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A glance at the US economy under Trump rule

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The result of the US presidential election is coming very soon. So, the next 24 hours will decide the future of the United States senate. These crucial hours will make the next leader of the world’s largest economy. So before the choice of the people of the United States come forward, let’s have a look at the economy of the past five years.

Before the Coronavirus comes and freezes the world, the US economy was in robust growth. The covid19 cases were in critical condition gave a strong blow to the US economy by the prolonged lockdown. This forced businesses to close their doors.

Before the lockdown, the US economy was reporting the lowest unemployment rate in the last ten years, low borrowing, and healthy GDP. These circumstances made the White House the resident of Donald Trump for the second time.

Trump inherited an economy with low unemployment of 4.7% when he took charge in 2017. At his time, the economy continues to improve. After two years of Trump government, unemployment hit at 3.5%. This was the 50 year-low rate of unemployment in the history of the US.

But the situation changes very quickly after covid19 cases start to rise in the US. The US reported the highest percentage of death due to Coronavirus infection in March. Unemployment jumped to 14.7 % after the nationwide lockdown.

The situation has started to get better as the companies have started hiring. US government has given fiscal stimulus packages up to $1200 for every American. Also, the US government has given $600 extra for an unemployed one.

The tax overhaul is the biggest change that played a major role in boosting up the economy.

Even with the massive improvement in the most recent quarter, US GDP is still lagged. The report is saying that, in the third quarter, the GDP is down by 2.9% from the previous economic year.

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