Analysis: Trump’s Economic Growth Ranks 6th Of The Last 10 Presidential Terms
President Donald Trump compares most aspects of his presidency to his predecessor, former President Barack Obama, and when it comes to average economic growth that comparison might serve him well.
Average economic growth under Trump has outpaced that experienced under Obama, Axios noted this week — but how does Trump stack up to earlier administrations?
Looking at the numbers for the last 10 presidential terms, Trump comes in at number 6 for average economic growth, the publication reported.
“GDP is the most comprehensive economic scorecard — and something presidents, especially Trump, use as an example of success,” Axios noted. “And it's especially relevant since Trump is running for re-election on his economic record.”
Despite his insistence to the contrary, Trump inherited a steady economy — unlike his immediate predecessor, and other past presidents as well. Interest rates have remained low during Trump’s first term, and economic growth increased after his 2017 tax cuts were passed, though it has since entered a slowdown.
During his State of the Union address earlier this month, Trump boasted: “Our economy is the best it has ever been.”
But Nathan Sheets, who has served at the Treasury Department and the Federal Reserve, observed that “this is not a gangbusters economy.”
Unlike what he has seen under Trump, there have been periods in the past with “high growth, low inflation, rapid productivity, and the gains from growth were being broadly shared across society.”
“That was gangbusters,” he said.
Economic growth during President Bill Clinton’s second term averaged 4.0 percent, Axios reported, while the first term Clinton presided over average growth of 3.5 percent.
During President Ronald Reagan’s second term, average economic growth was 3.9 percent, with his first term lower at 3.1 percent.
Trump’s first term average economic growth to date comes in at 2.5 percent.