Trump wants you to believe that the US economy is doing terribly. It’s untrue

Steven Greenhouse, Guardian - If Donald Trump wins next week’s election, it would be the first time in US history that a candidate wins based on such a huge lie – his falsehood that we have “the worst economy ever”. The former president’s big lie has distorted the views of millions of Americans, wrongly convincing many that the US economy is in bad shape.

There’s no denying that many Americans are struggling economically and that inflation was painfully high back in 2022, but inflation is far lower now, and most economists agree that our economy is strong. The unemployment rate is low, inflation is way down, economic growth is solid, and job growth has been remarkably strong. Indeed, the country has added nearly 18m jobs – a record – under the Biden-Harris administration. Not only that, median household income has climbed to $80,610, higher than it was in Trump’s last year in office.

“In the 35 years I’ve been an economist, I’ve rarely seen an economy performing as well as it is,” Mark Zandi, chief economist of Moody’s Analytics, said recently. “I’d give it an A+.” But the US public, still upset about the surge in inflation several years ago, sees things very differently: 62% say the economy is in bad shape, while just 38% say it’s in good shape, according to an October AP-NORC poll.

The public holds this negative view even though there’s been very good news for blue-collar workers: the US has added more than 700,000 factory jobs under the Biden-Harris administration, far more than during Trump’s presidency, indeed more than under any president since the 1970s. There’s also been good news for small businesses – a record 19m new business applications have been filed under Biden. There’s also good news for the wealthy – the stock market has climbed to record levels, which is Wall Street’s way of saying the economy is in excellent shape. Let’s not forget that Trump warned that if Biden was elected president, the stock market would crash. Wrong again, Donald. Under Biden, the Dow Jones Industrial Average is 36% higher than when Trump left office, and the S&P 500 is 53% higher