According to President Donald Trump, the U.S. economy and economic growth under his leadership are the “greatest ever.”
But according to a new report from the New York Times, Trump’s bragging about the country having the “strongest economy ever” isn’t supported by facts:
“Gross domestic product, which measures the value of goods and services produced inside the United States, grew at a 2.1 percent annual rate between October and December, the same as the previous three months, according to preliminary data released by the Commerce Department. As for 2019 as a whole, the report shows that the economy turned in a weaker annual showing than it did in 2017 and 2018.
In previous decades, growth that consistently fell below 3 percent would have been seen as distressing. Now most economists — at least those outside the administration — see normal growth circling the 2 percent mark.”
MSNBC host Joe Scarborough noted Friday morning on “Morning Joe” that 2.1 percent economic growth doesn’t even measure up to what was achieved by Jimmy Carter in 1979, which is often referred to by economists as the “Year of Malaise”:
“Look at Jimmy Carter in ‘79. This was supposed to be the year of malaise. The year of malaise, and during Jimmy Carter’s so-called year of malaise, he was doing — his economy doing a lot better than Donald Trump. So why is it that there’s such a disconnect between, not only Donald Trump’s reality but also the talking points that the press regurgitates without thinking twice.”
Scarborough added that he was “obsessed” with a graphic he had just seen from NBC News:
It should also be noted that Trump has frequently predicted that he foresees annual Gross Domestic Product (GDP) growth of as high as six percent thanks to his leadership:
“I think we can go to four, five, maybe even six percent ultimately. Each percentage point is two and a half-trillion dollars. We are back. We’re really going to start to rock. We need this as our final push, and you’re going to see some numbers that are great.”
Thursday’s report from the Commerce Department tells us that economic growth in the fourth quarter was a measly 2.1 percent. That’s a long way from six percent, and significantly less than either Carter or Bill Clinton achieved.
As the 2020 election season begins, the facts don’t support Trump’s claims of an economic boom. And that could prove to be what keeps him from getting a second term in office.
Featured Image Via CNN