General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump inherited a really good economy from Barack Obama.
Then immediately proceeded to overheat it with a two-trillion dollar taxcut.
Yes, the unemployment level dropped a little further. They had to invest their taxcuts somewhere.
But there were consequences to such a huge taxcut during prosperous times. It was a big part of the reason for the ensuing inflation. It was Economics 101.
Unfortunately for Trump, his "great" economy only lasted three years. Once the pandemic hit and businesses shut down, he was lost as to what to do? His incompetence shone thru.
Bottom line, his "great" economy was just another part of his "Big Lie".
Johonny
(20,888 posts)And zero rate again. while slashing social security.
CrispyQ
(36,517 posts)I think I heard that yesterday.
Johonny
(20,888 posts)Before. His tarrifs hurt the economy. His tax cut went to rich people. My taxes went up! Zero interest fueled a huge inflation spike we've yet to recover from . . . The Trump economy sucked for just about everyone not in the 0.1 %.
blm
(113,091 posts)Donald Trump Built a National Debt So Big (Even Before the Pandemic) That Itll Weigh Down the Economy for Years
The King of Debt promised to reduce the national debt then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.
https://www.propublica.org/article/national-debt-trump
onecaliberal
(32,896 posts)All Mixed Up
(597 posts)Granted we went into one due to COVID but no COVID and we probably hit a recession anyway without him being able to blame COVID.
There were economic indicators predicting a recession in 2020.
Still, incumbents are hard to beat, if Trump wouldn't have mismanaged Covid so badly, he probably wins re-election.
Johnny2X2X
(19,114 posts)Obama inheritted an economic disaster from Bush. Biden inherited one from Trump. In both cases, the GOP tried to seel that it;s easier inheriting a disaster than a good economy. Obama won re-election handily and I think Biden will too.
Trump and his cult are going to try to play the ,"but Covid" card. But stack Biden's current numbers against Trump's pre-Covid and Biden is still crushing him. But in the end, Covid was mismanaged under Trump's watch and the economic damage from it is still owned by Trump.