THREAD:
Trump’s complete failure with #COVID19 turned what could have been a mild recession into a full blown economic crash—one that we may not fully recover from for many years.
How badly has @realDonaldTrump failed on the economy? (1/12)
Trump’s complete failure with #COVID19 turned what could have been a mild recession into a full blown economic crash—one that we may not fully recover from for many years.
How badly has @realDonaldTrump failed on the economy? (1/12)
The economy was weak heading into 2020 because of the failure of the #GOPTaxScam. Trump claimed his tax cuts for corporations and the already-rich would “skyrocket” the economy & deliver 5-6% GDP growth.
Reality: 2020 began with economists predicting growth of just 1.8%. (2/12)
Reality: 2020 began with economists predicting growth of just 1.8%. (2/12)
Growing consumer debt was also slowing the economy’s potential heading into 2020. As The Wall Street Journal reported: “consumer debt, not counting mortgages, has climbed to $4 trillion—higher than it has ever been even after adjusting for inflation.” (3/12)
As 2020 began, Trump was relentlessly hyping the economy like it was a packet of Trump Steaks (as I detailed in this January article).
All of his claims were total bullshit, of course. By February, the #TrumpRecession had already begun. (4/12) thedailyedge.substack.com/p/the-trump-st…
All of his claims were total bullshit, of course. By February, the #TrumpRecession had already begun. (4/12) thedailyedge.substack.com/p/the-trump-st…
Trump's trade wars had already plunged U.S. manufacturing into a full-year recession for 2019.
➡️ In #Michigan, steelworkers got laid off at Christmas.
Trump broke his promises to coal miners, too:
➡️ Eight coal mining companies went bankrupt in 2019 alone. (5/12)
➡️ In #Michigan, steelworkers got laid off at Christmas.
Trump broke his promises to coal miners, too:
➡️ Eight coal mining companies went bankrupt in 2019 alone. (5/12)
Trump also destroyed the livelihood of US farmers:
➡️ The number of farms filing for bankruptcy in 2019 surged by 24%, the worst levels since the heights of the the 1980s farm crisis
➡️ In Wisconsin alone, 818 dairy farms went bankrupt in 2019, the most in a single year (6/12)
➡️ The number of farms filing for bankruptcy in 2019 surged by 24%, the worst levels since the heights of the the 1980s farm crisis
➡️ In Wisconsin alone, 818 dairy farms went bankrupt in 2019, the most in a single year (6/12)
Even as his failed tax cuts sent the deficit skyrocketing, Trump was also massively underperforming on jobs. In his first three years in office he created 1.5 million fewer jobs than Obama-Biden did in their last three years. (7/12)
And remember the #debt? Republicans used care about that SO MUCH when we had a Black President.
Trump promised to eliminate the $19T national debt he inherited in 8 years.
But by the end of 2019, it had already risen $4.1T to a new all-time high of $23.1T. (8/12)
Trump promised to eliminate the $19T national debt he inherited in 8 years.
But by the end of 2019, it had already risen $4.1T to a new all-time high of $23.1T. (8/12)
Even as the economy was slowing, Trump was in denial. He wanted to prop it up for as long as possible to get through the election.
When the Covid warnings were "blinking red" he ignored them, focusing on a weak trade "deal" with China instead. (9/12)
americanprogress.org/issues/democra…
When the Covid warnings were "blinking red" he ignored them, focusing on a weak trade "deal" with China instead. (9/12)
americanprogress.org/issues/democra…
The #TrumpPandemicFailure led America into a year of unprecedented death, devastation and despair.
The economy he had already weakened collapsed.
The #TrumpCrash was the worst US decline since the Great Depression.
The US debt is now $27.1T. (10/12)
reuters.com/article/us-usa…
The economy he had already weakened collapsed.
The #TrumpCrash was the worst US decline since the Great Depression.
The US debt is now $27.1T. (10/12)
reuters.com/article/us-usa…
The crisis we now face is not just because Trump is remarkably stupid when compared to other business people.
He's also remarkably stupid when compared to other reality TV stars. (11/12)
thedailyedge.substack.com/p/its-the-econ…
He's also remarkably stupid when compared to other reality TV stars. (11/12)
thedailyedge.substack.com/p/its-the-econ…
The good news. #Biden's been here before & he has a plan:
Wharton says Biden's plan is better than Trump’s.
Goldman Sachs says Biden's plan is better than Trump’s.
Moody’s says Biden’s plan will create 7M more jobs than Trump’s.
Full article: (12/12) thedailyedge.substack.com/p/the-economy-…
Wharton says Biden's plan is better than Trump’s.
Goldman Sachs says Biden's plan is better than Trump’s.
Moody’s says Biden’s plan will create 7M more jobs than Trump’s.
Full article: (12/12) thedailyedge.substack.com/p/the-economy-…
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