Are we better off?
Has Trump built a strong economy? The facts say otherwise. Any gains made during his term were dwarfed by pandemic losses, far more than in many nations that responded quickly and adequately to COVID-19. With no federal leadership, 30-plus million American jobs were lost, and our economy cratered (GDP dropped 32.9%). People’s lives are still turned upside down with evictions, hunger, and medical catastrophe; federal relief has been miserly.
For a self-described “market genius,” Trump sure failed this test, disregarding thorough preparations for pandemics by previous administrations.
Trump inherited a strong economy, with steady job growth since 2010. His notable economic change was adding a stock market stimulus: tax breaks in the December 2017 GOP tax bill. The “Tax Cuts and Jobs Act” disproportionately benefited the wealthy, looting trillions from our taxpayer-funded federal Treasury for billionaire investors — a spending spree that increased the CBO-projected 2020 federal budget deficit by 27.8% (Forbes.com).
Americans withheld taxes throughout 2017 based on 2017 tax rules. Then in 2018 under the new rules, lower incomes received diminished average tax refunds, compared to 2017 refunds:
- Under $50,000 (60% of incomes): 4.5% fewer refunds, worth 2.7% less
- $50,000 – $100,000: 2.5% more refunds, but worth 1.8% less
- But over $200,000: 45% more refunds, worth 203.4% more
- Over $1 million: 216% more refunds, average worth 394.3% more
Notice a trend?
Trump and friends are funneling our hard-earned paychecks to their people – not benefiting us.
The rich get richer… but we can vote them out.
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