Four Years – Economic Data

„Tyrants fear the poet – now that we know it – we cannot blow it – we owe it – to show it – not slow it – although it – hurts to sew it – when the world – skirts below it.“  by Amanda Gorman

Dear Ladies and Gentlemen

After four years of President Donald Trump, I would like to share some economic data with you today. All the numbers I am sharing with you are reflecting the situation as it was at the beginning of Mr Trump’s presidency on January 20, 2017, on January 20, 2020, i.e. before the beginning of the pandemic and at the beginning of Mr Biden’s presidency on January 20, 2021. I hope you will appreciate the comparison.

On January 20, 2017, GDP growth compared to the previous year stood at 1.7%, on January 20, 2020, at 2.2% and January 20, 2021, at -3.5%.

On January 20, 2017, the unemployment rate stood at 4.7%, on January 20, 2020, at 3.6% and on January 20, 2021, at 6.8%.

On January 20, 2017, the base rate (upper bound) stood at 0.75%, on January 20, 2020, at 1.75% and on January 20, 2021, at 0.25%.

On January 20, 2017, the ten-year treasury interest rate stood at 2.5%, on January 20, 2020, at 1.8% and on January 20, 2021at 1.1%.

On January 20, 2017, inflation compared to the previous year was at 2.1%, on January 20, 2020, at 2.3% and on January 20, 2021, at 1.4%.

On January 20, 2017, government debt stood at USD 19.9 trillion, on January 20, 2020, at USD 25.4 trillion and on January 20, 2021, at USD 27.7 trillion.

On January 20, 2017 trade deficit (numbers from November of the previous year) stood at USD 45.2 trillion, on January 20, 2020, at USD 43.1 trillion and on January 20, 2021, at USD 68.1 trillion.

On January 20, 2017, income tax (highest income class) compared to the previous year stood at 39.6%, on January 20, 2020, at 37% and on January 20, 2021, at 37%.

…and just for the fun of it; on January 20, 2017, the oil price stood at USD 52.42, on January 20, 2020, at 58.34 and on January 20, 2021, at 52.36.

I think everyone can draw their conclusions from these figures, and I do not want to judge, but, indeed, the economic growth of the first three years of the last administration was massively financed by debt accumulation, which seems to be an everyday thing ever since the Great Financial Crisis and unfortunately not only limited to the U.S.

Please feel free to share your ideas and thoughts with me, but please do not forget (instead of hitting the reply button) to send your messages to smk@incrementum.li

Many thanks, indeed!

Ladies and Gentlemen, I wish you a good start into the day, a wonderful weekend, and above all, good health!

Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

Tel.: +423 237 26 60
Cell: +41 79 303 48 39
Im alten Riet 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li