Thursday, November 8, 2018

Why Didn’t Trumpians Run on their Economic Record?

Why didn’t Trumpians run on their economic record under Trump?  They don’t have much of a record to run on.  

What about job creation?  True, jobs are being created and unemployment is down to pre-recession levels under Trump.  However, jobs were already being created a steady rate under Obama and unemployment had been on a steady decline since 2010.  The most the Trumpians could say about jobs and unemployment is that they didn’t mess up the Obama trend.  Take a look at these charts:

What about the tax cut?  Trumpians cut taxes.  That’s true.  However, the average America didn’t see much of an increase in their after-tax income, only a slight 1.3% increase in their take home pay.  Compare that to the 3.5% increase the richest 5% of taxpayers saw in their income and the 40% tax cut corporations enjoyed and there isn’t much for Trumpians to brag about when it came to helping the average American family.

What about the deficit and fiscal responsibility?  Understandably, Trumpians don’t want to talk about the deficit.  The Trumpian tax cut is a disaster when it comes to the deficit.  The U.S. government deficit reached $770 billion in 2018, a 17% increase over 2017 before the tax cut, the highest it has been in 6 years.  The exploding deficit is largely due to a $92 billion or 31% decline in corporate tax receipts between 2017 and 2018.  Additionally, the deficit is expected to reach $981 billion in 2019 and then top $1 trillion every year thereafter.  So much for the party that decried deficits and argued for fiscal responsibility.  So much for the Trickle Down Theory.  Once again there wasn’t much of a trickle, if any at all. 

Nope, the Trumpians didn’t run on their economic record for a simple reason.  Their fiscal record is pretty bad and their economic record is nothing to shout about.


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