Trump, US President presented a rosy picture of a confident America and also made several bold claims about the nation’s economy in his speech in Davos, Switzerland. He made certain mentions about the key points on the 2020 political campaign too. Then, most of his statements were far from the truth and not any economic reality. The US President said the country was in a sorry state, especially the economy when he assumed power in the year 2017 and the wealth disparity in the country is a thing of the past. So, read on to learn more about some of his bold assertions and the truth behind them.
US Economy is no longer in the hands of rich
According to the Census Bureau 2019, the bridge between the affluent and also poorest families in America broadened, as published in a report by Business Insider. The economic inequality arises from a number of reasons in the US, including stagnant pay for the middle-class population as well as tax policies to keep the affluent families and giant corporations happy.
The US economy was in a poor state
The American economy was quite robust under the rule of Obama. In fact, the US economy witnessed its greatest continued development on record; the one Trump is currently managing. During the first year of Trump’s presidency in the year 2017, he managed to add 2,188,000 employment or jobs, as per the finding of the Bureau of Labor Statistics. Then, the US economy generated more employment in each year of Obama’s second term compared to Trump’s initial year. As far as the GDP growth was concerned under Trump’s presidency, it did outpace Obama’s presidency, partially due to the tax cuts that happened in 2017.
Trump saved historically black colleges and universities
In December, US President Donald Trump signed a regulation that enduringly reinstated the funding of historically black colleges and universities (HBCUs). Then, it withered in the earlier part of the year because of congressional deadlock. The amount totalled to $255 million. Even today, these institutions face similar problems and that includes increasing prices and reduction in budget.
However, the Trump government had taken a couple of measures to provide higher education for the minorities in the country. It included the availability of funding of $100 for research and scholarship the previous year.
Trump claims the US now is the greatest economy in history
Some economists said that under Trump, the results were mixed. It is true that the economy under the president is not a complete failure, according to Eakin, the Conservative economist. However, another noted economist cited that during Bill Clinton’s rule, the growth during the 1990s topped four percent for four consecutive years. This did not happen under Trump’s presidency.
As far as job loss or unemployment is concerned, it is at its greatest lows under Trump. Wages are stagnant for the middle class. GDP varied between 2 percent- 3 percent every quarter under Trump’s presidency.
The economy, employment, and state of affairs of HBCUs do not show a very pretty picture of the US under Trump’s rule.