When Biden was in office, it was largely agreed that the economy was doing well, that America’s economy flourished and that under his administration, “the U.S. had added 16 million jobs, unemployment was at its lowest rate in 50 years, real wages for the bottom 80% of Americans were increasing, and inflation levels had come down almost to the Federal Reserve’s target from their highs during the post-shutdown shocks.”
In three months, Trump has managed to turn all of this around.
He has,”…trashe[d] human rights, undermine[d] our alliances, threaten[ed] the independence of our universities and the press, stymie[d] progress on climate change, decimate[d] our civil service, shaft[ed] the poor, harm[ed] the working class, worsen[ed] the economy, and [left] much of our government in tatters.”
Economists expect the confusion and uncertainty of Trump’s tariffs to hurt growth more broadly in the second quarter of 2025 as container ships from China stop arriving in the U.S. in early to mid-May, about a month after Trump’s April 2 “Liberation Day” imposed a 145% tariff on goods from that country.
And this is only his first four months in office.