Posted on Aug 2, 2021
GDP growth under Trump was worst since Hoover
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Donald Trump has often touted economic growth during his presidency as evidence that he was a successful president, but a recent revision to GDP dating back to 1999 has suggested his rosy view of the period is a fantasy.
The revisions were part of the US's gross domestic product report that was released on Thursday by the US Commerce Department's Bureau of Economic Analysis.
The revisions revealed that economic growth under Mr Trump was the worst since President Herbert Hoover, who was in the White House from 1929 to 1933, the period of the Wall Street Crash and the onset of the Depression.
The revisions were part of the US's gross domestic product report that was released on Thursday by the US Commerce Department's Bureau of Economic Analysis.
The revisions revealed that economic growth under Mr Trump was the worst since President Herbert Hoover, who was in the White House from 1929 to 1933, the period of the Wall Street Crash and the onset of the Depression.
GDP growth under Trump was worst since Hoover
Posted from independent.co.uk
Economics
American History
Posted >1 y ago
Responses: 4
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..."Bloomberg reported the results of the analysis, which began with the Dwight D Eisenhower administration – 1953 to 1961 – as that was the first time the BEA reported full quarterly data.
GDP growth under Mr. Hoover was negative 7.4 per cent. Mr. Trump performed better, with the GDP growing 1.6 per cent during his time in office, but that number is extremely low when compared to every other president since Mr. Hoover."...
..."Despite Republicans long promoting the idea that theirs is the party of fiscal responsibility, the periods of highest GDP growth are all during Democratic administrations. Economic growth has increased more under Democrats than Republicans in every administration for the past 75 years.
Mr. Trump, like many Republicans before him, focused his economic strategy around a massive tax cut for corporations and the nation's wealthiest people, which some economists argue did little to actually aid in overall economic growth."...
LTC Eugene Chu LTC George Morgan MAJ Ken Landgren PO1 Tony Holland PO1 William "Chip" Nagel PFC David Foster SFC Joe S. Davis Jr., MSM, DSL 1SG (Join to see) 1SG Dan Capri SSG(P) (Join to see) SSG Robert Mark Odom Capt Gregory Prickett PO2 Harold Ashton PO2 Bill Reardon Lt Col John (Jack) Christensen MAJ Karl Swenson SPC Joseph Kopac SSG Robert Velasco SrA John Monette
GDP growth under Mr. Hoover was negative 7.4 per cent. Mr. Trump performed better, with the GDP growing 1.6 per cent during his time in office, but that number is extremely low when compared to every other president since Mr. Hoover."...
..."Despite Republicans long promoting the idea that theirs is the party of fiscal responsibility, the periods of highest GDP growth are all during Democratic administrations. Economic growth has increased more under Democrats than Republicans in every administration for the past 75 years.
Mr. Trump, like many Republicans before him, focused his economic strategy around a massive tax cut for corporations and the nation's wealthiest people, which some economists argue did little to actually aid in overall economic growth."...
LTC Eugene Chu LTC George Morgan MAJ Ken Landgren PO1 Tony Holland PO1 William "Chip" Nagel PFC David Foster SFC Joe S. Davis Jr., MSM, DSL 1SG (Join to see) 1SG Dan Capri SSG(P) (Join to see) SSG Robert Mark Odom Capt Gregory Prickett PO2 Harold Ashton PO2 Bill Reardon Lt Col John (Jack) Christensen MAJ Karl Swenson SPC Joseph Kopac SSG Robert Velasco SrA John Monette
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MAJ Ken Landgren
I added his GDP growths for 4 years years, then divided by 4. The average GDP growth was very close to 1%. Like many other promises he never achieved. He said he could get us 4 % per year.
Deficits will go down. They went up.
Deficits will go down. They went up.
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MAJ Ken Landgren
If I state anything, it is because I have researched it or have knowledge about the topic. I don't come here to make false statements, but I have to deal with Trump supporters who are literary infestations.
A classic case is a debate about National Disaster Relief with a CPL. I had worked in National Disaster Planning for a couple years in the army, but he stated I am assuming things. Responses like that is the reason why I loathe many Trump supporters.
A classic case is a debate about National Disaster Relief with a CPL. I had worked in National Disaster Planning for a couple years in the army, but he stated I am assuming things. Responses like that is the reason why I loathe many Trump supporters.
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I just know filling my gas tank cost about 20% Less, my food shopping dollars went further under Trump.
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SGT (Join to see)
Your house is probably worth 10-20% more in the last year or so.
The stock market is up about 20+% in the last year or so.
If your net worth hasn’t increased under Biden, you’re doing something wrong.
The stock market is up about 20+% in the last year or so.
If your net worth hasn’t increased under Biden, you’re doing something wrong.
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LTC David Brown
In looking at my house, How much of the increase in value is related to inflation and cost of delayed ability to get material due to the supply chain problems? In real dollar values my investments increased by about 2% at best.
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SGT (Join to see)
Then frankly, you’ve chosen the wrong investments. Historically, the stock market nearly always outpaces inflation, including currently.
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LTC David Brown
SGT (Join to see) - last year 9% increase, inflation is about 7% giving an actual increase of 2%. .At my age my investments are low risk because so lower yield because my earning years are gone.
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