Trump Claims U.S. Has Had “Biggest and Fastest Financial Recovery In History” Under His Leadership

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Last updated on July 18th, 2023 at 12:11 pm

President Donald Trump claims the United States has experienced the “Biggest and Fastest Financial Recovery In History” under his leadership.

“Biggest and Fastest Financial Recovery In History. Next year will be the best ever, unless a Sleepy person, who wants to massively raise your taxes, gets in. I’m which case, CRASH!!!” he wrote on Twitter, referring to Joe Biden, his Democratic opponent, who he often refers to as “Sleepy Joe.

https://twitter.com/realDonaldTrump/status/1302985926809923589

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The president has often made the economy his key selling point to voters and has posted misleading job report numbers to justify his claims. For example, last week he boasted about the latest report from the Bureau of Labor Statistics (BLS) that found employers added 1.4 million jobs in August. However, the president did not mention that the report also points out the United States has lost 11.5 million jobs since February.

Although the national unemployment rate did fall to 8.4 percent (from 10.2 percent in July), permanent job losses increased to 3.4 million. As CNN pointed out, “the unemployment rate didn’t improve evenly across different groups. The White unemployment rate is only 7.3%, while it remains above 10% for Black, Hispanic and Asian workers. The Black unemployment rate is the highest at 13%.”

Moreover, although both the retail sector and the federal government added 250,000 jobs apiece, 238,000 of these federal jobs are temporary ones for the 2020 Census. These people would be out of work once the Census concludes, contributing to another increase in unemployment numbers.