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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow the Press Memory-Holed Trump's Pandemic Train Wreck
https://newrepublic.com/article/187295/media-trump-covid-revision-economy?utm_campaign=SF_TNR&utm_source=Twitter&utm_medium=socialNo paywall link
https://archive.li/bTH99
*snip*
My beef, not only with the mainstream press but also to some extent with Kamala Harriss campaign, is a little different. Its that these organizationsalong with just about everybody elsehave, in assessing Trumps economic record, largely accepted Trumps ridiculous insistence that we all agree to forget about the Covid pandemic.
I had the country going, Trump said earlier this month, just prior to Covid coming in, at a level that nobody had ever seen. Trump has been saying some version of that since his 2020 presidential campaign. It isnt true, and plenty of news accounts have explained that it isnt true. Even discounting for Trumps habitual hyperbole (a level that nobody had ever seen), the economic expansion over which Trump presided was one that he inherited from President Barack Obama, and in some respects Trumps expansion was inferior.
For example, as MSNBCs Steve Benen, among others, pointed out, during Trumps first three years he created 6.5 million jobs, which is good. But President Barack Obama, during the first three years of his second term, created more than 8 million jobs, which is better, and President Joe Biden, during his first three years, created nearly twice that. Gross domestic product, under Biden, grew consistently faster during Bidens first three years than under Trumps (and continues to do so in his fourth).
When Trump boasts that his economy was better than Bidens, hes mostly talking about inflation, which was 2.3 percent in February 2020, the eve of the Covid outbreak, compared to 3.2 percent at the same point in Bidens term. Under Trump, inflation peaked at 2.5 percent in June and July 2018; under Biden, inflation peaked at 9.1 percent in June 2022. Inflation headed downward after that, and today it stands at a very respectable 2.4 percent. But that 9.1 spike was the highest in forty years, and two years later people are still freaked out about it.
*snip*
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How the Press Memory-Holed Trump's Pandemic Train Wreck (Original Post)
Nevilledog
3 hrs ago
OP
Post Covid inflation was not a phenomenon unique to the US but too many US citizens are ignorant
PA Democrat
3 hrs ago
#1
PA Democrat
(13,289 posts)1. Post Covid inflation was not a phenomenon unique to the US but too many US citizens are ignorant
of what is happening anywhere but in their own personal experience. The US has had the most robust economic recovery of any other developed economy in the world.
U.S. Economy Again Leads the World, IMF Says
The U.S. is increasingly pulling ahead of the worlds advanced economies, with a surge of investment paying off in higher productivity and wages.
The International Monetary Fund highlights those divergent paths in its latest global scorecard, released Tuesday. In what has become something of a trend, the IMF upgraded the outlook for both U.S. and global growth, though more for the former.The IMF projects U.S. gross domestic product to expand 2.5% in the fourth quarter from a year earlierhalf a percentage point higher than a July forecast, which itself was an upgrade from a prior estimate. U.S. output rose 3.2% in 2023.
That would be the fastest among the Group of Seven major advanced economies.
The U.S. is increasingly pulling ahead of the worlds advanced economies, with a surge of investment paying off in higher productivity and wages.
The International Monetary Fund highlights those divergent paths in its latest global scorecard, released Tuesday. In what has become something of a trend, the IMF upgraded the outlook for both U.S. and global growth, though more for the former.The IMF projects U.S. gross domestic product to expand 2.5% in the fourth quarter from a year earlierhalf a percentage point higher than a July forecast, which itself was an upgrade from a prior estimate. U.S. output rose 3.2% in 2023.
That would be the fastest among the Group of Seven major advanced economies.
https://www.msn.com/en-us/money/markets/us-economy-again-leads-the-world-imf-says/ar-AA1sIp4Y?ocid=BingNewsSerp
I am not trying to minimize the pain that inflation has caused, but the story is a lot more complicated than the media's reporting would have one believe.