While the president paints a rosy picture of the economic scenario in the US, the claims are pretty far from being true. A claim that the US is amidst an unprecedented economic boom falls flat on the face if one is to see the numbers closely. In order to carry out an effective assessment of the claims posts the start of Trump leadership, CNBC took up a comparison between his predecessors during the same phases in their leadership. Here are some points that show that his claims do not equate:
Just a few days in the lead up to the midterm elections and Trump’s brainstorming efforts through his rallies are evident. He is claiming that he has added to the economic growth unlike any of his predecessors in the white house.
He used the Friday employment report that indicates a job rise of 250000 new jobs and a percentage rise in the wages by 3.1 % as compared to last year.
While the numbers look good, they do not seem to be the greatest in history. Consider the following points:
Jobs: Trump has claimed that the working population is the maximum now, well so is the population. Job creation also seems to have gone down if that in Obama’s presidency is compared. The unemployment rate, though looks to be nearly the best.
Gross domestic product: An average growth of economy under trump’s administration is also indicated by slowed down GDP at 3.5% that is expected to go down further.
Wages: The wages seem to be in a good position but the wages gains are not better than the figures in the 60s and 70s. The gains in the first two years are thus lower than those in the first two years of other administrators.
Stock prices: There was once a good boost to the market owing to huge tax cuts and increased defence spending, there seems to be a major correction that has erased the gains.