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Donald Trump on Jobs

Trump Has Attempted to Take Credit for the Economic Recovery, Which Mainly Occurred Under the Previous Administration.  The U.S. economy under Trump has continued (1) at the pace of improvement that began during the final years of Obama’s presidency. Unemployment rates and median weeks of unemployment under Obama declined at least as fast (2)-- if not faster-- than they declined under Trump before the COVID-19 pandemic. Although Trump promised (3) 4% economic growth in his 2016 campaign, the United States did not (4) hit the mark needed to reach that level of growth in any quarter of Trump’s presidency. For reference, the Obama Administration achieved 4% (5) GDP growth in four quarters. 

The Trade War has not Accomplished its Objectives, and has Hurt Ordinary Americans. Since 2018, the U.S. and China have been engaged in an economic confrontation involving several rounds (6) of retaliatory tariffs and trade restrictions. Trump began the tariffs to close a trade deficit with China, and end (7) “unfair trade practices”, but American consumers are bearing the blunt (8) of the added costs (NOT China). This trade war has lead to higher (9) prices for American consumers, and Trump’s Federal Reserve has concluded (10) that “U.S. manufacturing industries more exposed to [trade war] tariff increases experience relative reductions in employment”. Overall economic growth has slowed (11) because of the trade war, and because midwestern farmers have been decimated (12) by the trade war's consequences, Trump had to bail them out with $28 billion (13) of taxpayer money, which was close (14) to covering their losses. 

Trump’s Tax Cuts and Jobs Act Benefited Corporations and the Wealthiest Americans & Cost Government Trillions. Two years after the TCJA was passed, the nonpartisan Congressional Research Service (15) found (16) that the Act's cuts virtually had no effect on wages, didn't contribute to any surges in investment, and haven't delivered a cut to the average American taxpayer. Moreover, the cuts haven't (17) even come close to paying for themselves. Those tax cuts are predicted (18) to cost the federal government $1.5 trillion between 2025 and 2030, while increasing (19) the personal wealth of many Republican lawmakers and donors who supported it by hundreds of thousands of dollars (20). Since the law passed in 2017, revenues from corporate taxes have fallen (21) by more than 40%, contributing to the largest (22) year-over-year drop in corporate tax revenue seen seen outside of a recession; accounting for 80% (23) of the $113 billion federal budget deficit from fiscal years 2017-2018.

Trump Mishandled the Covid-19 Pandemic, Resulting in  into Economic Decay. Rather than taking swift, decisive action, by implementing a testing regime, a coordinated national response, and invoking the Defense Production Act, President Trump dithered (24), and denied that Covid-19 would surpass fifteen cases, saying "it will just go away" (25). He was anxious (26) to lift lockdowns and reopen the economy, ignoring (27) reopening guidelines from the CDC, as well as a survey of leading economists, 80% (28) of which argued that “abandoning severe lockdowns” too early would lead to even greater (29) economic damage; 88% (30) believed there would need to be massive restrictions on economic activity in order to get the outbreak under control. As of May 8, 2020, non-farm payroll employment fell by 20.6 million (31), and the unemployment rate jumped by 10.3% to 14.7% (32)--the highest its been since the Great Depression. Moreover, the the Trump administration has refused (33) to share the recipients of $500 billion in Paycheck Protection Program bailout money, hiding who is really profiting from these funds. 

National Debt Exploded Under Trump Administration. Trump promised to reduce (34) national debt by eliminating waste in federal spending, but national debt has exploded (35) under his administration, going from under $20 trillion in January 2017 (36) to more than $24 trillion by April 2020 (37). Trump's tax cuts are largely (38) to blame for the rising debt, yet his administration has responded by cutting disability benefits (39), education grants (40), rural development programs (41), slashing (42) funding for the agencies now tasked with handling the Covid-19 pandemic, and has continued (43) to call for cuts to the CDC even despite surging Covid-19 cases.