Post by the Scribe on Aug 31, 2020 1:03:25 GMT
In a new term as president, we will again build the greatest economy in history, quickly returning to full employment, soaring incomes and record prosperity.
Before the coronavirus pandemic, the U.S. unemployment rate was just 3.5% — as low as it had been in half a century. But economic growth fell short of what President Trump and his advisers promised. The economy grew 2.2% last year, roughly on par with the pace over the past decade. Growth briefly hit Trump’s 3% target in 2018, following passage of the Republican tax cut. But that now appears to have been a short-lived “sugar high.” While supporters of the tax cut said it would encourage more business investment and spark a decade of sustained 3% annual growth, business investment actually slumped for most of last year. That was partly a result of sagging global demand as well as uncertainty stemming from the president’s trade war.
Scott Horsley
NPR Chief Economics Correspondent
Before the coronavirus pandemic, the U.S. unemployment rate was just 3.5% — as low as it had been in half a century. But economic growth fell short of what President Trump and his advisers promised. The economy grew 2.2% last year, roughly on par with the pace over the past decade. Growth briefly hit Trump’s 3% target in 2018, following passage of the Republican tax cut. But that now appears to have been a short-lived “sugar high.” While supporters of the tax cut said it would encourage more business investment and spark a decade of sustained 3% annual growth, business investment actually slumped for most of last year. That was partly a result of sagging global demand as well as uncertainty stemming from the president’s trade war.
Scott Horsley
NPR Chief Economics Correspondent