I really tire of hearing President Donald Trump telling us how the economy is going to come roaring back from the collapse caused by the COVID-19 pandemic. Frankly, the economy wasn’t doing that great before 20.5 million jobs were lost in April.
According to Trump’s own Department of Labor, his “best economy ever” produced an average of 67,077 fewer new jobs per month, before the April collapse, than were added to the economy in Barack Obama’s last 39 months in office. Sixty percent of Trump’s 2017 tax cuts went to the top 20%, while federal deficits have skyrocketed, and the promised surge in middle-class jobs and wages hasn’t materialized.
The average monthly increase in the Dow Jones average under Barack Obama was more than six times the increase in the Dow since Donald Trump took office. Best economy ever? I don’t think so. It’s not even close.