Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease
abcnews.go.comNumbers show that the economy during Donald Trump’s presidency has never lived up to his own hype
WASHINGTON — It was a time of fear and chaos four years ago.
The death count was mounting as COVID-19 spread. Financial markets were panicked. Oil prices briefly went negative. The Federal Reserve slashed its benchmark interest rates to combat the sudden recession. And the U.S. government went on a historic borrowing spree — adding trillions to the national debt — to keep families and businesses afloat.
But as Donald Trump recalled that moment at a recent rally, the former president exuded pride.
“We had the greatest economy in history,” the Republican told his Wisconsin audience. “The 30-year mortgage rate was at a record low, the lowest ever recorded… 2.65%, that’s what your mortgage rates were.”
The question of who can best steer the U.S. economy could be a deciding factor in who wins November’s presidential election. While an April Gallup poll found that Americans were most likely to say that immigration is the country's top problem, the economy in general and inflation were also high on the list.
Trump may have an edge over President Joe Biden on key economic concerns, according to an April poll by The Associated Press-NORC Center for Public Affairs. The survey found that Americans were more likely to say that as president, Trump helped the country with job creation and cost of living. Nearly 6 in 10 Americans said that Biden’s presidency hurt the country on the cost of living.
But the economic numbers expose a far more complicated reality during Trump's time in the White House. His tax cuts never delivered the promised growth. His budget deficits surged and then stayed relatively high under Biden. His tariffs and
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