Where Colorado Buffalo alumni, fans and friends come to chat all things CU. Go Buffs!

Off Topic Message Board

MoBuffs

Joined: 10/1/14 Posts: 721
Likes: 489


Happy to correct you.....


Your assertion Trump has "restored economic growth to previous levels above the anemic Obama years" is simply not true. GDP - which is probably the single best indicator of economic growth - averaged 2.3% annualized during Obama's last three years in office. GDP has averaged about 2.4% annualized during Trump's first three years. I say "about 2.4%" because we don't have the data for the current quarter (fourth quarter 2019) in yet. However, current Wall Street estimates expect GDP to come in below a disappointing 2%.
On the job creation front, Obama averaged 223,000 new jobs a month during his last three years in office. Trump has averaged just over 200,000 new jobs a month during his first three years, about 20,000 less than Obama generated a month.
For the record, the unemployment rate has fallen to record lows because the pool of available workers continues to shrink (thanks to mass retirements among baby boomers, more part time workers and tighter immigration laws) and not more jobs. Five years ago, it required almost 200,000 new jobs to keep the unemployment rate unchanged. That number today is just 100,000 new jobs because - once again - the pool of available works continues to shrink. If job creation was really booming, GDP would be much higher than today's 2% level.
As a sidebar, the manufacturing sector as measured by the highly respected Purchasing Manager's monthly surveys, is contracting and technically in a recession. Clearly, Trump's poorly planned trade wars have taken a heavy toll on this sector of the economy. Whether this underperformance carries over to the service sector in 2020 remains to be seen.
In terms of the economy, the big difference in performance between Obama and Trump is obviously the deficit - a critical subject Trump supporters are loathe to mention. During his tenure as president Obama reduced the deficit from approximately $1.4 trillion to $600 billion. Under Trump's watch, the economy has grown at close to the same rate as experienced during Obama's second term thanks largely due to borrowed money and not organic growth. The deficit under Trump has soared from $600 billion to almost $1 trilliion. Most economists attribute this scary and significant 40% surge in the deficit to Trump's poorly conceived tax legislation.
As the economic data over the last six years reinforces, Trump supporters claiming domestic growth is much better now than under Obama are either ill-informed, ideologues or both.
Looking ahead to 2020, one has to wonder how much greater the deficit grows if subpar growth continues and at what point out-of-control deficits become an issue for the financial markets, Federal Reserve and voters.

(In response to this post by 1962Buff)

Posted: 12/28/2019 at 11:32AM



+4

Insert a Link

Enter the title of the link here:


Enter the full web address of the link here -- include the "http://" part:


Current Thread:
 
  
Presidential Elections and Individual Voters -- 1962Buff 12/27/2019 6:39PM
  There’s no reasoning with/in trumptards ** -- ralphie2425 12/29/2019 11:12PM
  A very disturbing pejorative. ** -- SamSpade 12/30/2019 11:23AM
  Happy to explain..... -- 1962Buff 12/27/2019 8:38PM
  Happy to correct you..... -- MoBuffs 12/28/2019 11:32AM
  Re: Happy to explain..... -- Aussie Buff 12/28/2019 10:12AM
  Outstanding as it stands out for being wrong ** -- BarkingDogBuff 12/28/2019 5:45PM
  Holy moly. Yowza. ** -- H.I. McDunnough 12/28/2019 06:31AM
  Wow, what a load of crap ** -- BarkingDogBuff 12/27/2019 9:31PM
vm314