New Data Reveals Trump Admin Was Even Worse Than Previously Thought
During Donald Trump’s four years in office, the United States recorded its lowest overall rate of GDP (Gross Domestic Product) growth since President Herbert Hoover’s administration during the Great Depression, according to a new report from Bloomberg’s Justin Fox.
Despite Trump’s constant bragging about how much “winning” the country would be doing, the GDP bottomed out at just 1.6 percent.
Trump was obsessed with the gross domestic product, going as far as telling a crowd at an October campaign rally, “Nobody’s ever seen a number like this!” And he was right, but not in the good way, because he’s never right in the good way.
Last week's GDP release included revisions back to 1999, so it's time for a new set of presidential growth comparisons! Starting with the basic version: annualized growth in real GDP from 1st quarter in office to last https://t.co/4fZWXw60RM pic.twitter.com/gpuNOvwIqU
— Justin Fox (@foxjust) August 2, 2021
Annual GPD numbers go back to 1929, and growth was negative-7.4 percent until Hoover left office in 1933. GDP growth reached a record high of 5.5. percent under John F. Kennedy, and prior to Trump the next-lowest rate was 1.8 percent under George W. Bush. The GDP grew by a rate of 2.1 percent under Trump’s predecessor, Barack Obama.
— MeidasTouch.com (@MeidasTouch) August 2, 2021
Trump’s historically low number continues a trend of the last 75 years in which both the GDP and job numbers have grown faster under Democratic presidents than Republican ones, with the notable exception of Ronald Reagan’s administration. While some have suggested that Democratic presidents have simply been luckier, others say it’s due to the fact that they tend to focus on broad-based economic growth policies, rather than just tax cuts. Noting that the comparison may seem unfair due to the COVID-19 pandemic, Fox tried adjusting the GDP numbers backward and forward by one quarter. He also averaged them with another key indicator — gross domestic income — and corrected them for population growth, but things didn’t get much better for Trump, who remained at or near the bottom of the pack.
NEW: Updated GDP data shows that U.S. GDP growth under Trump was the **worst in over 5 decades.**
— Kaivan Shroff (@KaivanShroff) August 2, 2021
Read Justin Fox’s full takedown here.