It’s official, President Donald Trump is leaving office after completely destroying the American economy.
An analysis from CNN’s John Harwood explained that only one other president since World War II has left the White House with the jobs situation in the country worse off than when he came into office.
Trump’s denialism of the coronavirus and months of lies to the American people ultimately led to companies being unprepared for the crisis. The stock market plummetted, but worse, small businesses have struggled to stay afloat, some even closing their doors forever. Meanwhile, the Senate has ignored the desperation for the past seven months, refusing to step in to help with a stimulus.
As Harwood explained, Trump’s “throwback ‘America First’ agenda has failed to restore the old economic engine that powered an earlier era’s prosperity. On Trump’s watch, industrial production has fallen. The Federal Reserve says the manufacturing sector fell into recession in 2019 even before the coronavirus pandemic hit.”
“Trump’s economic record ranks near or at the bottom compared with other presidents,” Moody’s chief economist Mark Zandi said, looking at economic details for presidents from the last 70 years. “The economy under his watch has performed very poorly.”
Harwood noted the questions many have about how the stock market could possibly be so stable when so many Americans are losing their jobs, filing for unemployment and their small businesses are failing.
“When the Labor Department issues the final monthly jobs report of his presidency in early January, Zandi expects it to show a renewed decline in employment. In the first quarter of 2021, as Trump yields power to Biden, the Wall Street firm JPMorgan predicts that economic output will shrink,” he closed.