The best part here is that the AP actually tries to Blame COVID on Trump
Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease
It was a time of fear and chaos four years ago.
The death count was mounting as COVID-19 spread. Financial markets were panicked. Oil prices briefly went negative. The Federal Reserve slashed its benchmark interest rates to combat the sudden recession. And the U.S. government went on a historic borrowing spree — adding trillions to the national debt — to keep families and businesses afloat.
Strange that the AP fails to Blame other world leaders like Justin Trudeau. Or mentions that more died in Biden’s first year from COVID than under Trump, even with all the forced masking, vaccines, and better knowledge. Or that it was mostly Democrats who were locking down schools, businesses, and citizens. Or all the unnecessary COVID relief funding passed in 2021.
But as Donald Trump recalled that moment at a recent rally, the former president exuded pride.
“We had the greatest economy in history,” the Republican told his Wisconsin audience. “The 30-year mortgage rate was at a record low, the lowest ever recorded … 2.65%, that’s what your mortgage rates were.”
The question of who can best steer the U.S. economy could be a deciding factor in who wins November’s presidential election. While an April Gallup poll found that Americans were most likely to say that immigration is the country’s top problem, the economy in general and inflation were also high on the list.
Trump may have an edge over President Joe Biden on key economic concerns, according to an April poll by The Associated Press-NORC Center for Public Affairs. The survey found that Americans were more likely to say that as president, Trump helped the country with job creation and cost of living. Nearly 6 in 10 Americans said that Biden’s presidency hurt the country on the cost of living.
Of course, you peasants need to stop paying to your own lying eyes
But the economic numbers expose a far more complicated reality during Trump’s time in the White House. His tax cuts never delivered the promised growth. His budget deficits surged and then stayed relatively high under Biden. His tariffs and trade deals never brought back all of the lost factory jobs.
And there was the pandemic, an event that caused historic job losses for which Trump accepts no responsibility as well as low inflation — for which Trump takes full credit.
If anything, the economy during Trump’s presidency never lived up to his own hype.
Just stop. This is pathetic. And simply reinforces the reality that the Credentialed Media has abandoned all forms of journalism and are simply activists for Democrats. It’s a long, long hit piece, but, really, do you think people really buy this garbage anymore?
Close. Technically true, but not a reality. “Borrowing” implies someone is lending. In this case, the “lender” is the reserve banking system that is creating the money out of thin air, not collecting it from investors and savers, and not even bothering to print it with paper and ink or coining it from common metals. Thus, the government is not borrowing the money. It is creating it out of thin air, and then spending it. To complete the metaphor, “Borrowing” implies that it will someday be paid back. There is no intention by the US Govt to pay back the national debt. That is why it is so seductive to politicians. It is literally free money that they can use to fund all their hopes and dreams and pay off all their friends, without any rational limit.
But since the money is being created not borrowed, it directly increases the money supply and that causes inflation. Causes, not leads to. A deliberate consequence of government policy. Not something that just happens because of market forces that no one understands, plus COVID, plus minimum wage.