In honor of the holiday, Barack H. took a cheap shot at President Trump by taking credit for the Trump economy.
Trump shot back, “He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing. NOW, best jobs numbers .ever. … THE BEST IS YET TO COME. KEEP AMERICA GREAT!”
CNBC concurred: “President Donald Trump [has] the best wage gains since the Great Recession, easily topping any during former President Barack Obama’s entire term.”
The fact is that the Obama administration orchestrated the worst economic recovery in modern history.
From Investor’s Business Daily: “The economy failed to grow by more than 3% in any year during the Obama era, despite massive stimulus of nearly a trillion dollars and record-low zero-percent interest rates engineered by a desperate Fed.”
Forbes concurred: “This result is not just bad, it is catastrophic. The average American should not be wondering if his or her income is a bit above or below 2007 levels. Just by historical averages, the average American should be 20% better off than in 2007. And this slow growth is settling in as a permanent new-abnormal.” (Nov 2016)
“The Obama recovery of the last seven years remains the worst in postwar American history. Average gross domestic product (GDP) growth since the bottom of the recession in 2009 was barely above 2.1% per year. The average since 1949 is well above 4% per year during the previous 10 expansions.” – Forbes, Nov 2016
But this is far from the first time that Barack Obama has lied about the “success” of his stimulus plan. This graph predicted how much the $1 Trillion spending spree was going to goose our economic recovery.
This graph shows what actually happened.
In fact, the “unemployment” rate shown above did not tell the true story, because it removed discouraged workers from the pool. The actual story is here.
And how does Trump compare? Newsmax lists 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:
- Employment: Best labor market since 1969 with low unemployment, more jobs and rising wages.
- GDP: Trump is the first president to have GDP consistently higher than 3%, President Barack Obama was only the president to fail to achieve one year of 3% GDP growth.
- Wages: The Washington Post even surrenders to the fact that Trump is the first president to improve wages in a generation where income is at an all-time high.
- Stock Market: CNN says the stock market has roared more than 40% since Trump’s election.
- Gas and Fuel Prices: Gas prices are low in most U.S. states that don’t over-tax fuel with local and state taxes. Many states have $2.15 per gallon gasoline right now. Gas prices may fall this summer according to the latest news.
- Ethnic Employment Success: The employment success for all ethnicities is at record high. Obama had difficulty creating jobs and many people gave up looking for work.
- Manufacturing Jobs: Manufacturing jobs are back in the U.S. for the first time in a generation. Trump created 284,000 manufacturing jobs in 2018. Forbes implied that millions of manufacturing jobs were lost during Obama’s first 2 years in office. Some 1 in 6 were lost between January 2008 and March 2010 and Obama never got those jobs back.
- Taxes and Regulatory: Corporate taxes were cut from 35% to 21%. America moved from worst tax system up to one of the most competitive in the world under Trump’s first 2 years in office. Lower tax rates allow U.S. companies to spend more money, buy more assets, pay more employee benefits, buy stock back to put money on Main Street and into state coffers, and even help pay better dividends to seniors who live paycheck to paycheck.
- Nasdaq: The Nasdaq stock market value finally exceeded the 1999 prices under Trump. This implies that companies were stagnant for 18 years until Trump took office.
- Level the Playing Field: With a mixed bag of tax-code improvements, removal of red tape, new trade agreements, and competitive tariffs, the U.S. economy is more insulated from failure. Even the Federal Reserve is willing to lower rates if other countries harm the U.S. trading environment.
- Employment population ratio @ https://data.bls.gov/timeseries/LNS12300000
- Unemployment @ https://data.bls.gov/timeseries/LNS14000000
- Discouraged Workers @ https://data.bls.gov/timeseries/LNU05026645