President Donald Trump’s constant boasts about the state of the American economy as the “best ever” are at odds with GDP data and other numbers that show the economy isn’t nearly as strong as it’s been under past presidents.
As Axios reports, GDP growth during Trump’s first term has been 2.5 percent, which is only slightly ahead of the 2.3 percent GDP growth in the second term of former President Barack Obama.
What’s more, Trump has not fulfilled his vow to restore the American economy to regular growth of 3 percent or higher that was common during the presidencies of Ronald Reagan and Bill Clinton.
And GDP isn’t the only indicator where Trump lags behind past presidents, Axios writes.
“Some aspects of the Trump economy, like wage growth and business investment, pale in comparison to other periods,” the publication writes.
Economists are also projecting slower growth in 2020, as the effects of the 2017 GOP tax cut bill start to wane and as the coronavirus threatens China’s ability to act as the key cog in the world’s supply chain.
“Wall Street downgraded growth expectations in the first half of 2020, even as tensions over the trade war ebbed,” Axios writes. “Meanwhile, the resilient consumer may be losing momentum, government data showed Friday — a troubling sign, considering that spending accounts for two-thirds of economic activity.”