White House Credits Trump With Trillions in Investments Made During Biden Admin as 'The Trump Effect'
The President initially stated that he had brought about $3 trillion worth of corporate investments into the country within a day of taking office in January. Since then, Trump has stated that investments brought in by his administration have increased to almost half the nation's GDP, claiming credit for about $14 trillion worth of investments.
The White House has referred to these renewed investments as "the Trump Effect", and has published over 70 projects they claim were facilitated by the Trump administration.
"Since President Donald J. Trump took office, his unwavering commitment to revitalizing American industry has spurred trillions of dollars of investments in U.S. manufacturing, production, and innovation — and the list only continues to grow," the White House website reads.
However, the website only lists corporate investments totaling $2.6 trillion, significantly less than the $14 trillion Trump claimed had been invested.
Furthermore, $1.3 trillion of those investments originated under President Joe Biden's administration, according to an analysis conducted by Reuters.
According to Mood Analytics Chief Economist Mark Zandi, the White House's claims of renewed investments aren't accurate as investment in the economy has remained relatively constant between the Trump and Biden administrations.
"I think despite all the announcements it hasn't translated into any change in expectations," Zandi said. "The fundamentals that ultimately drive investment spending, broadly, if anything, appear to have weakened since the start of the year."
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