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Expand chart
Source: "Presidents and US Economy", Trump figures through 2019 courtesy of Alan Blinder; Note: Data shows real GDP and Q1 growth in each term is attributed to the previous president; Chart: Axios Visuals

Average economic growth under President Trump has outpaced the growth under Barack Obama, but not all of his recent predecessors.

Why it matters: GDP is the most comprehensive economic scorecard — and something presidents, especially Trump, use as an example of success. And it's especially relevant since Trump is running for re-election on his economic record.

Between the lines: Economists dispute how much credit presidents can take for a booming or sagging economy under their watch. There are factors that can boost or reduce growth outside of their policies.

  • Where it stands: Unlike other presidents, Trump inherited a steady economy that’s since entered the longest stretch of growth in history. Interest rates remain low. Growth picked up in the wake of the 2017 tax cuts, but now the pace has moderated.

What he’s saying: “Our economy is the best it has ever been,” Trump said earlier this month in his State of the Union speech.

  • But some aspects of the Trump economy, like wage growth and business investment, pale in comparison to other periods.
  • While solid, “this is not a gangbusters economy,” Nathan Sheets, who’s held roles at the Treasury Department and the Federal Reserve, tells Axios.
  • There have been periods with “high growth, low inflation, rapid productivity, and the gains from growth were being broadly shared across society. That was gangbusters,” says Sheets.

By the numbers: Last year the economy grew at 2.3%, after year-over-year accelerations in 2017 and 2018 — marking the slowest annual growth rate since Trump took office. Growth under Trump has yet to hit his oft-promised 3% mark annually.

  • Economists say the effects of the tax are wearing off. Businesses were too unnerved by the trade war to spend money on new factories or equipment — a key driver of growth.

Yes, but: If history is any guide, an incumbent president isn't going to have a great shot at re-election if the economy tips into a recession under their watch.

  • Under George H.W. Bush, the economy grew around 2% throughout his presidency, reflecting a return to growth after a recession and spiking unemployment that contributed to his election loss.

What to watch: Wall Street downgraded growth expectations in the first half of 2020, even as tensions over the trade war ebbed.

  • There are big unknowns, like how hard the coronavirus and the Boeing 737 MAX production halt will hit the economy, if at all.
  • Meanwhile, the resilient consumer may be losing momentum, government data showed Friday — a troubling sign, considering that spending accounts for two-thirds of economic activity.
  • But economic growth could bounce back right as voters head to the polls — and that could help Trump right when he needs it.

Go deeper:

Go deeper

Updated 43 mins ago - Politics & Policy

In photos: Tears, hugs, cheers as U.S. reacts to Chauvin guilty verdict

People react after the verdict in the Derek Chauvin trial in Minneapolis, Minnesota. Photo: Scott Olson/Getty Images

People across the U.S. rallied into the night Tuesday, cheering, hugging and crying tears of relief after a jury found former Minneapolis police officer Derek Chauvin guilty in the murder of George Floyd.

Driving the news: After Chauvin was found guilty of second-degree murder, third-degree murder and second-degree manslaughter, Floyd family lawyer Ben Crump tweeted, "GUILTY! Painfully earned justice has finally arrived for George Floyd’s family. ... Justice for Black America is justice for all of America!"

Columbus police officer fatally shoots Black teenage girl

Photo: Eric Lee/Bloomberg via Getty Images

The Ohio Bureau of Criminal Investigation is investigating the fatal police shooting of a Black teenage girl in Columbus on Tuesday afternoon.

Of note: The shooting of the girl, identified by family members as Ma'Khia Bryant, 16, occurred just before the verdict was announced in the Minneapolis murder trial of former officer Derek Chauvin, and as the nation grapples with police reform.

European Super League faces collapse after English soccer teams quit

Fans of Chelsea Football Club protest the European Super League outside Stamford Bridge soccer stadium in London, England. Photo: Rob Pinney/Getty Images

The European Super League announced in a statement Tuesday night it's "proposing a new competition" and considering the next steps after all six English soccer clubs pulled out of the breakaway tournament.

Why it matters: The announcement that 12 of the richest clubs in England, Spain and Italy would start a new league was met with backlash from fans, soccer stars and politicians. The British government had threatened to pass legislation to stop it from going ahead.