Trump Inherited Strong Obama-Biden Economy, Weakened It
August 25, 2020
Larry Kudlow is lying about Trump’s record on the economy. The truth is that Trump inherited a strong economy from the Obama administration, and it worsened under Trump, even before the pandemic hit.
Job growth slowed under Trump, even before coronavirus hit.
CNN: “The average monthly gain so far under Trump is 182,000 jobs. But during a comparable 36-month period at the end of Obama’s tenure, employers added 8.1 million jobs, or 23% more than what has been added since Trump took office, for an average monthly gain of 224,000 jobs.”
Forbes: “Obama’s last three years of job growth all beat Trump’s best year”
Wage growth slowed under Trump even before the coronavirus hit.
Fox Business: “Workers’ wages rose under Trump, but had been rising slightly faster prior to Trump’s term.”
Trump failed to boost GDP growth or match annual growth from 2015.
CNBC: “Trump and GOP promised economic growth much better than Obama’s. That’s not what happened”
NBC News: “Data show Trump didn’t ‘build’ a great economy. He inherited it.”
Trump failed to boost investment in the U.S. or bring back jobs.
New York Times: “Foreign investment in the United States grew at a slower annual pace in the first two years of Mr. Trump’s tenure than during Barack Obama’s presidency, according to Commerce Department data released in July. Growth in business investment from all sources, foreign and domestic, accelerated briefly after Mr. Trump signed a $1.5 trillion tax-cut package in late 2017 but then slowed. Investment growth turned negative this spring, providing a drag on economic output.”