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- Oct 23, 2018
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It is ridiculous to believe the economy is "the best ever" as Trump frequently boasts.
The truth and facts are very different. GDP is increasing by ~2% while the budget deficit and is ~5% of GDP and Federal Debt is increasing around 5%.
The Trump economy is a bogus bubble fueled by burgeoning debt.
āOn an inflation-adjusted basis, Americans families are earning just 2.7% more than they did in 1999, when median household income stood at $61,526, or 2007, when the median household income was about $61,000,ā
How could anyone believe the Trump economy is the best ever?
https://www.washingtonpost.com/news...his-cabinet-meeting/5dae163088e0fa5ad928d981/
The truth and facts are very different. GDP is increasing by ~2% while the budget deficit and is ~5% of GDP and Federal Debt is increasing around 5%.
The Trump economy is a bogus bubble fueled by burgeoning debt.
āOn an inflation-adjusted basis, Americans families are earning just 2.7% more than they did in 1999, when median household income stood at $61,526, or 2007, when the median household income was about $61,000,ā
How could anyone believe the Trump economy is the best ever?
https://www.washingtonpost.com/news...his-cabinet-meeting/5dae163088e0fa5ad928d981/
The Finance 202: Here's how Trump inflated his economic record at his Cabinet meeting
By Tory Newmyer
October 22
President Trump told some whoppers over the course of a 71-minute Cabinet meeting that turned into a live-streaming, rambling self-defense. (CNN counted 20 false claims.) Several of Trump's claims were distortions of his economic record ā and probably will help form the spine of his reelection pitch in 2020.
So, some fact-checking is in order:
1. On the rise of median household income.
Trump opened the session by pointing to a jump in median household income he says far outstrips that of his two most recent predecessors.
āI donāt know if anybody saw, the household median income, for eight years of President Bush, it rose $800. For eight years of President Obama, it rose $975,ā Trump said. āAnd for two and a half years of President Trump ā they have it down as 2.5 years ā it rose $5,000, not including $2,000 for taxes. So it rose letās say $7,000. So in two and a half years weāre up $7,000, compared to $1,000, compared to $400. And thatās for eight years and eight years. Thatās a number that just came out, but thatās a number that I donāt know how there can be any dispute. Iāve never heard of a number like that. Meaning that the economy is doing fantastically well.ā (See the entire meeting here.)
Itās true that in nominal terms, median household income is hitting new highs, topping $63,000 last year in a first, according to Census Bureau figures. But that mark comes with two important qualifications. First, after adjusting for inflation, the number has barely budged in the past 20 years. āOn an inflation-adjusted basis, Americans families are earning just 2.7% more than they did in 1999, when median household income stood at $61,526, or 2007, when the median household income was about $61,000,ā per CBS Newsās Aimee Picchi.