trump was elected.
Yahoo: “Most adults in the U.S. feel their financial well-being hasn’t improved since President Trump took office in 2017, according to Bankrate’s latest survey leading up to the 2020 election. Despite reports that Americans’ finances should have improved over the past two years, 46% of Americans say their financial situation has stayed about the same, and an additional 21% say their finances have gotten worse – which comes to more than two-thirds (67%) of people who feel their finances haven’t improved since the last election.”
GDP GROWTH SLOWED TO 1.9%, continuing to fall short of Trump’s promises.
New York Times: “The annual growth rate, though, has fallen short of the president’s repeated promise that it would surpass 3 percent, or even 4 percent. In July, the White House predicted that the figure would hit 3.2 percent in 2019, and remain at 3 percent or above for the next five years.”
MANUFACTURING IN DECLINE: Manufacturing now represents the smallest share of the economy going back 72 years.
Bloomberg: “Three years after Donald Trump campaigned for president pledging a factory renaissance, the opposite appears to be happening. Manufacturing made up 11% of gross domestic product in the second quarter, the smallest share in data going back to 1947 and down from 11.1% in the prior period, a Commerce Department report showed Tuesday.”
Washington Post: “But manufacturing employment today actually represents a slightly smaller share of total non-farm payrolls than in January 2017, meaning the president’s ‘America First’ stance has done little to alter the economy’s fundamental composition.”
BUSINESS INVESTMENT DROPPED 3% in the third quarter, once again proving Trump’s tax cuts didn’t have the effect he promised.
CNBC: “President Donald Trump’s tax cuts may not have had the stimulating effect he promised, according to government data released Wednesday. Business investment for the third quarter dropped 3%, after falling 1% in the previous quarter. … The fall in business investment included a 15.3 % drop in structures investment – which includes construction of new properties or mining wells – and a 3.8% fall in equipment investment.”
CONSUMER CONFIDENCE DECLINED last month, as concerns over business conditions and employment prospects rose.
CNBC: “U.S. consumer confidence dipped slightly in October as worries over business conditions and employment prospects ticked up, according to data from The Conference Board released Tuesday. The Conference Board’s consumer confidence index slipped to 125.9 this month from a September reading of 126.3. Economists polled by Dow Jones expected a print of 128.”
TRUMP BROKE HIS PROMISES to revitalize manufacturing and bring jobs back to the industrial Midwest.
Associated Press: “President Donald Trump once promised that coal and steel would be the beating heart of a revived U.S. economy — a nostalgic vision that helped carry him to victory three years ago in the industrial Midwest. But a year away from Election Day, that promised renaissance is not materializing and both sectors are faltering in ways that are painfully familiar and politically significant.”
CNN’s New Day: “Wisconsin industrial jobs are in peril as the trade war continues. ‘For the last two years if you wanted a job in Manitowoc, you could get one,’ says Ben Jacobs of the Wisconsin Aluminum Foundry. ‘[But] we’re on layoff right now.’”