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Trump Claims His Pre-Pandemic Economy Was ‘The Best.’ The Numbers Say Otherwise.
Donald Trump often claims the U.S. economy before COVID was the best ever. But a variety of measures show it’s actually better now.
It is not better now. Have you been to McDonald's? Looked at Home Insurance or Car Insurance costs? The economy being better now than under Trump is a certain kind of stupid that should qualify someone for disability.![]()
Trump Claims His Pre-Pandemic Economy Was ‘The Best.’ The Numbers Say Otherwise.
Donald Trump often claims the U.S. economy before COVID was the best ever. But a variety of measures show it’s actually better now.www.huffpost.com
So your argument is forget all the data points. Forget that your 401 k is much better (Remember that line Trump used to use), Forget that the Dow is over 40,000, forget that unemployment is low, forget wages are up, GDP was 2.8% last quarter. Forget all that. The Big Mac is more expensive. lol.It is not better now. Have you been to McDonald's? Looked at Home Insurance or Car Insurance costs? The economy being better now than under Trump is a certain kind of stupid that should qualify someone for disability.
Here's McDonald's CEO that spelled it out after they got rightfully bashed for their prices having skyrocketed, highlighed by the $18 Darien rest stop #1 Big Mac meal cost. Bottom line is he laid it out without saying it- the economy and the climate we're in has made it worse and they're technically making less profit by % it appears despite costs.
Providing meaningful value to our fans, with a side of facts
The following is an open letter from Joe Erlinger, President of McDonald’s USAcorporate.mcdonalds.com
All good points about the housing issue, and I don't think a $25,000 or $50,000 first time home buyer credit is going to do anything other than result in steady or increased prices. And, on top of that, many of the same higher W-2 earners who are asked to pay for everything else are going to pay for that too.So your argument is forget all the data points. Forget that your 401 k is much better (Remember that line Trump used to use), Forget that the Dow is over 40,000, forget that unemployment is low, forget wages are up, GDP was 2.8% last quarter. Forget all that. The Big Mac is more expensive. lol.
Listen, we all know there was inflation. But that was inevitable due to CoVid. There was/is worldwide inflation. But the US has it under control now. But once prices go up, they are not going to return to those levels no matter who is in the White House.
I think the biggest problem people have is the cost of housing and rents. This has nothing to do with the government. It does have something to do with lack of housing. It does have something to do with the very low interest rates are gone and those people with those low interest rates are not moving. This contributes to lack of inventory. Also corporations are buying up single family homes to rent them out are also contributing to the lack of houses for sale. This is going to be an issue. Even if rates come down to 4.5-5% interest rates, there will be a shortage of homes.
This increase of expenses for renting and owning homes is what the real pain people are feeling because it costs a lot. This exacerbates the rise in food prices. Gas was an issue but prices are under $3.20 here in NJ at the present time.
This is not true at all. The markets, and therefore your 401K, did better under Trump (and that includes the pandemic!!):So your argument is forget all the data points. Forget that your 401 k is much better (Remember that line Trump used to use), Forget that the Dow is over 40,000,
Here's another massive problem. The costs to build a regular 3 BR 1 bath home for the average American family is now also outrageous (see California in particular). Building supplies, labor, permit, never been higher, massive jumps across the board. Now for these builders to make profit, they've got to sell the house at a certain number, it's like 430k now. It was just like 280k 4 years ago. Thus, the builders largely stopped building a lot of houses, or become extremely selective in areas, and when they do, there are the prices. Starter homes are now 430k on average in the USA.All good points about the housing issue, and I don't think a $25,000 or $50,000 first time home buyer credit is going to do anything other than result in steady or increased prices. And, on top of that, many of the same higher W-2 earners who are asked to pay for everything else are going to pay for that too.
The tax breaks for developers may help with the housing shortage, but the PE firms, hedge funds and other big corporations buying up massive quantities of single family homes is an issue and I'm not sure how you combat that frankly. You can't take away property someone already owns. And whatever she says on the campaign I don't see Harris going after those companies with real legislation on this issue unless none of them is part of the donor base.
This is not true at all. The markets, and therefore your 401K, did better under Trump (and that includes the pandemic!!):
DOW
Trump
Jan 19, 2017 = 19,732.40
Jan 19, 2021 = 30,930.52
56.75% Increase
Biden
Jan 19, 2021 = 30,930.52
Aug 21, 2024 = 40,890.49
32.20% Increase
NASDAQ
Trump
Jan 19, 2017 = 5,540.08
Jan 19, 2021 = 13,197.18
138.21% Increase
Biden
Jan 19, 2021 = 13,197.18
Aug 21, 2024 = 17,918.99
35.78% Increase
I know cern is a smart guy, but the old adage "It's the economy, stupid" doesn't refer to 401 K or the Dow. Milk, eggs, gas, now you're talking to the electorate.Why let facts get in the way of a narrative?
Interesting that the Dow went up over 15% after Biden won the election in 2020. Nov 2, 2020, Dow is at 26,691. Jan 19, 2021 it’s at 30,930. Pretty big leap after Trump had lost. And the country and markets feel that stability has been restored.This is not true at all. The markets, and therefore your 401K, did better under Trump (and that includes the pandemic!!):
DOW
Trump
Jan 19, 2017 = 19,732.40
Jan 19, 2021 = 30,930.52
56.75% Increase
Biden
Jan 19, 2021 = 30,930.52
Aug 21, 2024 = 40,890.49
32.20% Increase
NASDAQ
Trump
Jan 19, 2017 = 5,540.08
Jan 19, 2021 = 13,197.18
138.21% Increase
Biden
Jan 19, 2021 = 13,197.18
Aug 21, 2024 = 17,918.99
35.78% Increase
Markets went up 8% from Trump's election day to inauguration day. Pretty meaningless no, when we have lengthier data to go on??Interesting that the Dow went up over 15% after Biden won the election in 2020. Nov 2, 2020, Dow is at 26,691. Jan 19, 2021 it’s at 30,930. Pretty big leap after Trump had lost. And the country and markets feel that stability has been restored.
11/2/2020. Nasdaq at 11,205
1/19/2020 Nasdaq at 13,197.
That increase has nothing to do with Trump and everything to do with Biden’s election. Look at it on a graph it really jumps out at you.
Not really. Over 15% in such a short period of time is a tremendous tell. It also leads to a skewed reading of the market under Trump. I think the markets have done well under both presidents. But this BS narrative that Trump is better at the economy is just false.Markets went up 8% from Trump's election day to inauguration day. Pretty meaningless no, when we have lengthier data to go on??
15% vs. 8% is pretty meaningless given the longer term trend.Not really. Over 15% in such a short period of time is a tremendous tell. It also leads to a skewed reading of the market under Trump. I think the markets have done well under both presidents. But this BS narrative that Trump is better at the economy is just false.
Besides inflation even when you take out Covid, Biden does better on wage growth and unemployment. Inflation certainly went higher under Biden but that was going to be high no matter who the President was.15% vs. 8% is pretty meaningless given the longer term trend.
Markets are just one piece of the economy. You brought up the DOW and 401K's using incorrect info.
Jobs, inflation, wages, etc. also make up the economy. Trump did better when you consider all of the facts:
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Did Biden Or Trump Create More Jobs? Here Are The Facts.
It’s been a remarkably strong stretch for the U.S. economy under both presidents.www.forbes.com
You can’t just take out inflation when discussing wage growth. Take out the pandemic and Trump clearly outperformed Biden on the economy.Besides inflation even when you take out Covid, Biden does better on wage growth and unemployment. Inflation certainly went higher under Biden but that was going to be high no matter who the President was.
However, Biden did not try manipulate the economy and let the market work itself out. He did not pressure the Fed. Due to that, we have inflation under control without a recession or high unemployment. This is pretty remarkable. Look on how many people calling for a recession on this board. I think you may have been one of the posters to do so. That never materialized. Despite the great job done by Jay Powell, Trump will fire him. That is not for the good of the country.
By the way, doubling the rate is always a big deal.