Dr. Jim dissects the myths surrounding Trump's first term economic legacy, arguing that it was among the worst since the Hoover administration. He examines key metrics like the debt-to-GDP ratio, manufacturing jobs, consumer spending, and unemployment, contrasting Trump's performance against Obama's. Dr. Jim highlights how trade policies and pandemic mismanagement contributed to economic downturns, resulting in job loss and negative GDP growth. This episode challenges the narrative of a strong Trump economy, emphasizing the power of political myth-making and misinformation within the Republican base.
Chapters:
00:00
Debunking the Myth of Trump's Economic Success
01:10
Trump's Debt and Manufacturing Trends Compared to Obama's
Economic Failures of Trump's Presidency Highlighted
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Mentioned in this episode:
Left in Exile Intro
Left in Exile Intro
Transcripts
Dr. Jim: There's a massive difference between the myth and the reality of what the first Trump term looked like. The broader narrative from Trump land is that he engineered one of the best economies of all time. When you look at the data, the data Tells a completely different story. And I'm going to go through all of the areas that accounted for Trump having one of the worst economic presidencies of all time.
And it is clear for anybody that's paying attention that Trump engineered the worst economy since the Hoover administration. And even in spite of all of that, by running a sundown campaign and playing to the racism that is baked into the base of the Republican party, he's going to get an opportunity to top the disaster that he engineered in his first go around.
things to point out is that [:
And when you compare it to the debt to GDP ratio that Obama had, had incurred during his eight years, Trump's Numbers are almost equivalent in four years. President Obama had to recover from the disaster of the Bush presidency. So President Obama's debt to GDP ratio was at 32 percent while Trump in four years engineered a debt to GDP ratio of 29.
4.
percent [:
3%. And a big factor in that continued decline was Trump's direct tariffs and trade war with China.
Consumer spending tells a similar story as well. Trump inherited a really strong consumer spending environment from president Obama, where president Obama Obama over his eight years had a consumer spending increase of 18.
6%. And Trump only managed a 3. 4 percent trajectory. And when you look at the pre COVID numbers, his numbers were. Not anything beyond what was handed off to him by President Obama. In fact, when you look at Trump's first three years and compare it to President Obama's last three years, President Obama's numbers actually outperformed Trump's.
So the entire narrative about Trump having a strong economy is another example of Republican myth making when it comes to their presidents.
Food prices. Kept on the [:
Home prices maintained the same trajectory that They were on during the Obama administration. President Obama engineered a 23. 7% median increase or gain in home prices and Trump underperformed that but still had a 21. 2 percent increase. So following the same trend line,
the S and P.
Continue the same trend line that he inherited from president Obama. President Obama's administration engineered a 182 percent increase over eight years, and that from recovering from a crashed economy. And Trump was able to maintain that.
Trendline and accounted for a 44 percent increase of the S and P.
an look at unemployment as a [:
And his mismanagement of the pandemic led to a massive spike in unemployment that that ended up being a massive factor in the overall economic stability of the country.
President Obama handed off a economy that accounted for 8.
6 percent increase in jobs to the felon in chief and Trump, as is typical of most Republicans, promptly tanked the economy and left office with a negative 2. 7 percent job loss record.
So Trump goes down in history as one of the few presidents to. Leave office with fewer jobs than he inherited and a negative GDP growth record.
