(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .
The Golden Age of Trumponomics [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-05-19
Donald Trump and members of his administration have made a number of bold proclamations about propelling the nation into the Golden Age of America. [Note: You may not have noticed, but Trump likes gold, both real and faux.] The thing to remember about the Trump Cabal is that saying something makes it so. In their minds.
How well do the some of their proclamations hold up in the real world? Let’s see.
Proclamation 1
"Once again, the experts are wrong, just as they were about the impact of Trump's tariffs, which have yielded trillions in investments, record job growth, and no inflation," said White House spokesman Harrison Fields on May 16, 2025.
Source: CBS News
Result 1
Trillions In Investments
There have been no actual investments in the United States as yet and like the imaginary DOGE savings, there may never be. However, there have been multiple royal proclamations. I’ll simply refer you to the source link for a full accounting of The Trump Effect since I was laughing so hard I couldn’t type.
Source: White House
Record Job Growth
Total nonfarm payroll employment increased by 177,000 in April, and the unemployment rate was unchanged at 4.2 percent, the U.S. Bureau of Labor Statistics reported. The US economy added 143,000 jobs in January 2025, 102,000 in February, and 185,000 jobs in March. Thus, job gains have averaged 152,000 per month January through April of 2025.
The average monthly gain in 2024 under President Joe Biden was 186,000, which was down from 251,000 per month in 2023, 386,000 per month in 2022, and 604,000 per month in 2021.
Source: Bureau of Labor Statistics
Job Creation, 2017 — 2024 (March)
Source: University of Wisconsin, Stevens Point (it’s a bit dated, but a nice comparison of Trump 1.0 vs Biden)
No Inflation
In April, the Consumer Price Index for All Urban Consumers rose 0.2 percent, seasonally adjusted, and rose 2.3 percent over the last 12 months, not seasonally adjusted, continuing the downward trend that began under President Joe Biden.
Full Year Inflation Rate
2021 4.7%
2022 8.0%
2023 4.1%
2024 2.9%
Source: US Inflation Calculator
Proclamation 2
President Donald Trump on Sunday night reiterated an extraordinary ambition he and members of his administration have voiced from time to time throughout his young second term: One day, Americans won’t pay any more income tax, and you’ll have Trump’s tariffs to thank for it.
Source: CNN
Result 2
From January 1, 2025, through May 16, 2025, the U.S. brought in $48.5 billion in gross tariff (and certain other excise tax) revenue.
Tariffs collected from May 1st through May 16th totaled $3.2 billion, an average of $200 million per day. At that rate, it would take just 32.9 years to collect the equivalent of 1 year of current individual income tax ($2.4 trillion in 2024).
Sources: Tariffs Bipartisan Policy Tariff Tracker; Income Tax Congressional Budget Office
Proclamation 3
My fellow citizens, the golden age of America begins right now. Our top priority will be to create a nation that is proud, prosperous, and free. I will direct all members of my cabinet to marshal the vast powers at their disposal to defeat what was record inflation and rapidly bring down costs and prices. [Trump 2.0 Inaugural Address]
Source: White House
Result 3
Create A Prosperous Nation
Real gross domestic product (GDP) decreased at an annual rate of 0.3 percent in the first quarter of 2025 (January, February, and March), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the fourth quarter of 2024, real GDP increased 2.4 percent.
Source: Bureau of Economic Analysis
Defeat Record Inflation
From 1914 through April 2025, the inflation rate in the United States averaged 3.29 percent. The highest U.S. inflation rate on record was 23.70% in June 1920. The lowest recorded inflation rate was -15.80% in June 1921. The annual inflation rate in the US eased to 2.3% in April 2025, the lowest since February 2021, from 2.4% in March and below forecasts of 2.4%.
Source: US Inflation Calculator
Rapidly Bring Down Prices
The Consumer Price Index for shelter rose 0.3 percent in April, accounting for more than half of the all items monthly increase. The energy index also increased over the month, rising 0.7 percent as increases in the natural gas index and the electricity index more than offset a decline in the gasoline index. The index for food, in contrast, fell 0.1 percent in April as the food at home index decreased 0.4 percent and the food away from home index rose 0.4 percent over the month.
Indexes that increased over the month include household furnishings and operations, medical care, motor vehicle insurance, education, and personal care. The indexes for airline fares, used cars and trucks, communication, and apparel were among the major indexes that decreased in April.
Source: Bureau of Labor Statistics
[END]
---
[1] Url:
https://www.dailykos.com/stories/2025/5/19/2323298/-The-Golden-Age-of-Trumponomics?pm_campaign=front_page&pm_source=latest_community&pm_medium=web
Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.
via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/
