'Economy under Trump has shown unprecedented growth': is it really so - ForumDaily
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'Economy under Trump has shown unprecedented growth': is it really so

US President Donald Trump often says that the American economy is at a historic peak and has “never felt as good as it does right now.” Is this true or not?

Фото: Depositphotos

BBC Reality Check verdict: The claim that the US economy is now performing best in history is not true. But in recent years, the American economy has been doing very well indeed, notes Air force.

“Some of the best economic performance our country has ever experienced is happening right now,” President Trump tweeted in September.

But what are the numbers talking about?

In particular, the fact that the annual growth rate of GDP as a whole is quite high.

In the first quarter of 2019, growth was 3,1%, but by the second quarter this figure decreased slightly - to 2,1%. This is significantly lower than the 5,5% that was achieved in the second quarter of 2014, during Barack Obama's presidency.

If you look a few decades ago, it turns out that in the 1950's and 1960's, the GDP of the United States grew even faster.

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Stock Index Growth

President Trump also often talks about the growth of American stock indices - in particular, the Dow Jones Industrial Average, which covers 30 large US companies.

It is true that the Dow Jones Industrial Average hit record highs under Donald Trump's presidency. Supporters of the current president are confident - all thanks to Trump's tax cuts, America-centric policies, and his promises to invest in infrastructure projects.

However, in recent months, the index has shown strong volatility, reflecting concerns about a trade confrontation with China and general prospects for the global economy.

Jobs and Salaries

But what happens to jobs and salaries?

During his speech at the UN General Assembly, President Trump said that the unemployment rate in the United States is currently the lowest in the last half century.

In August of this year, the unemployment rate was 3,7% - the same as in September 1969. However, in November and December 1969 it was already 3,5% - that is, these figures can be considered the best in the last 50 years.

At the same time, Trump’s words about the fact that since August 2016 have officially employed more than 6 000 000 Americans are true.

Also, the US president spoke of record low unemployment rates among individual population groups.

“Last month, the unemployment rate for African Americans, Hispanics and Asian Americans was the lowest in history,” Trump said.

Regarding unemployment among Africans and Latinos, the president is right. True, in the first case, these data have been recorded since 1972, in the second - since 1973. As for Asian Americans, Trump was a little mistaken: the unemployment rate among them reached 2,8% last month, and the lowest was recorded in June - 2,1 ,XNUMX%.

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The unemployment rate among all population groups was steadily declining during the time of the previous US President Barack Obama.

During his speech, Trump also said that "wages are going up, incomes are going up."

But this is not a complete picture of what is happening.

The average salary of Americans grew steadily throughout 2018, a trend that began during the Obama years. In February 2019, this figure reached 3,4%, but gradually began to slow down - so far it is 3,23%. At the same time, taking into account inflation, wages actually increased by 2018% between August 2019 and August 1,5.

The income of the population in terms of one household has also been growing over the past years, but recently it has been slower.

In 2018, the median income for a single family was $63, a level that remains the same this year.

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Miscellanea In the U.S. U.S. economy American economy growth
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