During his presidency, Trump said, the U.S. had the best economy in the history of our country, "no inflation," and soaring incomes.
False.
One of the strongest ways to assess the economy is the unemployment rate, which fell during Trump’s presidency to levels untouched in five decades. But his successor, Joe Biden, matched or exceeded those levels.
Another measure, the annual increases in gross domestic product, were broadly similar under Trump to what they were during the final six years under his predecessor, Obama. And GDP growth under Trump was well below that of previous presidents.
Wage growth increased under Trump, but to say they soared is an exaggeration. Adjusted for inflation, wages began rising during the Barack Obama years and kept increasing under Trump. But these were modest compared with the 2% a year increase seen in the 1960s.
Another metric — the growth rate in personal consumption per person, adjusted for inflation — wasn’t higher under Trump than previous presidents. For many families, this statistic serves an economic activity bottom line, determining how much they can spend on food, clothing, housing, health care and travel.
In Trump’s three years in office through January 2020, real consumption per person grew by 2% a year. Of the 30 nonoverlapping three-year periods from 1929 to the end of his presidency, Trump’s periods ranked in the bottom third.
As for inflation being zero, that’s also wrong. It was low, ranging between 1.8% and 2.4% increases year-over-year in 2017, 2018 and 2019. This is roughly the range the Federal Reserve likes to see. During the pandemic-dominated year of 2020, inflation fell to 1.2%, because demand plummeted as entertainment and travel collapsed.
-PolitiFact’s Louis Jacobson and Aaron Sharockman