Reflections on the economic record of the Trump Administration

It no doubt came as a shock to many (non-American) observers of the recent US election that almost 74 million Americans (more than 47% of those who voted) would have preferred Donald Trump to remain in the White House for another four years. Like many among America’s academic, media, and corporate elites, outside observers have long struggled to understand the reasons for Trump’s ongoing popularity with such a large proportion of the American population.

While much of Trump’s appeal to his so-called ‘base’ was attributable to so-called ‘cultural’ factors, Trump also explicitly sought to campaign on his economic record.

It is undoubtedly true that the US economy was performing very well, in most respects, during…