The https://www.washingtonpost.com/business/economy/the-us-economy-grew-23-percent-in-2017-as-growth-slowed-in-fourth-quarter/2018/01/26/ee7efb56-029a-11e8-bb03-722769454f82_story.html (final GDP growth figures) for 2017 are out, which gives us an opportunity to answer this question: Is America currently experiencing a spectacular Trump Boom, in which the economy delivering so much winning that we’re all tired of winning?
The answer is: Of course not. And it would be too much to expect any president to do that in their first year. The problem, though, is that that is exactly what Trump and his most sycophantic advocates are claiming.
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The economy added just over 2 million jobs in 2017, which is the lowest since 2010, when we were still dragging ourselves out of the recession.
Of course, that’s not the story you hear from the president. He likes to argue in anecdotes: every time a corporation says it’s going to create some jobs, it’s proof that his stewardship is bringing spectacular results. But in an economy as enormous as ours, corporations are constantly adding jobs and cutting jobs, and the fact that a few thousand are being created here or there tells you nothing about how the entire economy is doing.
Trump may trumpet every time a factory opens, but he won’t talk about, for instance, the steady stream of job losses in the retail sector. And Trump’s more specific promises aren’t being kept, either. Remember how he was going to revive the coal industry? According to the Bureau of Labor Statistics, last January coal mining employed 50,000 Americans, and as of December it employed 50,500 Americans. Quite the coal revival. Remember that Carrier plant in Indiana Trump worked so hard to “save”? They’ve laid off 600 people.
But isn’t the stock market up, as Trump never tires of telling us? Yes it is — the S&P 500 rose over 20 percent in 2017. Which is not as much as it grew in, say, 2013, when it rose 30 percent and some Kenyan communist whose name I can’t remember was president, but it’s still doing quite well. And if your economic well-being is tied closely to the stock market, that’s good for you.
But for most Americans, the performance of the stock market matters little if at all. At a more fundamental level, Trump is taking the most acute problems the American economy faces and exacerbating them. He’s showering benefits on the wealthy and corporations. He’s moving power away from workers and into the hands of employers. He’s allowing corporations a freer hand to mistreat their employees, pollute the environment, and https://www.washingtonpost.com/opinions/mick-mulvaney-cant-legally-kill-the-cfpb-so-hes-starving-it-instead/2018/01/25/4481d2ce-0216-11e8-8acf-ad2991367d9d_story.html (screw over consumers) without accountability. He’s also helping Republicans launch a war on the safety net. The net effect of all these policies will be to increase inequality, the most critical long-term problem the economy faces.
None of that is going to stop the White House from saying over and over that Trump’s extraordinary leadership has made us all prosperous. Nor will it stop Trump supporters from attributing everything good that happens in the economy to Trump, just as they insisted when Barack Obama was president that he had nothing to do with any positive developments.