In a recent address, former President Barack Obama claimed that Donald Trump is taking undue credit for the economic relief provided through stimulus checks. However, this argument overlooks the significant economic measures initiated under Trump’s administration, which helped millions of Americans weather the economic storm brought by the pandemic. With the U.S. currently facing some of its most challenging economic conditions in over half a century under President Joe Biden, it’s important to revisit the actual impact of Trump’s policies — beyond stimulus checks — on the economy.
Beyond Stimulus Checks: Trump’s Broader Economic Relief Programs
While direct stimulus payments became one of the most visible forms of relief, they represented only a fraction of Trump’s broader economic strategy during the pandemic. In March 2020, under the CARES Act, Trump’s administration introduced a multifaceted response to the economic crisis. The stimulus checks were a small but immediate relief effort, but Trump’s key moves extended well beyond these payments:
1. Paycheck Protection Program (PPP): Perhaps one of Trump’s most notable economic lifelines, the PPP was launched to provide forgivable loans to small businesses struggling to keep employees on payroll. This program reached countless businesses across the nation, helping to maintain employment rates and ensure that small businesses remained operational during the pandemic’s most severe periods.
2. Unemployment Benefits Expansion: Another essential part of the CARES Act was the expansion of unemployment benefits, increasing both the payment amounts and the eligibility period. With layoffs at an all-time high, this program provided essential income for millions of Americans, allowing them to keep up with bills and expenses despite job losses.
3. Deregulation and Corporate Tax Cuts: Even before the pandemic, Trump’s policies aimed to stimulate growth. Through strategic tax cuts and deregulation, Trump worked to empower American businesses and drive economic expansion. This created a strong foundation, leading to historically low unemployment and a thriving stock market before COVID-19 struck.
Context Matters: Obama’s Remarks and Trump’s Broader Role
Obama’s recent remarks fail to fully recognize Trump’s central role in stabilizing the economy amid an unprecedented crisis. While stimulus checks were widely discussed, they represented only a portion of the overall strategy. Trump’s broader focus on sustaining businesses and extending unemployment benefits created a far-reaching impact — an impact that, had it been sustained and expanded, might have mitigated the current economic strain even further.
Under Biden’s administration, the economic landscape has changed dramatically, with inflation, debt levels, and living costs reaching peaks not seen in decades. These challenges, combined with a rise in oversight efforts on PPP loans, have caused increased scrutiny of the very programs designed to provide relief. Some see this extensive investigation into PPP as an attempt to “criminalize” small businesses or individuals who, amidst the confusion and urgency of the pandemic, may have unintentionally misused funds.
A Legacy of Economic Strength Amid Current Struggles
As America grapples with economic challenges unseen in nearly six decades, it’s important to give due credit to policies that provided genuine relief when it was needed most. The Trump administration’s multi-pronged approach wasn’t without flaws, but it laid a foundation for recovery and growth that Americans still feel the effects of today. In comparison, under the Biden administration, many feel the nation has veered off this path, experiencing an economic environment marked by high inflation, slowed growth, and an intensified struggle for working Americans.
In short, while stimulus checks made headlines, Trump’s policies went far beyond that, providing substantial and multi-layered support for businesses and workers alike. His efforts played a key role in sustaining the American economy through crisis, a legacy that stands in stark contrast to the severe economic strain felt today.
