Democrats being unable to run on the Obama/Biden economic record have taken to saying that all the huge economic growth that happened since Trump took office was really due to Obama/Biden.
This chart shows that's not true
In 2016, before Trump took office, the CBO projected employment vs time. That projection assumed that the Obama/Biden policies would continue.
But the actual data, based on what Trump did, is clearly far better than what the non-partisan CBO predicted if the Obama/Biden economic policies stayed in place.
What did Trump do.?
He fixed unfair trade agreements and started to fight back against the trade wars that various countries like China were waging against the US. For example when Trump took office China's average tariff on US goods entering China was 4 times higher than the average US tax on Chinese goods entering America.
He also cut taxes for pretty much every American. That's because Trump's tax cuts not only lowered tax rates but also expanded the standard deduction and doubled the amount of the child tax credit. Households saved an average of $1400 a year and married couples with two children saved $2900.
It's interesting that Democrats said that those savings were nothing. It shows how the Democrats are the party of the rich these days. To even a well off American middle class family $2900 is a lot of money.
People also benefit because Trump cut the corporate tax rate to put it on par with what foreign companies pay. Companies not only passed some of that savings on to workers in the form of bonuses but it allowed companies to increase wages without increasing the cost of their products.
The only losers were Big Government Democrats who got less of your hard earned dollars to spend the way they wanted to.
Based on lower taxes and the resulting economic growth over a 10 year period individual take home pay is estimated to go up by $26,000 and take home pay for a family of four will go up by $44,600.
Joe Biden has promised to drive up taxes so that he can spend more of your money. He's going to increase corporate taxes which will drive down wages while simultaneously increasing the cost of what we the people buy and export jobs by giving foreign companies a huge advantage due to their lower tax rates.
Joe Biden wants your money and he doesn't care if that's good for you or not.
Posts
1 comment:
> The only losers were Big Government Democrats who got less of your hard earned dollars to spend the way they wanted to.
and this is why budget deficits and government spending collapsed under the Trump administration. oh wait no. the opposite thing.
Post a Comment