Wednesday served as the first night of the initial round of debates in the crowded 2020 Democratic presidential primary race, and some of the 10 candidates on stage still refused to give President Donald Trump credit for the booming economy.
Several of the Democrats running for their party’s presidential nomination took potshots at the economy — which has seen a 49-year low in unemployment, a 3.2 percent GDP growth, and a 3.2 percent wage growth — while speaking on the debate stage with claims that the economy is not working for every American.
Let’s take a look at some of them.
Sens. Elizabeth Warren (D-Mass.), Amy Klobuchar (D-Minn.), and Cory Booker (D-N.J.)
Warren questioned for whom the economy is “really working” and claimed that it is “doing great for a thinner and thinner slice at the top” such as people who choose to invest in “private prisons” and “not for the African-Americans and Latinxs” whose communities are being “ruined.”
— Team Warren (@TeamWarren) June 27, 2019
Booker made similar claims, saying that the economy under Trump was “hurting small businesses” and that it was “not working for average Americans,” such as those in his home community.
“The indicators that are being used, from GDP to Wall Street’s rankings, are not helping people in my community,” Sen. Cory Booker addresses corporate consolidation and the economy. #DemDebate pic.twitter.com/nMuqluTqw5
— CNBC (@CNBC) June 27, 2019
Klobuchar also echoed these claims, saying that “not everyone” is benefiting from the “prosperity” in the booming economy and that Trump was “gloat[ing]” from the White House “about what’s going on.”
The numbers show differently.
As IJR Red previously reported, the number of small businesses owned by individuals who are African-American skyrocketed by 400 percent between 2017 and 2018, and the number of minority-owned businesses increased to 45 percent under Trump in 2018 — up from the 15 percent seen under former President Barack Obama in 2015.
Additionally, small businesses, in general, employ nearly half of the entire U.S. workforce, according to the Small Business Administration, and unemployment for individuals who are Hispanic-American hit a record low under Trump.
Former Rep. Beto O’Rourke (D-Texas)
O’Rourke echoed Booker’s and Warren’s claims while dodging a question on whether he would support a proposed 70 percent wealth tax, saying that the economy “isn’t” working for all Americans and that it is “rigged to corporations and to the very wealthiest” due to the Republican tax cuts in 2017.
— TicToc by Bloomberg (@tictoc) June 27, 2019
Setting aside the fact that small businesses make up 99.9 percent of all businesses in the U.S., the Republican “Tax Cuts and Jobs Act” has contributed heavily to the well-being of Americans across the nation.
The standard deduction was increased, and the child tax credit was doubled for Americans. Small businesses saw many opportunities for tax deductions and credits, such as a 20 percent deduction for small businesses’ net business incomes and a credit for small businesses providing family leave for employees.