Fact Check: President Trump's First 501 Days
And while the president has convinced himself that this is true – the facts tell a different story about the economic realities facing working families: higher gas prices, rising health costs, flat wages, and slow growth. From CBS News:
American businesses are hiring, consumer confidence is high and economic growth is accelerating. But is it really the "best economy & jobs EVER," as President Donald Trump tweeted on Monday morning?
That's a stretch.
Here's how Mr. Trump's claims stack up.
Unemployment isn't at an all-time low
The unemployment rate dipped to 3.8 percent in May, reaching an 18-year low. That's encouraging, yet unemployment was lower right after World War II, when it fell as low as 2.5 percent in 1953. The 1960s also boasted several periods of lower unemployment.
GDP growth isn't at an all-time high
The economy is expanding at about 2 percent to 3 percent annually, below Mr. Trump's vow to boost annual GDP to at least 3 percent. The economy grew much faster in previous expansions. For instance, growth was about 5 percent per year in the 1960s and early 1970s.
Wage growth is slower now than in the past
Here's where many workers may feel the economy is currently falling short. Through May, average hourly earnings were growing at rate of 2.7 percent. But that's well short of the 3.5 percent to 4 percent range that many economists believe would create more household wealth and increase living standards. In the 1990s, by comparison, wage growth reached about 5 percent, while worker pay also grew faster in the late 1960s and mid-1980s.
That’s not all. Last December, Republicans passed a GOP tax scam – which will eventually raise taxes on 86 million middle class families, while wealthy corporations reap massive tax breaks. And since January, President Trump has been imposing trade tariffs that economists agree will harm the economy.
Now, as families hit the road for the summer, they are facing the added burden of rising gas prices across the country – while big oil companies pass along their windfall from the GOP tax scam to their executives and wealthy shareholders.
The American people are confronted with a Republican Congress and Administration that has taken every opportunity to stack the deck for the wealthy and well-connected against hard-working American families and seniors. Democrats are fighting for A Better Deal: Better Jobs, Better Wages, and a Better Future for everyone.