Four years ago, Donald Trump promised Americans an economic boom and prosperity. Did he keep his promise? Did America get richer and more powerful before the coronavirus plunged the world’s largest economy into discouragement at the end of its first presidential term?
The answer to this question is short: yes, it did. Is this Trump’s merit? More on this below.
But Trump’s legacy is not only expressed in numbers of employment, income and debt. The policies of the most extravagant president in modern US history will change the future of the American economy, regardless of whether Trump stays for a second term after the November elections.
The intermediate results of his reign can be summed up now. Even if something changes for the better or worse in the economy during the remaining month, this will not affect the outcome of the vote – the overwhelming majority of Americans have already made their choice.
A harmful virus ruined everything
Trump hoped to be re-elected in the wake of the economic boom. But the pandemic has triggered the worst crisis since the Great Depression a century ago and record unemployment. Election slogans had to be rewritten.
But until 2020, everything was going well: the economy grew by an average of 2.5% per year and grew to $ 20 trillion – this is almost a quarter of the world.
And even if Trump promised voters an increase of “4%, and maybe 5% and even 6%” per year, even more modest numbers would not derail the triumph. After all, the rest of the developed world has barely recovered from the financial crisis of a decade ago, and growth in Europe or Japan has barely flickered. America went further and further.
However, due to the pandemic, Trump will now go down in history as the president who ended the longest decade of economic recovery in American history.
Trump did not invent the coronavirus, any president would have to face it. He is confident that he did an excellent job. Opponents blame him for the failure and the world anti-record: 200 thousand deaths.
Endless lockdowns have already damaged the economy, and now they risk disrupting the main consumer season – the autumn-winter series of holidays and sales: from Halloween to Christmas.