April 16, 2021
Despite overwhelming evidence to the contrary, Donald Trump never gave any credit to his predecessor for inheriting a healthy, growing economy. “American carnage” is what he called it. So, to be fair, he has no right to claim any credit today or tomorrow for a robust economy and a stock market that is hitting new highs. You can’t have it both ways.
The reality is that Trump did inherit a healthy economy that he needlessly turbocharged with a $2T tax cut. We did have minor improvements in employment, and the stock market did rise to new highs, but at the cost of a ballooning budget deficit. I think if you gave me $2T, I could have achieved the same results. Now we have Joe Biden turbocharging a slowly recovering economy that left many millions of Americans behind. The jury will be out for a while before we can decide if it was needless or not as Republicans claim. Clearly, businesses are reopening and hiring, but we have a long way to go to get everyone back on their feet. However, regardless as to how well or not the recovery takes place, according to the Trump playbook, Biden gets all the credit.