It’s pretty hard to get a clear picture of our politics these
days in the midst of per-election hype, charges and counter-charges, but here is my recent attempt. Ignore Trump’s daily off-the-wall tweets. Ignore
the media’s attempt to cast anything Trump does or says in the worst possible
light. Ignore all the per-election hype and promises calculated to appeal to
this or that segment of the Republican or Democratic base. What has actually
happened of significance during Trump’s administration up until now?
The Economy
Well, first of all, until the COVID pandemic hit, the
economy was showing more consistent growth than under the Obama administration
that preceded it. Here is a chart that shows GDP change under the two
administrations:
The Trump
administration clearly did a bit better than the Obama administration, with
more consistent growth, though not spectacularly better. There are those who
will argue it was really inherited from Obama and Trump ought not to get the
credit, but of course if it was worse they would have gleefully argued it was
all Trump’s fault, so that is a weak argument. Averaged across both terms,
Obama’s annual GDP growth rate was 2.15%, while Trump’s, over his first term,
has been 2.5%, slightly better but not world-shakingly better.
Then, until the COVID pandemic hit, unemployment had fallen
to a historic low, but in fact this was simply the continuation of a trend
already started under the Obama administration, as the chart below shows:
So for the unemployment figures, there is a valid argument
that Trump simply continued a trend already underway under Obama.
One of Trump’s campaign promises was to reduce the number of
federal regulations issued by federal agencies. At the end of Obama’s administration,
the Federal Register, which details
all federal regulation, totaled 97,110 pages containing 3,410 federal regulations,
and there were 2,391 new regulations in the pipeline but not yet approved. No
wonder businesses need ranks of lawyers. The chart below shows the result. It
comes from the Heritage Foundation, which is a Trump supporter, but it is
nevertheless accurate as near as I can tell.
Fundamentally, Trump has tried to fulfill his campaign
promise. Of course various groups are outraged by the cancellation of this or
that favorite regulation dear to this or that special interest group – that is
to be expected.
I will ignore the stock market. Paul Krugman, the New York Time's Nobel Prize winning ultra-liberal economist confidently predicted that if Trump won the markets would crash and never recover. He was wrong on that as he has been on many subsequent anti-Trump predictions. The market has done very well indeed. But I don't think that has much to do with Trump, except that investors apparently don't expect him to do anything disastrous to their investments.
COVID response
The Biden campaign, abetted by the mainstream press, has
made much of Trump’s early dismissal of the COVID threat, conveniently
forgetting that they themselves did the same thing. In February, the New
York Times published ‘Who says it’s not safe to travel to China?’. In
January, BuzzFeed wrote, ‘Don’t worry about the coronavirus. Worry about
the flu.’ The Washington Post published, in their health section of all
places, ‘Get a grippe, America. The flu is a much bigger threat than coronavirus,
for now.’ The Associated Press wrote in February, ‘Is the new virus more
deadly than the flu? Not exactly.’ The Daily Beast ran ‘The virus
killing US kids isn’t the one dominating the headlines.’ Vox even
deleted tweets and amended a story which downplayed the virus. The press, and
Biden, were especially critical of Trump’s early decision to ban travelers from
China, a move that in hindsight was prudent, as even Biden now admits.
Yes, Trump has been inconsistent in his response to COVID,
and from time to time has peddled some weird non-science remedies. And he
failed to organize a coordinated federal response to the shortage of medical
equipment and protective equipment in the early days, though one might wonder
how effective such an effort might have been, given the chaos exhibited in the
early days by the federal CDC (Center for Disease Control) and the NIH (National
Institute for Health). COVID has
certainly not shown Trump in a very good light, but in truth many state leaders
and many national leaders around the world have done at least as poorly, or even
worse.
And one ought to think about the argument Trump has made for
opening up businesses earlier. Those well-off elite (mostly liberal) knowledge
workers and politicians who argue for keeping the economy closed down are, for
the most part, still getting their paychecks, even if they have to work from
home. Would they feel differently if they were now out of work and unable to
pay their mortgages, or if they were small business owners whose businesses are
now bankrupt and closed for good. That is the plight of millions of Americans
who wonder, quite reasonably, if the pandemic threat, as bad as it is, is as
bad as the long-term economic threat.
Foreign Affairs
Every president since George H.W. Bush has talked about getting
NATO members to live up to their pledge of putting at least 2% of their GDP
toward their own defense – talked about it, but in in the end done nothing
significant to make it happen. Trump has changed that – he has pressed NATO hard
to live up to its commitment, and as a result a number of NATO members have
finally begun to increase their defense spending. There are still some major
holdouts, especially Germany, but there is at least progress on this issue for
the first time in decades. Trump deserves credit for this.
The recent breakthrough in the Middle East, with the United
Arab Emirates (and now Bahrain as well) establishing full diplomatic relations
with Israel is something the Trump administration ought to get credit for. It
is more progress than we have seen in the Middle East in a decade. Of course the
opportunity arose because of the Iran threat, but the Trump administration took
advantage of the window of opportunity, and may well convince other Middle East
governments to join the effort. Trump doesn’t deserve a Nobel Prize for it, as
some have suggested, any more than Obama deserved the Nobel prize he got for
doing nothing but make speeches. But Trump does deserve some credit for this
move.
Not much is made of this in the mainstream press, but the
Trump administration has renegotiated our trade agreements with almost all of
our major trading partners (England is the only exception, and that will come
as soon as they untangle themselves from their Brexit mess). The improvements are
for the most part relatively minor, but they are real and they improve the competitive
position of American workers and American companies.
With respect to China, Trump has moved pretty strongly to
deal with both the economic threat (from China’s abuse of trade agreements) and
the military threat. There are those who question whether the tariffs Trump
imposed will cause more pain to American companies than to China, but that is
fairly naïve. The US depends on China trade for about 1% of its GDP, while
China depends on US trade for about 7% of its GDP. Companies that have
investments in China are of course upset and making the best case possible for
removing the tariffs, but that is short-sighted. In general, I think Trump has
been fairly effective in containing China, though of course there is a long way
still to go in this story.
Summary
There are lots of other areas one could examine in detail,
but this is enough to give a broad summary of progress and failures in the
Trump administration. There is lots to dislike and distrust in Trump’s personal
behavior, but in terms of what his administration has actually accomplished
over his first term, it seems to me he has done a passable, though not great
job. He has failed in many things, as every president does (the presidency is
not nearly as powerful as the general public thinks it is – Congress, after
all, holds the purse strings). Considering that he has been under relentless
daily attack since before he won the election by the media, by the Washington establishment
in both parties (including, apparently, by some in the CIA and the FBI), and by
some very wealthy political donors, I am amazed he got as much done as he did.
Of course in this hyper-partisan era, suggesting that Trump
has done ANYTHING right outrages half the country, but in fact I think his
record is a mixed bag, just like all his predecessors.