Trump’s economy is about as good overall as the one Obama left him, writes jonathanchait
Photo: Mandel Ngan/AFP via Getty Images President Trump’s 2020 State of the Union address was organized around one main lie: “If we hadn’t reversed failed economic policies of the previous administration, the world would not be witnessing this great economic success.” Almost everything the president said flowed from that premise. And yet it is obviously, almost indisputably false.
Under Trump, economic growth has continued at virtually the same rate. Below is the 10-year growth trend. Do you see what happened when Trump took office? Right: nothing. Instead, the proceeds of the debt surge have gone mainly to the affluent. The primary lever Trump has supposedly used to “fix” the broken economy is his vast package of tax cuts, which accrued primarily to the rich. The alleged purpose of these cuts was to give business owners incentive to increase their investment, thereby boosting the economy’s long-term potential. It has clearly failed to do so. Business investment has actually fallen since the tax cuts that were supposed to increase it.
How many jobs and investments? Trump did not say. For that matter, he did not even explain how the Opportunity Zones work. It is a special tax cut for people who invest in “poor” urban areas. In theory, it was supposed to encourage businesses to pour money into low-income areas. In practice, the New York Times found in a devastating expose, they are a scam.
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