The Trump economy is reportedly faring better than former President Barack Obama's economic management. Democrat presidential nominee Joe Biden has argued that Trump only inherited a strong economy. The remark reportedly ignores the success of Trump's unconventional policy.
President Trump vowed to tear up trade negotiations and bring back jobs to the United States Rust Belt lost to globalization.
Notwithstanding the COVID-19 pandemic, the U.S. economy has been bolstered since 2016, but how much of it could be attributed to Trump's policies?
The presidential election is less than a week away, and the first estimate for the September quarter's GDP was released on Thursday, indicating an increase of 33.1 percent. Although this is merely twice the 16.7 percent record growth recorded in the first quarter of 1950, it is due to the backslide from the June quarter's record fall of 31.4 percent and the March quarter's diminishing of 5.0 percent, reported Forbes.
Due to President Trump's policies, the U.S. economy is soldiering on the global pandemic better than other major Western nations, including those of Europe.
According to the Council of Economic Advisers, "While the pandemic hit every major economy around the world, the United States experienced the least severe economic contraction of any major Western economy in the first half of 2020, with the Euro Area economy's contraction being 1.5 times as severe as the contraction of the U.S. economy," reported the White House.
The GDP growth is proof that the pandemic-induced economic downfall was turning 180 due to the Trump administration's handling. However, other indicators point out that numerous Americans continue to experience financial strain.
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The Commerce Department provided the final major quantitative economic snapshot on Thursday with the presidential election a mere five days away. America has recovered pandemic-related economic losses, but the nation remains to be below where it stood in 2019.
The growth was not bolstered by government stimulus as federal spending diminished in the quarter. Instead, the strong gains were fortified by inventory building by firms that had undermined the rate of recovery, consumer spending, a strong housing sector, and enlarged business investment.
United Overseas Bank Ltd., a Singapore-based multinational bank, contrasted President Donald Trump and former President Barack Obama's economic performances. It concluded that both men could claim triumph in some areas.
"To make a fairer comparison between the achievements of Trump's administration and Obama's administration, we highlight in this report 12 charts of selected economic and market data for the first 3 years of Trump's administration (2017-2019) versus the final 3 years of Obama's administration (2014-2016), side-stepping the disruption from the COVID-19 pandemic," according to Suan Teck Kin, head of research and senior economist Alvin Liew, reported Financial Post.
When United States citizens are questioned about the most important issues to be tackled by the country amid an election cycle, the economy is underscored.
This is backed by a recent report from Pew Research that an estimated three-quarters of all registered voters remarked the economy was a "very important" matter.
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