(Forbes)
Trump's pre-pandemic economy was actually worse than Obama's last 3 years
Obama’s last three years had better growth than Trump’s three years!
The U.S. Bureau of Economic Analysis released its first estimate for the December quarter and it shows the economy growing at 2.1%. For 2019 GDP growth was 2.3%, which is down from 2.9% in 2018 and just below 2.4% in 2017, Trump’s first year in office.
Over the 12 quarters Trump has been President only four of them have had GDP growth over 3% and six of the quarter’s growth was 2.3% or lower. And for the past three quarters GDP growth has been 2.0%, 2.1% and 2.1%, respectively.
This is a far cry from Trump's claim of gowth of 4%, 5%, and even 6% when he was President.
Under Trump business investment has turned negative the past three quarters and is negative or essentially flat when the impact of inventory changes are taken into account.
Trump’s second half GDP growth was WEAKER THAN REPORTED!
- June 2019 quarter: Increases from 2% growth to 2.8% growth
- September 2019 quarter: Decreases from 2.1% growth to 2.0% growth
- December 2019 quarter: Decreases from 2.1% growth to 1.2% growth
The trend of 2.8% growth in the June quarter to 1.2% in the December quarter is NOT POSITIVE!
Obama’s last three years had BETTER GROWTH than Trump’s three years
Obama’s last three years in office had growth rates of at least 2.17% and as high as 3.06%.
For Trump the high point was 2.83% in 2018 when the tax cut seems to have had the largest impact and even fell short of Obama’s 2014 and 2015 growth rates of 3.06% and 3.05%, respectively.
In 2019 the adjusted growth rate was only 1.99%.
This is less than Obama’s three last years in office and less than five of his last six years.
- FORBES source: https://tinyurl.com/ybt67ukp