Commentary: Up until January of this year, President Trump constantly reminded the American people that he had created the greatest economy ever. He constantly touted the decrease in the unemployment rate and increase in stock values. Under President Obama, the unemployment rate went from 9.9% in 2009 to 4.7% in 2016 and it went to 3.5% at the end of 2019. It is now 8.4%. The improvement during Trump’s term was a continuation of the Obama years and the high rate now is due to mismanagement of Covid-19.
The stock market has gone up significantly, but that primarily benefits the super-rich who own most of the stocks. The 2017 Trump/Republican tax cut was a massive fraud according to Chicago Times. It mostly went to stock buybacks by Corporate executives and never increased Economic Growth (GDP) by the predicted amount—below 3.0%--similar to the average rate five years earlier.
Trickle-down economic philosophy--touted by Republicans for 40 years--never worked and never will. The Congressional Budget Office said the 2017 tax cut would increase Federal debt by $2 Trillion over 10 years.
There were higher average wages up until end of 2019--but that was due primarily to increases in minimum wages in 29 states. There are still 21 states (primarily in the South) that have the $7.25 Federal minimum wage--that has not been increased in 11 years.
During that time, the cost-of-living has gone up 25%. That is why we have so many low wage households barely getting by—and has only gotten worse the last six months.
In conclusion, Trump did not create the best economy ever. It was a vision in his mind only—and his cult of supporters who believe his rhetoric—true or false.