Would You Have Him Run Your Business?

By Stephen Macaulay

Facts do not cease to exist because they are ignored. — Aldous Huxley

It isn’t often that you see the author of Brave New World and Donald Trump acolyte Kelly Ann Conway together, but there are facts and then there are, in Conway’s felicitous phrasing “alternative facts.”

And it seems that when it comes to Donald Trump and the economy people are remembering alternative facts or perhaps selective facts.

That is, consider jobs. Now COVID-19 had more than a little to do with it, but the unemployment rate increased by 1.6% under Trump, rising to 6.3%. Some 2.9 million people lost their jobs. While it wouldn’t be fair to blame Trump for the virus, it is fair to call into question his lackadaisical and fantastical response to dealing with it. Had he done more, odds are that it wouldn’t have had such a significant impact on workers.

Then there is the trade deficit. He was going to put America First, right? He put tariffs on our allies predicated on an act that is based on defense needs (as though, say, Canada would suddenly stop shipping aluminum to the U.S.).

Turns out that the U.S. trade deficit was up 40.5% in 2020 compared with 2016 (thanks, Obama), the highest it had been since 2008.

The national debt increased from $14.4 trillion to $21.6 trillion under his guidance of things economic.

And while he traveled to places like West Virginia and Pennsylvania during the run-up to his election promising the coal miners in those parts that he would make sure those mine closings would come to an end and that “clean coal” would be powering the future, the future didn’t look so good for the miners, as 16.7% of them lost their jobs during his tenure and coal production declined by 26.5%

Yes, one heck of a businessman.

So it comes as something of a surprise to see that in Gallup poling conducted April 1-22 when asked what amount of confidence the people have in Trump and in Joe Biden to do or to recommend the right thing for the economy, 46% have a great deal/fair amount of confidence in Trump compared with 38% in Biden.

Biden has not proven himself to be a wizard when it comes to the economy, although one could argue that he has navigated the post-COVID situation rather well, going from a place where there was considerable unemployment and the lack of goods and services brought on by the lack of people to provide those things. Still, interest rates are higher in the U.S. than they have been for some time and inflation is at 3.5% so while there are products on the shelves of Kroger and Target, they generally come at higher price points than people may recall.

Still, for people to imagine that Trump is strong on economic issues is curious, especially in light of the billions of dollars of debt leading to bankruptcies at such places as:

  • Trump Taj Mahal
  • Trump’s Castle
  • Trump Plaza and Casino

And business failures including

  • Trump Airlines
  • Trump Steaks
  • Trump University

Arguably his business acumen based on his record — not on alternative facts, but those persistent ones that don’t cease to exist — is not something that should be particularly seen as one of his strengths.