Trump's legacy: Last year's American economy shrank the most since 1946

[Jim H - VA USA]

Trump's fault. LOL.

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[Staidhup]

Donald Trump's atrocious handling of the pandemic, encouraging people not to wear masks, making the consequences worse, took its toll. What a bad President we had.

For 2020 as a whole, GDP decreased by 3.5% from the prior year. That was the worst decline since 1946.
It was the first time US GDP declined since 2009, when it fell 2.5% during the the financial crisis.

Last year's American economy shrank the most since 1946

The US economy grew at an annualized and seasonally adjusted rate of 4% in the fourth quarter of 2020, just as economists had predicted, the Commerce Department reported Thursday. But that didn't make up for a bad first quarter and an historically awful second quarter.

www.cnn.com

It’s called a world wide pandemic. Time to connect the dots.

 

[Oyster]

That would be the legacy of Democrat governors.

But when the economy was hot at the beginning of 2017, Trumpers didn't credit "Democratic governors".
How convenient and inconsistent. Also dishonest.

 

[Oyster]

Trump's economy was on track to be the the best ever until China released the Covid-19 pandemic.

What does that even mean? The stock market is not the economy. No serious economist uses that as a proper surrogate for economic activity because, get this, it’s been prone to bubbles.

If it was the greatest economy, why couldn’t he even get GDP growth above 3%?

1. No one ever gets the GDP growth over 3%, duh. GDP is not necessarily the only metric for an economy.
2. The US stock market is the economic arbiter for economic power, startups, company growth, sales, cash flow, EBIDA, dividends, etc. A healthy stock market typically means a healthy economy. In 1929 the stock market crash stopped the economy cold. Recessions mean the economy is contracting. The Fed has a 2% target for inflation, and has been printing money. Everything is interrelated, so GDP isn't the only indicator for a good economy, there are many types of cycles.
3. A rising stock market means everyone's 401k's are rising, people keep investing, unemployment keeps going down, its a good thing.

You can't grow the economy through Socialism, which you Trumpers will never understand. Paying farmers to not sell their crops is Socialism, or Communism.

Trump has been a disaster for the U.S. economy from his first day in office when he shipped all those Carrier jobs to Mexico.

We'll see if the Xiden admin can grow the US economy on a per capita basis as well as Trump.

United States (USA) GDP - Gross Domestic Product 2023

Gross Domestic Product of United States grew 2.5% in 2023 compared to last year. This rate is 6 -tenths of one percent higher than the figure of 1.9% published in 2022.

countryeconomy.com

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Trump rode Obama's coattails for as long as he could, then he shit the bed.

Don't know how to read a graph?
Look at post #35 again, Obama's economy flatlined, Trump's economy took off. You're welcome.

You made that up.

 

[Synthaholic]

Trump rode Obama's coattails for as long as he could, then he shit the bed.

Don't know how to read a graph?
Look at post #35 again, Obama's economy flatlined, Trump's economy took off. You're welcome.

grow a brain moron.

 

[kyzr]

Trump rode Obama's coattails for as long as he could, then he shit the bed.

Don't know how to read a graph?
Look at post #35 again, Obama's economy flatlined, Trump's economy took off. You're welcome.

grow a brain moron.

If you don't know the difference between "participation rate" and GDP you are the moron. We are discussing the US economy, that metric is GDP, not participation rate. Look again at Obama's painfully slow recovery, and how fast Trump got the economy growing.
Are you one of those stupid democrats that are worried that the island of Guam will capsize?