Most recent news on the U.S. economy has been upbeat and triumphant but the reality, as Alan Austin reports, is different.
PRESIDENT DONALD TRUMP’S ceaseless bragging about the U.S. economy being “the best in the World and in our Country’s history” has gained traction.
Many “news” outlets spruik record jobs, record economic growth, record government revenue, record stock market levels and a record economy overall. Sounds like extraordinary boom times for the USA.
The reality is virtually the opposite. When Trump won office, America’s economy ranked 23rd in the world and 15th in the Organisation for Economic Cooperation and Development (OECD). That’s the club of 36 wealthy developed capitalist economies.
Today, the U.S. economy ranks outside the world’s top 40 and outside the OECD’s top 20. That is almost certainly its lowest ranking ever.