Don't understand the economy? Guess what: neither does Trump.

Don’t understand the economy? Guess what: neither does Trump.

Donald Trump tries to call the latest GDP good news about the economy.

Gage Skidmore / Flickr

Trump and his followers are celebrating a 33.1% growth rate for the US economy. Touting this number in a vacuum is like Spinal Tap’s Nigel Tufnel showing off the amplifier that goes to eleven. As usual, glorifying Trump’s accomplishments requires either ignorance or misdirection.

Joe Biden summed up the bottom line. “We are in a deep hole and President Trump’s failure to act has meant that third-quarter growth wasn’t nearly enough to get us out.”

Thanks, Obama!

President Barack Obama works at his desk.

Barack Obama Presidential Library

Reuters coverage details the reality. This is 33% of an economy after it tanked as the pandemic ramped up. It is not nearly enough to get the US back to where it was before — to the trajectory the US economy was on for most of the Obama administration.

Trump celebrates socialism

A poster glorifying Lenin and the Soviet Union.

Screenshot / Amazon

Most of this growth — 76.3% — was from the first COVID stimulus package. The House passed another package, but the Senate was too busy ramming through judges to take it up. That doesn’t bode well for the next quarter’s numbers.

No job? No prob!

Woman holding a sign that says "I lost my job due to coronavirus"

Shutterstock

Nearly half of the 22.2 million jobs lost so far during the COVID-19 pandemic have not been replaced. Unemployment is still higher than during the Great Recession.

The US economy probably doesn’t look too hot to the 1.1 million people who sought unemployment benefits the week before this news came out.

The rich got richer and the rest got poor

World's richest man wants workers to speed it up so Amazon can make another ten billion or so over the holidays.

Wikimedia / Clean PNG

“Higher income earners have been significantly less impacted, and this group has been able to help power the economy by taking advantage of low interest rates for loans,” says Steve Rick, Chief Economist of the Credit Union National Association (CUNA) Mutual Group. Those with plenty of money were able to continue spending as basic consumers, buy or refinance homes with low interest, drive the stock market, and generally contribute to, “further widening an already-stark economic divide.”

Math is tough

An incorrect equation on a chalkboard

Canva

By using the raw number, 33.1% growth, Trump is trying to wow those who will not search out the details of the economy. Unfortunately for the president, there are plenty of people who can do the math.

That was hard work. Take a break!

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