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Bad News For Donald Trump On Economy In New Government Reports, Even Growth From Tax Cuts Has Now Slowed Down

Jonathan Vankin - Author
By

Jan. 31 2020, Updated 6:01 p.m. ET

During his 2016 presidential campaign, Donald Trump pledged that his economic plan would produce a 4 percent annual growth rate for the U.S. economy, according to a NPR report. Since then, he has repeatedly praised himself for producing what he calls “the greatest economy in history.”

But statistics have not supported Trump’s claims, and new numbers from the U.S. Commerce Department show that even the moderate growth that followed the 2017 tax cut package is now grinding down. In 2018, the economy grew at a rate of 2.9 percent, well short of Trump’s 4 percent pledge. According to the commerce department report issued on Thursday, in the fourth quarter of 2019, growth slowed to just 2.1 percent.

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Growth for the entire year of 2019 slowed to 2.3 percent, a significant drop from the previous year.

According to a report by The New Yorker magazine, growth under Trump has been in line with the average annual growth rate over the past two decades, starting in 2000, of 2.2 percent, far from the greatest economy in history.

And even the mediocre economic results under Trump have come at tremendous cost, according to the New Yorker, with the U.S. taking on “vast amounts of new debt, which will burden taxpayers for decades to come.”

In fact, the New Yorker compares the current state of the country’s economy under Trump to his Atlantic City casinos in the 1990s, as well as New York City’s historic Plaza Hotel which Trump also owned — all of which went bankrupt under the weight of the debts he had piled on them.

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