U.S. President Donald Trump inherited the Oval Office at a fortunate time, economically speaking.
Even before he took over in January, the American economy was running on all cylinders, with strong growth in GDP that has gotten even stronger into 2017.
Contrast that with his predecessor Barack Obama, who inherited a jobless rate that had already spiked and was headed toward 10 per cent in the financial crisis, not to mention ballooning deficits.
For Trump, America’s relative economic strength is a political opportunity. A strong economy fattens Uncle Sam’s wallet a little more, thereby allowing him to push forward his various agenda items, such as fixing America’s crumbling infrastructure and his long-promised tax cuts.
The flip side of that positive economic news is that any wobbles from here on out may be laid at his feet. If the U.S. economy has indeed never performed better than it is now, any regression from that could harm him down the line.
To wit, here’s three economics scorecards Trump’s fond of trumpeting that may well play a much sadder song for him three years from now.
The stock market
Since Trump was elected on November 8th of last year, the Dow Jones Industrial Average has risen 20 per cent, a feat the new president frequently mentions.
But it’s a well-worn tenet of stock markets that record runs don’t last forever, and many market watchers are starting to think the current bull run is looking a little long in the tooth.
Stock Market hit another all-time high yesterday – despite the Russian hoax story! Also, jobs numbers are starting to look very good!
“I suspect we are in the late stages of a long bull market,” New York University financial historian Richard Sylla said recently.
“I see parallels with 1987 when the Dow increased by a…