Policy Summary
Since he took office, Donald Trump has never shied away from touting the strength of his nation’s economy. He’s consistently described it as “booming” and often referred to it as the “strongest it’s ever been,” regardless of how much evidence points to the contrary. He’s never hesitated to focus on how much better off everyone is under his presidency from African-Americans to manufacturing workers..
Trump has always been quick to cite metrics such as low unemployment and high economic growth as evidence of his economy’s strength. If his economy is so strong, though, why isn’t Trump’s approval rating higher? While his rating may have risen one point, from 42% to 43%, it’s still down from the 45% it was at when Trump first took office. If economic growth has been as steady as Trump likes to claim, shouldn’t his approval rating be rising along with it?
A closer look might reveal that Trump’s policies on economic matters, haven’t actually been as beneficial to the typical American worker as he likes to think. If we take a look back through Trump’s presidency we can see a steady stream of policies and legislative decisions that have done much more harm than good for America’s workers. Congressional Republicans claimed that Trump’s Tax Cuts and Jobs Act that would help spur economic growth by increasing investment in American companies but as we saw, companies were more interested in buying back shares of their own stock than investing in labor. Trump later claimed the trade war that stemmed from his tariff policies would help corporations invest in more American labor but many factories dealt with the increased manufacturing costs by laying off workers or ceasing production all together. Earlier this year, the government shutdown caused significant problems for many federal workers who saw their wages frozen while Trump fought a battle with Congress that ultimately accomplished nothing.
While examining economic growth under Trump, we are faced with two overwhelming conclusions-that any economic growth we have enjoyed under the Trump administration has not been sustainable and that it has not reached America’s workers.
Analysis
Trump will likely continue to lean on the metric of economic growth as the impending 2020 election draws nearer. Will this be a problem in his campaign? Experts say so. According to Mark Zandi, Chief Economist at Moody’s Analytics, Trump’s reelection bid will likely “live or die based on the economy.”
One issue that will likely play a key role in the economy’s near-future growth or lack thereof is trade. Trump has yet to broker a deal with China , leaving most of the world wondering what U.S. China trade relations will look like in the years to come.
Also any of Trump’s Democratic challengers could and should raise the question of why so many Americans are still struggling with healthcare bills as well as payday and student loans if the economy is truly as strong as Trump likes to claim it is.
This Post was submitted by USRN Policy Analyst S.O’Brient: Contact Sam@usresistnews.org
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