Obama Is 'Making Stuff Up' About The Trump Economic Boom
S E E D E D C O N T E N T
Growth: Economists expect the third-quarter GDP number — to be released this Friday — to be a strong one, in the range of 3.4%. Maybe that's why Barack Obama is running around this week trying to take credit for the economic boom. And he says President Trump has trouble with facts?
In a speech at a rally in Nevada, Obama claimed that the current economic boom has nothing to do with Trump's economic policies.
"By the time I left office," he said, "wages were rising, uninsurance rate was falling, poverty was falling. And that's what I handed off to the next guy. So when you hear all this talk about economic miracles right now, remember who started it."
Just the Facts?
Later in that same self-congratulatory speech, Obama said that "unlike some, I actually try to state facts. I believe in facts. I believe in a fact-based reality and a fact-based politics. I don't believe in just making stuff up."
So let's look at some of the facts about the economy that Obama handed off to Trump.
Despite what Obama now says, the economy was far from solid when he left office. In fact, it was in a slump.
GDP growth was decelerating throughout 2016. Household income was flat. The unemployment rate was flat. The stock market was flat.
And, "by 2016, wage growth began to taper off quickly," notes the American Action Forum's Ben Gitis.
Even The New York Times, which has been gamely trying to grant Obama credit for the current boom, now admits that 2016 was an "invisible recession."
"There was a sharp slowdown in business investment, caused by an interrelated weakening in emerging markets, a drop in the price of oil and other commodities, and a run-up in the value of the dollar," it explained.
Slow Growth Expected
By the end of 2016, pundits and economists were widely predicting a new era of slow economic growth. Why? Because for eight years under President Obama's leadership, the economy struggled to even top 2% annual growth. It never reached 3%. And every single year GDP growth missed the forecasts by Obama's own economists.
So for Obama to claim that he handed Trump a thriving economy is 100% pure poppycock.
What's more, Obama and other liberal Democrats insisted in 2016 that if Trump were elected, he'd send the economy into a tailspin.
Well, Trump was elected, and instead of faltering, the economy surged.
Since Trump took office, quarterly GDP growth has averaged 2.9%. Once the recession ended, the quarterly GDP growth averaged 2.2% under Obama.
Since Trump took office, the unemployment rate has been in a steady decline. Economic optimism — which languished for years — suddenly skyrocketed. The stock market took off. The U.S. reclaimed the No. 1 spot in global competitiveness. Family incomes reached all-time highs.
Engineering an Economic Boom
Not one of these trends was in place when Obama left office.
So what exactly is Obama claiming? That his policies failed to kick in until after he left office?
Talk about "making stuff up."
The fact is that as soon as Trump took office, he started reversing as many of Obama's economic policies as he possibly could.
Trump halted Obama's massively expensive new environmental regulations, and cut back old ones. He signed a massive tax reform bill that took the tax code in the opposite direction of Obama — toward lower rates and fewer loopholes. He signed a law partially dismantling Dodd-Frank, one of Obama's other big "achievements." He dialed back ObamaCare where he could.
In other words, Trump immediately embarked on a policy of tax cuts and deregulation that Obama has repeatedly insisted "never worked" to grow the economy.
Yet here we are, with growth topping 4% last quarter, and likely to top 3% this quarter.
Here's a message for Obama: When it comes to today's economic boom, you didn't build that.
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Trump's latest lie is saying that here in CA people are rioting because of the sanctuary thing. Earth to Trump....No one is rioting here over it. I am surprised that he didn't say that he saw it.
It is way funny watching Obama speak ….. again !
Liberals hate Trump for his "Me" moments, and then Obama comes out with his "LOOK at me" moment...... again, and "DUMBO is GREAT" !
Obama's "NOT MY FAULT" for the "Limp" then, but it's "MY FAULT NOW" for the "Fast Growth" moment...…. To Die for !
Obama Is 'Making Stuff Up' About The Trump Economic Boom
I suppose I should know having read so many of your seeds that you fail to see the unmitigated hypocrisy of this.
While Mr. Obama may have stretched the truth or I will give you even lie from time to time, the lies did not come on a minute by minute basis as they do with one Mr. Trump.
ie: rioting in CA, Middle Easterns amongst the Central Am. group, rouge agents, I'll let someone else pick it up from here.
Why aren't many Americans benefiting from the robust U.S. economy?
If the economy gets wages above 1970 levels, it will have done something. Otherwise, everyone just needs to go back to sleep.
Both have been good for me and neither president had much to do with it. Aside from the stimulus, there isn't a whole lot done by either of them that had much of an impact. But, hell even the recession was good for me, property prices cratered making it essentially a two for one sale for those buying.
For those of us lucky to finance themselves or have cash..I was lucky to sell one near the bust and stole one in Orlando. Ya know that "Location, location, location" thing? As it turns out I loved the house (except it had 18' ceilings with the power bill of a mortgage payment), I hated Orlando!
I was lucky enough to be able to do both.
Oh I know, hence where I bought where I did, prices tend to only go up over time.
Ah jesus, fuck that lol.
Yeah, I shit my pants July 2008 bill $1,109.
Are you fucking serious?!! Jesus, that is absurd! It wouldn't break the bank but shit, I know what reasonable is and is not.