The current good U.S. economy is the primary reason provided by most voters for their continued support of Mr. Drumpf and of course the President loves to take full credit. Go figure! But dig a little deeper, read a bit more and Mr. Drumpf’s claims and pronouncements don’t quite hold up.
The improving economy and economic growth, according to the President, are the immediate result of his policies. Immediate? Don’t forget the analogy of the cruise ship. Remember, in 2008 President George Bush Jr. handed over an economy in tatters to President Obama. Approve of him or not, it was actually during Obama’s terms that the U.S. economy began to turn around. Mr. Drumpf recently took credit for an awesome GDP growth in 2018 of 4.2%. Best growth ever, he boasted. Mr. Drumpf, what about the years of economic growth and the record-breaking 5.1% GDP growth in 2014 under Obama. I guess those years don’t count?
Simply put, a country’s deficit, like a household budget, is based upon how much more money a federal government spends than receives. The 2015 deficit of 2.4% ballooned in 2018 to 4.0% and is on track to run even further amok in 2019. Economists have analyzed three reasons for the now out-of-control American deficit: increased military spending, mandatory spending and the biggest contributor, recent tax cuts. How ironic is it that the President’s voter base are the very citizens who do not benefit from his tax cuts? Do they even know?
And Mr. Drumpf sure has set things straight with China, right? Well actually, not really! The U.S. trade deficit with China has increased to 12.2% this year while, as a result of the current trade war, China has reduced the goods purchased from the U.S. by a whopping 30%. Exactly who, if anyone, is benefiting from your trade war, Mr. President?
Worst of all, but perhaps best for anyone who would like to see this dangerous President out of office in 2020, the current worldwide uncertainty and Drumpf-spawned trade wars are propelling us all to a global recession. Wonder if Mr. Drumpf will take credit for this too?
Dear American friends, please do not take at face value what any politician says. Please, please read more, attempt to understand what is actually happening, search for underlying truths. And we, as Canadians, should take note too!