TheStreet’s Conway Gittens takes a look back at how the economy performed under Donald Trump’s first term.
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00:00Are you ready for Trump Money 2.0?
00:02While past performance doesn't mean we're going to see
00:04a repeat the second time around,
00:06it is still good to remember what happened
00:08during Trump's first term as president.
00:10So, come on, let's take a look back.
00:17The stock market fared well
00:18under President Trump's first go.
00:19The Dow Jones Industrial Average rallied 51%.
00:23That works out to an annualized gain of 11.8%.
00:27That's pretty impressive for a Republican president.
00:29The last time a GOP White House had numbers
00:31anywhere as good was way back in the 1920s
00:35when Calvin Coolidge was in charge.
00:37But how does that stack up against the Dems?
00:40President Obama walked out of the White House
00:42with a 12.1% annual gain for the Dow.
00:46President Clinton had the tech boom to thank
00:48for annualized gains of 15.9%.
00:52Okay, back to the Trump years now.
00:54The economy lost 2.7 million jobs
00:57during Trump's first term as president,
00:59partly due to COVID.
01:01Under the Biden administration,
01:02the economy added more than 60 million jobs.
01:06Bringing manufacturing jobs back to the US
01:09was a key focus of Trump's first time in office.
01:12He did have some success, but it didn't last for long.
01:15Factory jobs peaked at 12.8 million
01:18and then dropped to 12.12 million
01:20by the time he waved goodbye before boarding Marine One.
01:29Tariffs.
01:30Now that's the word Trump loves to hear.
01:32His first round of tariffs tallied up to $380 billion.
01:37According to economists at the Cato Institute,
01:39that resulted in an average price hike
01:42of $830 per US household per year.
01:47His numbers are better when it comes to inflation.
01:49Since the supply chain pandemic-induced inflation surge
01:53happened mostly after he left,
01:55Trump's average year-over-year inflation rate
01:58comes in at just 2.4%.
02:01That's hotter than Obama,
02:03who had one of the lowest of any term on record,
02:06but lower than Biden's 5.2%.
02:10Oof, we're still feeling pain of that.
02:12Just look at the price of rent and eggs.
02:15Here's a number that might bring you joy.
02:188.4%.
02:20That's how big of a raise Americans got
02:23during Trump's first term, and that's after inflation.
02:27Taxes, however, paint a different picture.
02:29Despite the Trump tax cuts,
02:31the average tax return went down to $2,549
02:37by the time he left office from $2,860 a year
02:42before he got there.
02:44Now, while all presidents have been known
02:47to stretch the truth or twist facts,
02:49here's one final number just for fun.
02:52By the end of his first term,
02:54Donald Trump made 30,573 false or misleading claims,
03:00according to The Washington Post.
03:02That works out to 21 falsehoods or half-truths
03:06for every day he was in office during that first term.