Trump talks about the economy in Wisconsin.
Last updated on June 21st, 2024 at 06:53 pm
Trump claimed that he gave Biden the current economy, which is a total lie, in a series of many falsehoods at the ex-president’s Wisconsin rally.
Trump said, “Joe Biden inherited the fastest and strongest economic recovery in history, I gave him the
greatest economic recovery in history, it’s called bounce back, we were set. We have the greatest economy ever in the history of the world. COVID came in and we did an unbelievable job and by the time we ended, we gave him the greatest bounce back anybody has ever had. Guess what, he blew it to shreds and that’s where we are right now.”
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Trump is trying to steal the credit for Biden’s economy, but here are the facts from FactCheck.org:
The number of Americans employed in December was 142 million, or 3 million fewer than when Donald Trump became president and 9.8 million below the pre-recession peak in February.
The unemployment rate stood at 6.7% last month — well above the historical norm of 5.6%, which is the median rate for all months since 1948.
Even before the recession, growth was relatively modest — real (inflation-adjusted) gross domestic product grew 2.2% in 2019, according to the Bureau of Economic Analysis, down from 3.0% the year before, which was the best year of Trump’s tenure.
But last year’s GDP was almost certainly negative, wiping out all or nearly all of the previous year’s growth.
Members of the Federal Reserve Board and Federal Reserve Bank presidents believe the economy shrank in 2020. Their median forecast, issued Dec. 16, was for a 2.4% decline relative to 2019, with estimates ranging from minus 1.0% to minus 3.3%. The more than 60 private sector economists surveyed by the Wall Street Journal this month put the 2020 decline on average at 2.5%.
Trump left Biden with a country that was still dealing with COVID, and an economy that had already been slowing and heading for a recession. In short, Trump left Biden a dumpster fire. The Biden administration turned the economy around, and now Donald Trump has returned and expects that he should be given the credit for Biden fixing what he so badly screwed up.
Donald Trump did the same thing in 2016 when he tried to take credit for former president Obama’s accomplishments.
Trump can’t run on his real record, so he has to run on the accomplishments of others.
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