Economy In Crisis: RNC Chaos Presidency Fact Sheet
August 25, 2020
|Trump inherited a strong economy from the Obama-Biden administration, and just like everything he’s inherited, Trump squandered it. His mismanagement of the coronavirus crisis has cost millions Americans their jobs, forced small businesses to close, and wrecked our economy.
UNPRECEDENTED UNEMPLOYMENT: Millions of Americans are still unemployed. Most of the jobs lost have not yet come back, and many are gone for good.
- Over 16 million Americans are unemployed—more than one in ten workers.
- The economy has regained less than half of the jobs lost during the pandemic. Under Trump, the economy lost more than six million jobs in total, including 257,000 factory jobs.
- The labor market recovery slowed dramatically last month as layoffs spiked by more than 50 percent amid the coronavirus surge that resulted from Trump’s failure to control the virus. Nearly one-third of recalled workers were laid off a second time.
SMALL BUSINESSES SHUTTERING: Trump failed to provide badly needed assistance to small businesses.
- Trump botched the rollout of the Paycheck Protection Program and failed to provide guidance, delaying badly needed assistance for small businesses. And his rules for the program prevented many small firms and minority-owned businesses from getting any help at all.
- As a result, more than 110,000 small businesses have shuttered for good—and Black and Hispanic business owners have been hit disproportionately hard.
- As Trump fails to get the coronavirus under control, small business optimism fell last month and expectations for future sales have plummeted.
ECONOMY IN RECESSION: Our economy is in a recession, and Trump is bailing out rich corporations while leaving everyone else behind.
- Hundreds of millions of dollar in loans meant for small businesses went to large public companies and firms with ties to Trump donors and associates, and Trump allowed hundreds of millions more to go to Chinese companies.
- The Trump administration doled out hundreds of billions to corporations without implementing oversight measures or safeguards.
- One of Trump’s biggest economic priorities amid the recession was a massive tax break for wealthy investors.
WORKING FAMILIES SUFFER: In Trump’s economy, working families are hurting as bad as ever.
- Trump slashed enhanced unemployment benefits in half for tens of millions of Americans, and cut benefits to zero for more than a million low-wage workers.
- Trump left small farmers out of coronavirus relief funding as farm bankruptcies have continued to spike over the past year.