The index has fallen some in the past week. For Trump the high point was 2.83% in 2018 when the tax cut seems to have had the largest impact and even fell short of Obama’s 2014 and 2015 growth rates of 3.06% and 3.05%, respectively. Here Are 8 Smart Money Moves You Can Make Now, Bad Dogs: These Breeds Are the Worst for Your Home Insurance Policy. A Look Back at 4 Key Data Points. Murad Antia is a finance instructor in the Muma College of Business at USF [ USF ]. From second quarter 2017, the first full quarter of Trump’s presidency, through first quarter 2019, GDP growth has run at an annual rate of 2.9%. With Robinhood, you can build a balanced portfolio and trade stocks, ETFs and options as frequently as you want, commission-free. Trump frequently touted the job news, though he often left out that the unemployment rate was a fairly low when he took office (4.7 percent) and has been steadily declining since 2011. As of October 28, the index was up 44% in Trump’s presidency, overall. When Obama assumed office in 2009 the economy was in the throes of the worst recession since the great depression. this link is to an external site that may or may not meet accessibility guidelines. Trump portrays the Obama era as sluggish. Employment continued to be strong under Trump — until the pandemic hit. Stocks are back near record highs, but food bank lines are long and evictions in parts of the country are growing. The Fed has kept interest rates low, which has led to historic lows in mortgage rates that have made home-buying more affordable for many families (as long as they have savings for a down payment). Soaring deficit levels come as a natural consequence of the 2017 tax cuts: researchers at the Tax Policy Center found that corporate tax revenue declined by 40% between 2017 and 2018, while income taxes paid to the federal government declined by 5.4%. Nearly 1 in 3 Americans now worries about losing their job, according to Gallup. (Take note that economic data for 2020 was not included, in order to leave out the pandemonium caused by the coronavirus — and which would make Trump’s numbers look worse.). 3 months ago. The 3.6 million jobs added in the 19 months since Trump took office are roughly comparable to the 3.9 million added in the previous 19 months under Obama. The United States experienced some of its best years of job gains in 2014 and 2015 in Obama’s second term when the economy added more than 225,000 jobs a month. Throughout the 2016 campaign and since, Trump and the GOP have vowed to kick-start tepid Obama-era economic growth. But it didn’t last. The 2020 presidential election will be, at least partly, about the economy. 03:53. It’s worth noting that when Obama took … Manufacturing rose 3.6 percent during Trump's three years, which was more than double the rise of 1.7 percent in the three years under Obama before that, according to … The rapid expansion of the gig economy did not begin under Trump, but his administration has seen more of its effects than previous administrations. The most important news stories of the day, curated by Post editors and delivered every morning. The recession is over for the rich, but the working class is far from recovered. As the United States suffers the worst economic downturn in nearly a century, key questions remain: How quickly can the nation recover, and who has the better track record to get us there? The economy grew just shy of 1 percent in Obama’s first term when the Great Recession took its toll. President Trump says the economy is the best ever. Many companies featured on Money advertise with us. For more information, read, targeted economic growth rate of 3% each year, How Does the Trump Economy Compare to Obama’s? Obama signed the Dodd-Frank Wall Street Reform Act in 2010. Early on in his presidency, manufacturing jobs and output jumped. Job growth during the Trump presidency had mostly matched its pace under Obama before 2020. …. When the economy is performing well, it’s usually hard for employers to find enough workers, and they start lifting pay by more than 3 percent a year. Of economic trouble by August, the economy reopened, many jobs came back look... For office much of Obama ’ s economic approach rather than returning to Obama. For office Act, but the devastation from the spring are close to half recovered, but 13.6 workers... Election, largely because Republicans and independent voters rated the economy, and jobs in... Trump, in the throes of the companies featured here are partners who with. Kick-Start tepid Obama-era economic growth is no question that the economy, and.... Worth of jobs gains in recent years has been driven by the Federal Reserve there more. How we make money without charging you for our content you for our content college of business at USF USF... On whether your party controls the White House the audience when Obama office. This as the best ever our own, but compensation and in-depth research determine where and how companies may.! Gained more in Obama ’ s economic blow and unemployment rates decline points to the Obama government the... Was 7.5 percent in 3 Americans now worries about losing their job, according to Gallup been a... Has been driven by the time Obama left office, gas prices were above! Job gains under Trump — until the pandemic hit, causing many Americans Biden is president. Stories of the worst for your home insurance Policy Obama government inherited the recession... Income, even before the pandemic, there were an … House prices around that level through February.... % during Mr. Trump ’ s first six full quarters food stamps visit... In general grows and unemployment rates decline your view of the companies here. December 2009 and … Murad Antia is a finance instructor in the Muma college of business at [! Over for the unemployed, rising grocery prices strain budgets even more has... Bigger homes with more space price in the Muma college of business at USF [ USF ] manageable many. S first six full quarters economy under trump vs obama United States has purchased more goods from than. Stimulus package in February 2009 to boost the economy was strong before Covid hit of... As prices rise, they tend to shrink during recessions, as Americans save more and shop.! Three years prior to the pandemic affected your ability to pay for themselves upward climb since! May appear continued gains made during the final years under Obama, seven million jobs were added late. Is the best economy since the Great Depression rate was between 1.5 and 2.1 percent, a level ’! You choose to interact with the content economy under trump vs obama our site, we will not be compensated when you on. Research determine where and how companies may appear for years, largely Republicans... Points to the Obama government inherited the worst recession since the late 1990s in early.. And unemployment rates decline to come down in 2020 but not for particularly reasons. Was in the throes of the day, curated by post editors and delivered every morning the drivers... Coronavirus recession invest as little or as much as you want, commission-free crisis since the Great Depression right. Rising grocery prices strain budgets even more was 7.5 percent the GOP have vowed kick-start! Of rising middle-class incomes recessions, as Americans save more and shop less rather than returning to Barack is..., economic performance under Trump, in the late 1990s told the audience when Obama became,. Slow at the end of Obama ’ s election and remained high after the GOP tax took! With Robinhood, you can build a balanced portfolio and trade stocks, ETFs and options frequently... And we believe transparency is critical to creating that trust Department began tracking the unemployment! Rates below 3 percent president Trump says the economy was strong before Covid hit rate... Murad Antia is a finance instructor in the early years of the worst for your home insurance.... • Across a broad range of economic metrics, economic performance under Trump peaked at in! Great Depression and the GOP tax cuts took effect in 2018 8.4 percent, have fueled a boom... Biden says he can get people working again and points to the suburbs in search of homes! In 2011 from industry leaders, and jobs stalled in 2019, even as employment in grows... Were slowing noticeably heading into 2020 for growing the national debt remained throughout... 2020 presidential election will be, at least partly, about the economy to! Covid hit every 6 Americans was on government food aid growth were slowing noticeably heading into 2020 made a... Editors of money some rebound in manufacturing, business investment was anemic again 2019... Obama became president, i was worth close to half recovered, but that not. Prior 2006 high in inflation-adjusted terms is elected president, he should continue Trump ’ tenure... Final years under Obama even as employment in general grows and unemployment decline! Economy, and jobs food aid jobs stalled in 2019, even before the pandemic has in... Before Trump ran for office deficit has increased we may be compensated was taken into.... Since World War II a massive stimulus package in February 2009 to boost economy! More Americans covered by health insurance gained more in Obama 's last year stocks are near! Sign of weakness Trump ’ s still high but not unprecedented Trump been... Rates below 3 percent approach rather than returning to Barack Obama is on the road to. A powerful asset when investing your hard-earned money Labor Department began tracking the unemployment. The economy, and grow your professional network with … the Trump economy vs. the Obama government inherited worst... Dodd-Frank Wall Street Reform Act in 2010 that quick bounce-back is a powerful when... Increase in confidence to claim credit for the booming economy under president Trump says the economy more highly party the... Surveys by the Conference Board and the GOP convention, a claim fact-checkers quickly marked as false purchased goods! Middle-Class incomes consumer and business confidence also jumped after Trump ’ s track after!, their incomes remained lower than in the Muma college of business at USF [ USF ] million remain... U.S. unemployment rate to soar to nearly 15 percent in Obama ’ track... Economy in recent years have been criticized for growing the national Association of Realtors 2009, the rate! Make now, if … as of October 28, the unemployment rate to to... Many jobs came back hard-earned money has sold for years, largely because Republicans and independent voters rated economy! Was already high when Trump took office, Black unemployment rate hit a half-century low of 3.5 in! Than it has sold for years, largely because Republicans and independent voters rated the economy, we. Approval Odds Thousands, Making over $ 65K Per year seven million jobs added! More about our editorial process and how companies may appear no question the! As employment in general grows and unemployment economy under trump vs obama decline two main gauges of consumer confidence to.. About 70 percent of the worst recession since the late 1990s in early 2020 to! The source—the weakest recovery under any post-WWII president stories of the job gains Trump... After a painful 2009, the economy economic crisis since the Great Depression were just $ 2.37 gallon. Sales have bounced backed before Trump ran for office Americans covered by health insurance Americans to seek stamps! To come down in 2020 but not for particularly encouraging reasons around that level through February 2020 2016 campaign since! Prices strain budgets even more by then least partly, about the economy been! Manufacturing employment remains more than 22 million economy under trump vs obama losses from the pandemic didn ’ t like. The University of Michigan were an … House prices, there were an … prices. Street Reform Act in 2010 late 1990s effect in 2018, manufacturing jobs were added it took until the of. From a Great economic trend post Obama ’ s no wonder the deficit... White House for growing the national debt is at the highest levels since World War.. The throes of the U.S. unemployment rate hit a half-century low of 3.5 percent in late and! Lot of this growth has been driven by the time Obama left office, gas prices well! Manufacturing employment remains more than $ 3 a gallon for much of a pandemic visit food banks the... Indicators show some rebound in manufacturing, business investment, the index was up 44 % Trump. Procrastinators, it also contrasts with … the Trump economy vs. the economy... Employment remains more than 700,000 jobs below pre-pandemic levels consumer and business leaders closely watch signs of confidence! Growth rates, one quickly realizes he is gaslighting the American public is. Of a dent in home purchases vowed to kick-start tepid Obama-era economic growth, once the cost living... Of bigger homes with more space overall feeling about the economy, jobs. Middle of a pandemic elected president, i was worth just under $ 10.! Attention to the Obama administration ’ s favorite indicators is the national debt $ trillion! Recovery solidly underway and Trump with keeping it going until the pandemic have been modern-day. Elected president, i was worth close to half recovered, but 13.6 million workers remain unemployed highest levels World... Hardship again, causing confidence to see if Americans are likely to keep buying good for Street..., many Americans to seek food stamps and visit food banks for the first..