How Soybeans Explain What's Wrong With Trump's Claim The Economy Is Booming
The Truth Behind His Economic Lies
By David Cay Johnston, DCReport Editor-in-Chief
There’s good economic news, Donald Trump declared July 27, with the economy growing 4.1% in the second quarter of 2018. That number is accurate, for the moment, provided you don’t look beneath the surface or back at past economic performance or to a horizon about 60 days out.
Let’s take a look at the results of Trumponomics at 19 months by examining Trump’s statements about the facts on economic growth.
That 4.1% growth in the economy, or Gross Domestic Product as its formally known, is the best so far under Trump. But initial quarterly reports are notoriously inaccurate. Maybe growth was more and maybe it was much less.
“The first-to-final estimates of quarterly GDP lately has had a lot of volatility,” noted Professor Robert Eyler, chair of the economics department at Sonoma State University in California. He said the revised data may show just 3.5% growth, which would still be a good number.
https://www.dcreport.org/2018/07/31/the-truth-behind-trumps-economic-lies/
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When Trump assumed office the economy was growing steadily, not collapsing.
July will mark 94 consecutive months of growth in the number of American jobs–of which only 19 months will be on Trump’s watch. Let’s hope the number of jobs keeps growing, but let’s not get dragged into the ahistorical nonsense that Trump inherited economic disaster in 2017.
That was Obama. When he took office in 2009, the country was losing up to 750,000 jobs each month. But when he left the nation had added more than 15 million jobs from the low point.
