The pandemic shattered Donald Trump's economic legacy
SPECIAL AMERICAN ELECTIONS. The "Trumponomics" have been turned upside down by the coronavirus pandemic. The economic policy of the outgoing Republican president, centered on protectionism and lowering taxes, did not really allow factories to return to the United States. A few days before a historic election, Donald Trump finds himself in a very delicate situation.
The planetary pandemic has caused the American economy to go into disarray. In just a few weeks, the strongest pillars of the great planetary power have faltered, putting millions of Americans out of work. It is quite simply the biggest crisis since 1929 and the Great Depression. Despite this extraordinary crisis, the American president assured at the end of August that "we are going to rebuild the strongest economy in history". Faced with the resurgence of the epidemic, undecided voters could turn away from the Republican vote on November 3.
In the meantime, whoever promised to make America great again with his famous slogan "Make America great again" during his 2016 campaign finds himself with a tattered economy despite the hundreds of billions of dollars injected. What legacy does Donald Trump leave after his thunderous tenure in the White House? What state is the United States in at the end of its mandate? If it cannot be responsible for all the damage and all the evils, its economic policy risks leaving its mark. Between renewed protectionism, massive tax cuts and deregulation of financial markets, the "trumponomics" will mark economic history across the Atlantic.
In 2020, the US economy plunged into chaos
The spread of the virus throughout the United States caused a real shock in the spring. If the billionaire president left the priority to economic activity, that did not prevent a massacre in the American population, nor a violent recession. According to the latest outlook from the International Monetary Fund (IMF), growth across the Atlantic should plunge 4.3% this year and should rebound to 3.1% next year. Trump's America is showing better resilience on this point than the European economy (-8.3%) but the consequences of such a recession are likely to last. "The US economy like most developed economies has entered a historic recession. In the second quarter, there was a decline of around 30% year-on-year, or 9% quarterly. The first half recorded a drop in GDP of 10%. 90% of the American population were in an area affected by containment measures "explains Christophe Blot, economist at the French Observatory of Economic Conditions (OFCE) interviewed by La Tribune.
Regarding the outlook, many uncertainties persist as to the evolution of ...
