Paul Ryan tried to brag about the economy last week, and it didn’t go so well. “Not too long ago, progressive economists said strong economic growth couldn’t be done anymore — that a stagnant U.S. economy was the ‘new normal,’” Ryan tweeted. “And yet, our economy is growing at its fastest rate since 2014.”
Ah, yes: the good old days of 2014, also known as the sixth year of Barack Obama’s presidency. Ryan’s nostalgia for 2014 wasn’t even the most-mocked part of his tweet. His attempt to make grand claims about a single quarter of growth was.
If the Trump economy were so wonderful, why would the speaker of the House feel the need to traffic in disingenuousness? Because the Trump economy isn’t actually so wonderful. For most Americans, it is downright mediocre, and it has deteriorated somewhat since President Trump took office, despite the healthy G.D.P. and unemployment statistics.
The chart here tells the story. It shows the trends in average inflation-adjusted hourly pay, arguably the best measure of economic well-being for most people. As you can see, hourly wages are suffering through a Trump slump.
