Donald Trump claims to have created the “greatest economy ever,” but the truth is that his economy is only sixth out of the last ten presidential terms.
Axios compiled the data for annual GDP growth for the last ten presidential terms and found:
Unlike other presidents, Trump inherited a steady economy that’s since entered the longest stretch of growth in history. Interest rates remain low. Growth picked up in the wake of the 2017 tax cuts, but now the pace has moderated.
Some aspects of the Trump economy, like wage growth and business investment, pale in comparison to other periods. While solid, “this is not a gangbusters economy,” Nathan Sheets, who’s held roles at the Treasury Department and the Federal Reserve, tells Axios.
Here is the graph:
— Peter Baker (@peterbakernyt) February 17, 2020
Trump’s first term ranks sixths out of the last ten presidential terms. Reagan and Bill Clinton both had economies that annually ranged 3%-4% in GDP growth. George W. Bush’s second term is the low mark with 0.5% growth. The other presidencies fall somewhere in a 2%-3% middle.
Trump’s Obama coattails economy is not as good as the one that George W. Bush inherited from Bill Clinton in his first term. Out of the last ten presidential terms, Trump is below average.
The history of the George W. Bush presidency is an instructive lesson for where the Trump economy is likely to go if he wins a second term. Bush has signed a massive top-heavy tax cut for the wealthy, which along with a bubble economy set the stage for the great recession that followed.
Trump’s claim that he created the greatest economy in history is false. Trump is living off of Obama’s scraps, and his claim of economy greatness is completely false.
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Mr. Easley is the founder/managing editor and Senior White House and Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association