In January 2017 President Donald Trump started with a healthy economy that continued to grow by leaps and bounds during his first three years in office. The unemployment rate was 4.7%, lowest in 10 years. With the all-time highest corporate profit rates and high stocks, gross domestic product was growing around 2.5% per annum.
Each presidency from Ronald Reagan to Trump commenced under different circumstances. George W. Bush’s first year was tarnished by the September 11th attacks while Barack Obama’s started with the Great Recession, a devastating housing crash and a global financial crisis. Despite all these hard times, these presidents have presided over a growing economy during their era. The Trump presidency, however, will be marked by a health crisis and an economic crisis resulted by Covid-19 pandemic. About 15% of Americans lost and Trump ran the elections under the worst job loss in American history.
On the contrary during Obama’s Presidency the job market was up 0.4% and the situation got even better later in his time and as result, Trump started with the strongest job market in American History. The Covid-19 changed the situation and joblessness went 10% higher from where Trump has started, a historical spike in history.
A data released by the Census Bureau in September 2019 around 9% increase from 2016 in the income of an average American and almost 20 states raised their minimum income. The pandemic has definitely reduced those numbers in 2020. The Stimulus checks made a temporary increase in the income of unemployed people but the future of people who had to shut their businesses and who had lost their jobs is still at waters. Economists think that the businesses and workers will not fully recover from this setback for years.
https://www.cnn.com/interactive/2020/10/business/us-economy-trump-vs-other-presidents/
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