Former President Barack Obama is taking credit for the booming economy. He claims that his policies, not Trump’s, are responsible for record low unemployment and GDP growth, not to mention the record-smashing stock market.
The Washington Times reported, “The anemic, underperforming Obama economy ended with a whimper in December, a victim of his anti-growth, anti-capital investment, tax hike policies.
You probably didn’t see any mention of it in the nightly network news shows last month because, for the most part, they didn’t report it.
Mr. Obama’s bedridden economy was defined by three things: a painfully long recovery from the 2008 recession, the lack of enough good paying, full-time jobs, and a very sluggish growth rate that was largely stuck in the two percent range over his entire presidency…
The GDP rate for the last year of Mr. Obama’s presidency came in at an ignominious 1.6 percent — the lowest rate on record since 2011. In other words, the U.S. economy was clinging to life, but barely breathing.
Economists correctly blamed the weak growth rate on lackluster business investment, which was a major factor, but the root of the U.S. economy’s illness ran even deeper than that.”
Obama’s economy had a dismally low worker participation rate and stagnant wage growth. Millions more were on food stamps back then than there are today. It was the slowest economic recovery in the last hundred years. Obama’s economy never grew at 3%, a figure that Trump’s economy has achieved every year of his presidency.
The Democrat’s new magic trick is trying to convince Americans that the economy isn’t as good as they think it is.
That’s a tough sell.
Obama’s “shovel ready” jobs weren’t so shovel ready after all. His nearly trillion-dollar stimulus legislation didn’t produce the results he promised. The economy continued to limp along and was propped up by the monetary policies of the Federal Reserve Bank, which pumped trillions of dollars into the economy throughout his presidency.
Obama and his economic advisers referred to the new economy as the “new normal.” He claimed that you would need a “magic wand” to grow the economy to 3% GDP again. Well, apparently Trump has a magic wand because economic growth has rebounded to 3% consistently during his tenure in the White House.
Low taxes and cutting regulations work to expand the economy. Trump has become the red tape slayer and has slashed more regulations than any president in modern history. Trump has created a pro-business atmosphere that encourages business owners and innovators to invest in new products and services and to expand existing businesses.
Obama did the polar opposite and constantly derided successful business owners.
So, no, Obama, you don’t deserve the credit for the booming economy. President Trump does.