Campaign Press Release - ICYMI: Trump's Economy Leaves Working Families Behind
Trump is attempting to declare victory for an economy that is leaving working families struggling and the middle class behind in favor of his Park Avenue pals.
Here's the truth: Just like everything else he's inherited, Donald Trump squandered the strong economy he was handed by the Obama-Biden Administration. He's now on track to be the worst jobs president since Herbert Hoover. The growth that's occurring in spite of Trump's historic failures of leadership is overwhelmingly flowing to those at the top.
Thanks to Donald Trump's ongoing and reckless refusal to take this pandemic seriously or get to work to deliver desperately needed relief to America's families, our economy is currently stalling out as layoffs rise and infections surge. In this K-shaped "recovery," it's workers who are getting screwed: out of PPE, out of wages, and out of health care. All because of Donald Trump.
Don't just take our word for it. Experts are weighing in on Trump's sad attempt at spin:
- Economic Policy Institute, 10/26/20: "Curb your enthusiasm: Rapid third-quarter GDP growth won't mean the economy has healed"
- Brookings, 10/26/20: "Don't let flashy 3rd quarter GDP growth fool you, the economy is still in a big hole"
- New York Times, 10/27/20: "Why the Best G.D.P. Report Ever Won't Mean the Economy Has Healed [...] Government data on Thursday will show a record-setting rebound in economic output. But the numbers are misleading."
- Bloomberg, 10/28/20: "Record GDP Surge to Mask Moderation in U.S. Economic Rebound"
- Axios, 10/28/20: "Economists throw cold water on Q3 GDP expectations"
- Politico, 10/28/20: "The number on paper will be eye-popping — possibly 33 percent or more on an annualized basis — but they will not tell the full story." [...] "S&P's Beth Ann Bovino: 'GDP is likely to catch a lot of attention tomorrow as we expect a historic 29.5% growth annualized. But, while growth is welcomed, we are nowhere near home yet. We need to regain almost 40% of the $1.85 trillion lost to get back to pre-crisis GDP levels seen in 4Q 2019.'"
- Vox, 10/24/20: "What the next GDP figure will — and won't — mean" [...] "Economic data will likely show record-breaking growth. But the economy hasn't recovered."
- The Philadelphia Inquirer, 10/23/20: "Odds favor a double-dip recession, Moodys' Mark Zandi says. Which presidential candidate has the best plan?" [...] "So, which candidate has the better plan for getting the economy back on track? IMHO, the answer is Biden."
- Jason Furman, Harvard Professor and Senior Fellow at the non-partisan Peterson Institute for International Economics:
Joseph R. Biden, Campaign Press Release - ICYMI: Trump's Economy Leaves Working Families Behind Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/347159