Is a recession coming in 2020 or 2021? Experts continue to debate the conflicting signals, but an equally telling question might be: How does the “Trump economy” compare to Barack Obama’s?
President Trump constantly refers to the economy as “strong,” “terrific” and the “greatest in the history of our country,” but a closer look at the data shows a mixed picture in terms of whether the economy is any better than it was in Obama’s final years. The economy is growing at about the same pace as it did in Obama’s last years, and unemployment, whilelower under Trump, has continued a trend that began in 2011.
The best case Trump can make for improvement since he took office is higher wages. The typical American worker’s pay is finally growing more than 3 percent a year, a level not seen since before the Great Recession. Similarly, consumer and business confidence surged after Trump’s election and has remained high, and manufacturing output (and jobs) also saw a noticeable jump in 2018 after Trump’s tax cut, although manufacturing is now struggling. There’s also been a drop in the number of Americans on food stamps.
View the complete August 20 article by Heather Long on The Washington Post website here.