An Aug. 24 letter writer sarcastically blamed as-yet unelected Democrats for the Congressional Budget Office’s predicted GDP growth rate falling through the year 2020.
Instead of offering unprovable fantasies, it would be useful to look at the facts we have at our fingertips.
Despite claims that President Donald Trump’s policies have led to a booming economy, the reality is that more nonfarm jobs were created during President Barack Obama’s last 20 months in office than Mr. Trump’s first 20 months (Bureau of Labor Statistics).
Also, GDP growth under Mr. Trump is 1) tepid and only slightly higher than under Mr. Obama, and 2) last quarter’s highly touted 4.1 percent GDP growth was almost certainly a result of increased economic activity on the part of corporations that wanted to sell their products ahead of the onset of Mr. Trump’s disastrous tariff proposals.
In all likelihood, next quarter’s GDP growth will slip back into the 2 percent range as the temporary surge in growth was merely back-loaded.
Meanwhile, despite Mr. Trump’s tax cuts, wages for most workers remain stagnant, and a high percentage of the repatriated offshore corporate money that was supposed to unleash an economic boon has been used for stock buybacks and increased dividends, which enrich the upper 1 percent but does little to make “everyone rich,” as Mr. Trump promised in his run for the presidency in 2016.
Interesting isn’t it how virtually no Republican candidates in 2018 mention the economy? No, instead they run on their tried-and-true tactics of race-baiting, immigrant bashing and ignoring the indictments and convictions occurring almost daily, which they consider fake, phony and part of a delusional witch-hunt they think is going on.