The question of how much policymakers affect the economy is a topic of debate, with some arguing that their influence may be less significant than commonly believed [0f60b3a1]. Examining US economic figures suggests that luck and legacy play a substantial role in economic outcomes, alongside good policy [0f60b3a1].
Former President Donald Trump's perceived economic achievements have garnered support from individuals like Reverend Franklin Graham [0f60b3a1]. However, an analysis of economic statistics reveals that the impact of policymakers on the economy may be limited [0f60b3a1]. It is suggested that economic statistics should be lagged by two years to account for the effects of policies [0f60b3a1].
Contrary to Trump's claims of creating the best economy ever, his economic growth was unspectacular compared to previous administrations [9aad18a1]. Measures such as job growth, manufacturing jobs, GDP growth, and the unemployment rate showed less improvement under Trump's presidency compared to previous presidents, including President Joe Biden [9aad18a1]. Additionally, Trump's tax cuts did not spur significant growth or increase tax receipts [0f60b3a1].
Under President Biden's administration, higher job creation has been observed, and there has been a decrease in naturalization applications [0f60b3a1]. However, it is important to note that short-term economic outcomes are influenced by factors beyond policymakers' control, such as luck and legacy [0f60b3a1].
Despite evidence to the contrary, some Trump supporters continue to believe in his economic improvements [0f60b3a1]. This highlights the influence of personal beliefs and perceptions in shaping individuals' views on economic performance [0f60b3a1].
In summary, the impact of policymakers on the economy may be less significant than commonly believed, with luck and legacy playing a substantial role in economic outcomes [0f60b3a1]. The economic growth under Trump's presidency was unspectacular compared to previous administrations, and his tax cuts did not have the desired impact [9aad18a1] [0f60b3a1]. The Biden administration has seen higher job creation, but short-term economic outcomes are influenced by factors beyond policymakers' control [0f60b3a1]. The article from the South China Morning Post offers insights into the role of luck and legacy in economic outcomes and highlights the influence of personal beliefs on perceptions of economic performance [0f60b3a1].