Many of the achievements of Trump’s economic programme owe their success to the Obama administration. Unemployment levels were low at 4.7% when Trump took office and had been in decline since 2011, whilst levels of growth and job creation under Trump prior to the coronavirus pandemic followed a similar trajectory to those during the last three years of Obama’s presidency. For more on this argument, see the argument entitled ‘Joe Biden is responsible for the strong economy under Trump’. Also of concern is the growing national debt as a result of Trump’s tax cuts - as a result of coronavirus aid, national debt is now the highest it has been since the Second World War.
Meanwhile, the coronavirus pandemic triggered a loss of over 22 million jobs - even considering those that have been regained, approximately 11.5 million people remain unemployed. In the second quarter of 2020 (April, May and June), the US economy contracted by over 30% and high numbers of unemployment have led to an increase in food stamp claimants, leading to fears regarding the wider impacts of long term unemployment on consumer spending. The Trump administration needs to introduce a further stimulus package to support businesses and prevent a more significant slump.