Click to enlarge.
Click to enlarge.
Click to enlarge.
For good and ill, the Trump economy was a continuation of the Obama administration. The only thing Donald Trump did, pre-pandemic, that had an immediate effect on the economy was to push legislation to cut upper-bracket taxes.
I thought there would be a recession, not specifically because of any specific thing President Trump would do, but because I thought that all the conditions that brought about the 2008 recession still existed, and that Trump would not try to change them.
I was surprised that the boom continued as long as it did. I did not and could not have predicted the pandemic, which changed everything. I don’t think Trump has handled the pandemic crisis well, but it would have been an economic catastrophe regardless of who was in the White House.
None of this is an excuse for Trump’s failures. Presidents are not graded on the curve; they are graded on a pass/fail system.
Here are some charts I’ve accumulated during the past few weeks. I think they give a good idea of where the economy was heading, pre-pandemic.
This last chart is the one I found most surprising.
LINKS
Trends in Income and Wealth Inequality by Pew Research Center.
The coronavirus recession by Dylan Matthews for Vox.
The Fed’s Only Choice – Exacerbate the Wealth Gap, Or Else by Lance Roberts for Seeking Alpha.
‘The Situation Is Dire’: As Trump Takes Victory Lap, New Jobs Report Reveals Alarming Surge in Permanent Unemployment by Jake Johnson for Common Dreams.
Tags: Donald Trump
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