Trump is saying the U.S. economy is now better than ever in history. He’s lying again. Here’s the truth:
1. Job growth has actually slowed. In the last 19 months of the Obama administration the economy created 3.96 million jobs. In the first 19 months of Trump’s, 3.58 million.
1. Job growth has actually slowed. In the last 19 months of the Obama administration the economy created 3.96 million jobs. In the first 19 months of Trump’s, 3.58 million.
2. Economic growth: The economy is now growing at annualized rate of 4.2 percent (that’s for the 2nd quarter). That’s not as good as the 5.1 percent and 4.9 percent achieved in 2 quarters in 2014, or the 4.7 percent in one quarter in 2011.
3. Wages: Today’s hourly wage, adjusted for inflation, has less purchasing power than it did 40 years ago. In fact, adjusted for inflation, the average hourly wage in January 1973 would be $23.68 today. Yet today's actual average hourly wage is $22.73.
4. And, of course, the lion's share of the gains from Trump's corporate tax cuts have gone to the top in the form of stock buybacks and executive bonuses.
