https://www.newyorker.com/news/our-...rand=tny&utm_source=twitter&utm_medium=social
“The core of Donald Trump’s platform is that his policies have produced what he touts as “The Greatest Economy in American History!” The truth is very different. By enacting a huge tax cut, in late 2017, that was heavily slanted toward corporations and the rich, Trump and the Republicans gave the economy a temporary boost—in 2018, it grew at an annual rate of 2.9 per cent—that has now faded.
In the fourth quarter of last year, G.D.P.—the broadest measure of activity in the economy—expanded at an annual rate of 2.1 per cent, the new report from the Commerce Department showed. Taking 2019 as a whole, G.D.P. grew at 2.3 per cent. These growth rates are nowhere near the four-per-cent growth that Trump promised in 2016. Instead, they are in line with the average growth rate since 2000, which is 2.2 per cent. And this ho-hum outcome has only been achieved at a tremendous cost. The federal government is now running an enormous budget deficit and accumulating vast amounts of new debt, which will burden taxpayers for decades to come. After three years of Trump’s Presidency, in fact, the United States is starting to look like one of his highly indebted business ventures.”
“The core of Donald Trump’s platform is that his policies have produced what he touts as “The Greatest Economy in American History!” The truth is very different. By enacting a huge tax cut, in late 2017, that was heavily slanted toward corporations and the rich, Trump and the Republicans gave the economy a temporary boost—in 2018, it grew at an annual rate of 2.9 per cent—that has now faded.
In the fourth quarter of last year, G.D.P.—the broadest measure of activity in the economy—expanded at an annual rate of 2.1 per cent, the new report from the Commerce Department showed. Taking 2019 as a whole, G.D.P. grew at 2.3 per cent. These growth rates are nowhere near the four-per-cent growth that Trump promised in 2016. Instead, they are in line with the average growth rate since 2000, which is 2.2 per cent. And this ho-hum outcome has only been achieved at a tremendous cost. The federal government is now running an enormous budget deficit and accumulating vast amounts of new debt, which will burden taxpayers for decades to come. After three years of Trump’s Presidency, in fact, the United States is starting to look like one of his highly indebted business ventures.”
