A new Gallup poll found that 42% of Americans say the economy is now in a recession, and another 30% say the economy is now in a depression.
Gallup: “Sixty-one percent of Americans say they are better off than they were three years ago, a higher percentage than in prior election years when an incumbent president was running. In the 1992, 1996 and 2004 election cycles, exactly half said they were better off. In three separate measures during the 2012 election cycle, an average of 45% said they were better off.”
“U.S. farm bankruptcy rates jumped 20% in 2019 – to an eight-year high – as financial woes in the U.S. agricultural economy continued in spite of massive federal bail-out funding,” Reuters reports.
A new CNN poll finds 65% of Americans say current economic conditions are good, but that’s down since May, representing the first significant decline in public perception of the economy during Donald Trump’s presidency.
Wall Street Journal: “Shipments of recreational vehicles to dealers have fallen about 20% so far this year, after a 4.1% drop last year, according to data from the RV Industry Association. Multiyear drops in shipments have preceded the last three recessions.”
“The U.S. economy grew at a healthy 3.1% rate in the first three months of this year, but signs are mounting that growth has slowed sharply in the current quarter amid slower global growth and a confidence-shaking trade battle between the United States and China,” the AP reports.
When it comes to talking himself up, Trump in particular has compared himself to Barack Obama. So, how do the two presidents measure up in terms of growth in major indexes, measured between their inauguration and May 31 of their third year in office?
The short answer is that Trump has quite a way to go. Under Obama, the S&P 500 grew by 56.4%. The Dow Jones Industrials Average was up 50.6% and the Nasdaq, 92.9%.
The numbers under Trump were 21.4% for the S&P 500, 25.2% for the Dow, and 34.2% for Nasdaq.