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Obama Fixed the Economy
quote:Two presidents boasted about the strength of the American economy this weekend, each claiming credit for the steady growth and declining unemployment as President Donald Trump seeks to parlay the nation's economic success into a winning midterm message for his embattled party ? and former President Barack Obama reminds voters just when the boom began.
"When you hear how great the economy's doing right now, let's just remember when this recovery started," Obama said on Friday in a speech that marked his first foray into the upcoming elections. "I mean, I'm glad it's continued, but when you hear about this economic miracle that's been going on, when the job numbers come out, monthly job numbers, suddenly Republicans are saying it's a miracle. I have to kind of remind them, actually, those job numbers are the same as they were in 2015 and 2016."
Trump disparaged the speech, at one point saying he fell asleep during it.
"If the Democrats got in with their agenda in November of almost two years ago, instead of having 4.2 up, I believe honestly you'd have 4.2 down," Trump said Friday night, speaking of GDP growth. "It was the weakest recovery in the history of our country since, I guess, to be totally specific, because I'm not sure they've gone any further, since the Great Depression."
"The Economy is soooo good, perhaps the best in our country's history," Trump wrote on Twitter on Monday.
The economy's success or failure depends on much more than who sits in the Oval Office, but let's take a look at the facts here.
Was the economy struggling when Trump took office?
Absolutely not. Trump inherited a booming economy with low unemployment and steady job growth ? an easy win on day one ? and he quickly claimed credit. Early in his presidency, Trump boasted about job gains starting from his election onward, crediting Obama's final months as his own.
It is extremely unlikely that the GDP could ever have been negative 4.2 percent no matter who was elected in 2016. At the height of the 2009 recession, GDP was at -2.5 percent. It has not been at or above -4.2 percent in 86 years.
The economy was, however, struggling when Obama took office in 2009. He inherited a dismal economy in the middle of a recession that lasted 18 months, facing what many feared would be a depression, and was able to turn it around in the first years of his presidency. The U.S. is now its 10th year of economic growth, and in its longest period of growth with 95 straight months of job creation. The bulk of that decade of growth was under Obama's presidency, and can fairly be credited to him.
Still, as Trump accurately points out, the recovery under Obama was marked by a slower rate of growth than what followed previous recessions, such as the recovery under President Ronald Reagan in 1983 and 1984.
But, what about the Trump effect?
Now in his second year in office, Trump's supporters say he's supercharged the economy. He has passed a major tax bill and rolled back a significant number of regulations, giving the economy another injection of capital ? though economists disagree on the how much the tax cuts will really benefit the larger economy and whether it will have lasting effects to the economy.
Trump has surely seen some impressive data points in his first term: GDP growth has reached 4.2 percent, unemployment has reached its lowest point in half a century, and the stock market has reached new heights.
But it's impossible to tease out Trump's economy from Obama's this early in the former's presidency. GDP last reached 4.2 percent during Obama's second term. And where workers are concerned, Trump's gains do not yet match his predecessor's. Since Trump took office, the country has added 3.58 million jobs, short of the 3.96 million jobs that were added in the final 19 months of Obama's presidency.
Economies do not grow overnight, or turn on a hair with a new presidency. While Obama can look back on his eight years and see his leadership play out, Trump's effect is still not yet known.
Trump has previously said that the U.S. is enjoying the best economy in America's history ? a claim other fact checkers have ruled to be false.
But it certainly is one of the best, as Trump tweeted today ? thanks in large part to Obama.
https://www.msn.com/en-us/news/factcheck/fact-check-the-economy-is-booming-who-gets-credit-trump-or-obama/ar-BBN9zJz?li=BBnb7Kz
Think the economy went up while Obama was still in office cause we new he was leaving.
"When you hear how great the economy's doing right now, let's just remember when this recovery started," Obama said on Friday in a speech that marked his first foray into the upcoming elections. "I mean, I'm glad it's continued, but when you hear about this economic miracle that's been going on, when the job numbers come out, monthly job numbers, suddenly Republicans are saying it's a miracle. I have to kind of remind them, actually, those job numbers are the same as they were in 2015 and 2016."
Trump disparaged the speech, at one point saying he fell asleep during it.
"If the Democrats got in with their agenda in November of almost two years ago, instead of having 4.2 up, I believe honestly you'd have 4.2 down," Trump said Friday night, speaking of GDP growth. "It was the weakest recovery in the history of our country since, I guess, to be totally specific, because I'm not sure they've gone any further, since the Great Depression."
"The Economy is soooo good, perhaps the best in our country's history," Trump wrote on Twitter on Monday.
The economy's success or failure depends on much more than who sits in the Oval Office, but let's take a look at the facts here.
Was the economy struggling when Trump took office?
Absolutely not. Trump inherited a booming economy with low unemployment and steady job growth ? an easy win on day one ? and he quickly claimed credit. Early in his presidency, Trump boasted about job gains starting from his election onward, crediting Obama's final months as his own.
It is extremely unlikely that the GDP could ever have been negative 4.2 percent no matter who was elected in 2016. At the height of the 2009 recession, GDP was at -2.5 percent. It has not been at or above -4.2 percent in 86 years.
The economy was, however, struggling when Obama took office in 2009. He inherited a dismal economy in the middle of a recession that lasted 18 months, facing what many feared would be a depression, and was able to turn it around in the first years of his presidency. The U.S. is now its 10th year of economic growth, and in its longest period of growth with 95 straight months of job creation. The bulk of that decade of growth was under Obama's presidency, and can fairly be credited to him.
Still, as Trump accurately points out, the recovery under Obama was marked by a slower rate of growth than what followed previous recessions, such as the recovery under President Ronald Reagan in 1983 and 1984.
But, what about the Trump effect?
Now in his second year in office, Trump's supporters say he's supercharged the economy. He has passed a major tax bill and rolled back a significant number of regulations, giving the economy another injection of capital ? though economists disagree on the how much the tax cuts will really benefit the larger economy and whether it will have lasting effects to the economy.
Trump has surely seen some impressive data points in his first term: GDP growth has reached 4.2 percent, unemployment has reached its lowest point in half a century, and the stock market has reached new heights.
But it's impossible to tease out Trump's economy from Obama's this early in the former's presidency. GDP last reached 4.2 percent during Obama's second term. And where workers are concerned, Trump's gains do not yet match his predecessor's. Since Trump took office, the country has added 3.58 million jobs, short of the 3.96 million jobs that were added in the final 19 months of Obama's presidency.
Economies do not grow overnight, or turn on a hair with a new presidency. While Obama can look back on his eight years and see his leadership play out, Trump's effect is still not yet known.
Trump has previously said that the U.S. is enjoying the best economy in America's history ? a claim other fact checkers have ruled to be false.
But it certainly is one of the best, as Trump tweeted today ? thanks in large part to Obama.
https://www.msn.com/en-us/news/factcheck/fact-check-the-economy-is-booming-who-gets-credit-trump-or-obama/ar-BBN9zJz?li=BBnb7Kz
Think the economy went up while Obama was still in office cause we new he was leaving.
Comments
With Hillary in office the economy would have tanked
With Hillary, we would have tens of thousands of more illegals. Not only the economy but the crime rate, rapes, murders ect. would have increased. How the hell can people on this board actually support that wreckless skag and her agenda?
Forest told ya [;)]
Brainwashing morons is easy.
As the Klintons told us many years ago, It is all about the economy......
wish he would STFU and just disappear
+1
I cannot stand to hear is stinking voice or see his arrogant face.
wish he would STFU and just disappear
Wish in one hand and defecate in the other, see which one weighs more...
Obama and Hillary won't shut their Big * until the United States has become a communist country... So don't hold your breath waiting for them to shut their big *. Because Trump in office, there's no way we can become a communist country...
This was "burned into my brain" when I heard Obummer make these statements.
If he knew what was good for Liberals he would shut up and go away.
He thinks the Dems will ride his coat tails to victory this November?
He has no coat tails.
While he was President the Dems lost massively in every election until, Republicans had the majority in the Senate and the House. Remember he campaigned aggressively for Hillary? Remember he said that if people wanted his legacy to continue, they should elect Hillary? That didn't turn out too well.
I hope he continues to campaign because the more he goes on his Ego Trip the better the hope that Dems will take an * whipping in November.
This result would also ensure the riding off into the sunset of the aged, decrepit old Hag Nancy Pelosi.
Obama is a smooth mouth and nothing more. He did so much harm to this country, and in so many ways, that if his follow up Hilary would have made president you could have just used our constitution for toilet paper. I give Obama credit for nothing but distruction in America.
Obama is a smooth mouth and nothing more. He did so much harm to this country, and in so many ways, that if his follow up Hilary would have made president you could have just used our constitution for toilet paper. I give Obama credit for nothing but distruction in America.
Some STILL taking it in the face supporting him while "non-affilated"
LMAO
Obama entered at the absolute best time to be in office as we had just hit the bottom (January 2009) of the recession and all roads led upwards. To his credit, while things could have been done to improve things, he at least did not jump in and manipulate things to cause problems. He mistakenly (IMO) inflated the Federal Budget to kick start things with his shovel-ready nonsense, most of which never reached a person with a shovel.
He did put a bit of a damper on the recovery with the ACA and through the EPA and not doubt OSHA and other regulatory agencies, but the pent up demand was sufficient that growth was fairly steady.
Now, however, we are now in a fairly long, and some would say a mature recovery. I personally thought that Trump was going screw it up with his tariff garbage, but so far the strength of the economy, helped in some degree by the tax cut program, has carried overcome his meddling.
Hell, we have even started a blast furnace for the first time in decades and a shuttered aluminum smelter powered up its potlines earlier this year, signifying a great degree of confidence in a continuing recovery. I would assume that the decision makers for these two plants are not counting on the tariffs to continue and artificially prop up the price of metal, as the downstream cost to the consumer will be damper on the US economy.
Obama watched the economy grow at a reasonable rate during his Presidency and falsely claims his economic policies made it happen.
There was an unfounded boost to the economy with Trump's election, and his tax cut plan is helping to keep that going. He is 18 months into his presidency, however, and it is premature for him to think that what he has done is why it is where it is.
As with his predecessor, he has not screwed it up.
Yet.
Brad Steele
if obozo did anything it was surely buried under the biggest increase in the national debt by one prez in history
Obama with a complicate DEM and GOP controlled Congress averaged $ 910 Billion per year in deficit spending.
The current President and his GOP controlled Congress, unless something changes, will surpass that average next year. FY 2018 is projected to somewhere north of $850 Billion, and 2019 north of $950 Billion.
There was no excuse for Obama and Congress's over-spending during his tenure, and there remains no excuse today.
Well, other than big spending politicians are the ones we vote for.
Come to think of it, probably a legitimate excuse. The only people who we will vote for are the ones that promise to keep the money flowing, and then we * about them keeping the money flowing. Odd.
Brad Steele
quote:Originally posted by spasmcreek
if obozo did anything it was surely buried under the biggest increase in the national debt by one prez in history
Obama with a complicate DEM and GOP controlled Congress averaged $ 910 Billion per year in deficit spending.
The current President and his GOP controlled Congress, unless something changes, will surpass that average next year. FY 2018 is projected to somewhere north of $850 Billion, and 2019 north of $950 Billion.
There was no excuse for Obama and Congress's over-spending during his tenure, and there remains no excuse today.
Well, other than big spending politicians are the ones we vote for.
Come to think of it, probably a legitimate excuse. The only people who we will vote for are the ones that promise to keep the money flowing, and then we * about them keeping the money flowing. Odd.
Here's an interesting tidbit Don, when the 1.3 trillion dollar omnibus spending bill was passed it was decried as wasteful by the right and giddily cheered by the left. That covered the last 6 months of this FY. If the first 6 months of CR's was of an equal amount of wasteful pork barrel spending then we spent, give or take, about 2.6 trillion to fund the government for FY18. The Treasury estimates that the fed's will collect 3.42 trillion in taxes this FY which should mean we are running a surplus of 800+ billion dollars.
Yet we're told that we are going to run a deficit of 850+ billion which puts the "reported" spending at near 4.4 trillion dollars. Wonder where all that money is going?? And your right, in the end it is we the people who are responsible for the mess the country's in. It is we the people who are suckered in by sound bite politics and elect people who simply don't care about their oath of office. Then we double down on stupid and keep re-electing these same morons over and over again. To coin an old oft repeated (and altered) phrase...we have met the enemy and he is us!
quote:Originally posted by Don McManus
quote:Originally posted by spasmcreek
if obozo did anything it was surely buried under the biggest increase in the national debt by one prez in history
Obama with a complicate DEM and GOP controlled Congress averaged $ 910 Billion per year in deficit spending.
The current President and his GOP controlled Congress, unless something changes, will surpass that average next year. FY 2018 is projected to somewhere north of $850 Billion, and 2019 north of $950 Billion.
There was no excuse for Obama and Congress's over-spending during his tenure, and there remains no excuse today.
Well, other than big spending politicians are the ones we vote for.
Come to think of it, probably a legitimate excuse. The only people who we will vote for are the ones that promise to keep the money flowing, and then we * about them keeping the money flowing. Odd.
Here's an interesting tidbit Don, when the 1.3 trillion dollar omnibus spending bill was passed it was decried as wasteful by the right and giddily cheered by the left. That covered the last 6 months of this FY. If the first 6 months of CR's was of an equal amount of wasteful pork barrel spending then we spent, give or take, about 2.6 trillion to fund the government for FY18. The Treasury estimates that the fed's will collect 3.42 trillion in taxes this FY which should mean we are running a surplus of 800+ billion dollars.
Yet we're told that we are going to run a deficit of 850+ billion which puts the "reported" spending at near 4.4 trillion dollars. Wonder where all that money is going?? And your right, in the end it is we the people who are responsible for the mess the country's in. It is we the people who are suckered in by sound bite politics and elect people who simply don't care about their oath of office. Then we double down on stupid and keep re-electing these same morons over and over again. To coin an old oft repeated (and altered) phrase...we have met the enemy and he is us!
Here is what the White House OMB is projecting through 2023:
https://www.whitehouse.gov/omb/historical-tables/
2017 3,316,182 3,981,554 -665,372
2018 3,340,360 4,172,992 -832,632
2019 3,422,301 4,406,696 -984,395
2020 3,608,933 4,595,882 -986,949
2021 3,838,197 4,754,116 -915,919
2022 4,088,682 4,996,465 -907,783
2023 4,386,112 5,164,605 -778,493
This are projections under Trump and a GOP Congress, and my local GOP incumbent for Congress is touting the no cuts to SS and Medicare line and bragging about increase defense spending.
He opponents is a dem-soc alarmist, so the incumbent would no doubt be better, but it still is a bigger government every year approach.
Brad Steele
Why didn't Obummer or Cliton mention the wonderful FIX obummer made to the economy??
This was "burned into my brain" when I heard Obummer make these statements.
"Comments are disabled for this video."
Wise move on their part.
[;)]