The Sting

Presidency’s Economic Con’s trumps Pro’s


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Trump voters claimed that the now current president was the best choice for the economic prospects of the country. Despite having filed for bankruptcy a grand total of six times, President Trump asserted that he would be a savior for the U.S. economy (The Washington Post). Unsurprisingly, many economic experts are concerned that Donald Trump may not influence the future American economy in an entirely positive manner. Moreover, any quality to today’s economy is likely not an effect of Trump’s genius anyway.

 

Tax Cut for the 1%

Goldman Sachs recently claimed that Trump’s tax cut for the wealthy will guarantee an increase in the national deficit and a recession. Of course, the federal government not obtaining funds to pay for all expenses without borrowing money is not generally an optimistic prospect. However, from the recently unveiled increase in the federal budget for 2019, a deficit would lead to a particularly dire situation (The New York Times).

 

Unemployment

Trump repeatedly promised in his “trickle down” style of economic thought that jobs would be created because of his extensive tax cut. Did giving more money to the country’s most wealthy magically cause hiring to increase? On the contrary. The unemployment rate has consistently been around “a net of about 180,000 new jobs each month” before and after the tax break and “no big bump in the long-term employment trend has appeared in the data” since the tax cut (Forbes). Nevertheless, Americans could look forward to the administration’s actions leading to a recession, thereby causing a lower employment rate, according to New York Post.

 

Blame it on Obama… or Don’t?

There is no doubt about it: with the low unemployment rate and significant GDP gains from previous quarters, Trump did not inherit a failing economy (NBC News). This makes it more amusing that Trump would take credit for the country’s economic status, which is assuredly a continuation of the economy attributed to President Obama. Trump’s twitter tirades may paint Obama in an entirely negative light, but it would simply not be factual to not implicate the former president as a chief reason for the economy’s continued stability.

 

Trump’s economic policy is a multifaceted system of missteps and misinformation. Obama’s actions may continue to boost the national economy for a period, but how long will it be before poor decisions cost the nation dearly?

 

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Presidency’s Economic Con’s trumps Pro’s