Quote:
Originally Posted by ThePrince
If Trump was terrible for the economy, and only did things that helped the ultra-rich, and the lower/middle class got poorer under Trump, why did real median household income rise so much under Trump?
If it's because Obama's policies were great, then clearly nothing Trump did hurt the economy much prior to COVID, because three years into Trump's term, the economy grew at the highest level over the last 40 years.
You can't simultaneously claim that Trump was terrible for the lower/middle class and that the only reason the economy was doing well was because of Obama's policies.
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Because economic policies, in general, take time to see their effect. Until Trump institutes his tariffs it's going to look like there is continued economic growth because of the Biden policies. Biden spent his first couple of years dealing with the mess that Trump's policies introduced, plus you know.. a global recession and inflation due to a global pandemic.
Think about it this way. If you pass a bill that is intended to stimulate manufacturing, how long does it take for a factory to be built? Likely somewhere in the range of 3-7 years. You have to find the land, deal with zoning, public hearings, get alignment from local government and state government, RFPs for the building, source materials, build the factory. All of that stuff takes time. Look at the Flames new building as a good example of that. It's taken more than a decade to get alignment on all of those things with several starts and stops along the way.
Similarly, making cuts takes time to see the effect as capital dries up and workers are displaced.
Now, if Trump does things like mass deportation.. that's going to severely impact the labour force because small businesses that have slim margins have resorted to finding cheap labour to try and continue to be profitable. Small business owners who voted for Trump are going to have some serious regrets when they have to raise prices to compensate for higher prices on imported goods that they enhance and sell, and they're going to have a hard time finding labour to work for them.
Like, the Hatian migrants for example, they're taking jobs that NO ONE wanted to work. A strong economy has money moving around, but since Reganomics it's been concentrating into less hands.