'The numbers are clear': CNBC torches Trump claims about 'cesspool' U.S. economy
Former President Donald Trump has been using apocalyptic rhetoric to describe the state of the American economy, but CBNC has run the numbers and determined the former president's claims simply aren't in touch with reality.
CNBC's piece starts off by noting the competing claims by President Joe Biden, who says the economy is the best in the world right now, and by Trump, who describes the economy as a "cesspool."
Just looking at key economic data, however, CNBC says that Biden's claims are far closer to reality than Trump's.
"U.S. gross domestic product grew 2.5% in 2023, significantly outpacing that of other developed economies, according to a January report from the International Monetary Fund," writes CNBC. "The IMF projected that the U.S. will hold that lead in 2024, though it expects the rate to come down to 2.1%."
The report also notes that inflation has come down significantly since its peak in 2022, although it seems to be stalled right now in the 3 percent range, which is one percentage point higher than the Federal Reserve's two-percent target rate.
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Perhaps more importantly, writes CNBC, is that the labor market has stayed strong even after the Fed rapidly hiked interest rates to combat inflation.
"In March, U.S. private companies added 184,000 jobs, payrolls processing firm ADP reported on Wednesday, well ahead of the Dow Jones upwardly revised estimate of 155,000 jobs," writes CNBC. "It is the fastest employment growth the U.S. economy has seen since July 2023. The stock market has also made record gains over the past several months and housing values have soared, though they have now begun to decline as inventory improves."
Joseph Gagnon of the Peterson Institute for International Economics tells CNBC that both luck and policy are responsible for the current state of the American economy, and he added that "we’re basically on or above the track we were on before the pandemic hit."