American News Update

The truth about the Trump economic boom

 Breaking News

The truth about the Trump economic boom

The truth about the Trump economic boom
November 16
23:11 2018

Former President Obama has been claiming credit for the Trump economic boom, saying he paved the way for President Trump’s remarkable success. Not quite.

By definition, when economic numbers are unprecedented going back as far as records have been kept or exceed results for the past several decades, that means they have surpassed not only Mr. Obama’s two terms in office but the results of all the modern presidents.

To be sure, the economy recovered from a deep recession after Mr. Obama took office, but it was the slowest recovery since the Great Depression. Rather than paving the way for the Trump economic boom, the growth in quarterly gross domestic product actually slowed near the end of the Obama presidency.

In fact, Mr. Obama is the only president since records were first kept under the administration of Herbert Hoover to fail to achieve annual GDP growth of 3 percent or more.

Thus, the fact that we now have the lowest unemployment level since 1969, the lowest black unemployment since 1972 when records were first kept and the highest consumer confidence level in 18 years is entirely attributable to Mr. Trump and his policies. During the eight years of Mr. Obama’s presidency, the average annual growth in the economy was a pathetic 1.9 percent, meaning millions could not find jobs and may have lost their homes or life savings as a result.

Mr. Obama’s performance puts him last among 12 presidents going back to World War II and Harry Truman. Measured by net worth, the economic chasm between black and Hispanic families and their white counterparts widened in the final three years of Mr. Obama’s presidency.

Former President Obama has been claiming credit for the Trump economic boom, saying he paved the way for President Trump’s remarkable success. Not quite.

By definition, when economic numbers are unprecedented going back as far as records have been kept or exceed results for the past several decades, that means they have surpassed not only Mr. Obama’s two terms in office but the results of all the modern presidents.

To be sure, the economy recovered from a deep recession after Mr. Obama took office, but it was the slowest recovery since the Great Depression. Rather than paving the way for the Trump economic boom, the growth in quarterly gross domestic product actually slowed near the end of the Obama presidency.

In fact, Mr. Obama is the only president since records were first kept under the administration of Herbert Hoover to fail to achieve annual GDP growth of 3 percent or more.

Thus, the fact that we now have the lowest unemployment level since 1969, the lowest black unemployment since 1972 when records were first kept and the highest consumer confidence level in 18 years is entirely attributable to Mr. Trump and his policies. During the eight years of Mr. Obama’s presidency, the average annual growth in the economy was a pathetic 1.9 percent, meaning millions could not find jobs and may have lost their homes or life savings as a result.

Mr. Obama’s performance puts him last among 12 presidents going back to World War II and Harry Truman. Measured by net worth, the economic chasm between black and Hispanic families and their white counterparts widened in the final three years of Mr. Obama’s presidency.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment