“Before the coronavirus pandemic, the U.S. unemployment rate was just 3.5% – as low as it had been in half a century. But economic growth fell short of what President Trump and his advisers promised. The economy grew 2.2% last year, roughly on par with the pace over the past decade. Growth briefly hit Trump’s 3% target in 2018, following passage of the Republican tax cut. But that now appears to have been a short-lived “sugar high.” While supporters of the tax cut said it would encourage more business investment and spark a decade of sustained 3% annual growth, business investment actually slumped for most of last year. That was partly a result of sagging global demand as well as uncertainty stemming from the president’s trade war.”
– Scott Horsley, NPR Chief Economics Correspondent, in response to Donald Trump’s claims about an improving economy during the President’s speech at the Republican National Convention
