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How has the US economy fared under Donald Trump?

(CNN Spanish) — As voting ends after the midterm elections in the United States, the final results of which will determine who will control Congress, many have been waiting for Trump’s decision on his candidacy plans.

A third presidential bid to run in 2024—after winning the presidency in 2016 and losing re-election in 2020—will begin a new phase in his political career in which he will be on the defensive and constantly under siege. after disappointing results. of his party in the legislatures.

Trump celebrated his administration’s purported economic achievements during his presidency, and shortly after leaving it, and is expected to talk about it again during his presidential campaign, now that he has announced his intention to run.

Pence: Trump decided to be part of the problem in the January 6 uprising 2:25

How has the US economy fared under Trump?

hard numbers

When Trump assumed the presidency, on January 20, 2017, the United States economy was in a period of growth that began after the Great Recession of 2009 and during the administration of Barack Obama, and in the next 3 years of his term . continued.

The gross domestic product grew by 2.3% in 2017, 2.9% in 2018 and 2.3% in 2019, according to information from the World Bank. But then came 2020: amid restrictions due to the covid-19 pandemic, the economy fell by 3.4%.

It was the worst decline in the US economy in 74 years, according to Reuters.

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And if you look closely, 2020 was truly a roller coaster: in the second quarter, while the country and the world absorbed the worst of the pandemic, the US economy shrank 31.4% year-over-year, and then recovered it by 33.4. % in the third quarter.

Trump attacks DeSantis amid bickering among Republicans in Congress 5:39

Trump received a nominal GDP at current prices of US$18.7 trillion (as of December 2016), and when he handed over power, GDP was US$20.89 trillion (as of December 2020). This is equivalent to a nominal GDP per capita of US$57,866 at the beginning of his term, and US$63,027 at the end, and that favorable result, even with the pandemic, to which the former president clings.

Unemployment stood at 4.9% at the end of 2016, and fell to 4.4% in 2017—Trump’s first year in office—, to 3.9% in 2018, and to 3.7% in 2019 . But in 2020, due to the sharp drop in GDP during the pandemic, it climbed to 8.1% and the consequences are still felt: about 22 million jobs created in previous years evaporated (by the end of 2020 was recovered 10.6 million).

Poverty in 2016, before the arrival of Trump, was 12.7%, and then it slowly began to decrease: in 2017 it was 12.3%, in 2018 it was 11.8% and in 2019 it was 10.5% . While poverty rose again to 11.5% in 2020.

The Trump economy

In 2018, Trump achieved his biggest legislative achievement by getting Congress to pass a major package of tax cuts, the basis of his economic program, which initially generated an acceleration in GDP growth.

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Biden laughs at Trump at a press conference 0:34

But this acceleration peaked at full employment, and then began to reverse, in part because of Trump’s many trade conflicts with various countries around the world, especially with China.

In addition, Trump added an increase in spending – mainly in defense and in the economic aid packages against covid-19 – to his tax cut: the result was an increase in debt of about $7 trillion during his tenure.

At the start of his presidency, the debt was 76% of GDP. In the end it was 105%.

The Trump years are also remembered for the bullishness of stock markets on Wall Street, largely fueled by low interest rates, and these moves produced huge gains for the wealthiest Americans.

In fact, the GINI index, which measures income inequality (where 0 is perfect equality and 100 is perfect inequality), has started to rise since Trump took office: it was 41.1 in 2016, 41.2 in 2017, 41 ,4 in 2018 and 41.5 in 2019 (last year with data).

With reporting from Annalyn Kurtz, Tal Yellin, Gabby Orr, Steve Contorno, Matt Egan, John Harwood and Anneken Tappe.

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