Wow! President Trump likes to repeat the fictitious notion he inherited an economic mess but his hair is on fire over Obama’s factually based tweet this morning. Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history. pic.twitter.com/BmdXrxUAUf — Barack Obama (@BarackObama) February 17, 2020 Did you hear the latest con job? President Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration. He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing. NOW, best jobs numbers…. — Donald J. Trump (@realDonaldTrump) February 17,
Gregor Samsa considers the following as important: Obama, Relative economic performance, Trump, Uncategorized
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President Trump likes to repeat the fictitious notion he inherited an economic mess but his hair is on fire over Obama’s factually based tweet this morning.
Here Are The Facts
Just The Facts Ma’am
GDP growth in Trump’s first three years has averaged only 26 basis points more than Obama’s last three years albeit with a budget deficit-to-GDP running over 50 percent higher than Obama’s deficit in his last calendar year. A very expensive slight marginal increase in growth. Inflation has almost doubled.
Under Trump, jobs have increased by 6.6 million versus 8.1 million in Obama’s last three years. The average nominal wage is higher but the average real wage is lower.
Also, note the 25 percent increase in the trade-weighted dollar in Obama’s last three years and not a peep about the Fed from his administration. Though still at a relatively high level, the trade-weighted dollar declined by almost 2.1 percent from January 2017 to January 2020.
…a stronger/weaker currency has a tightening/easing effect on economic conditions. – Economist
A strengthening dollar is also highly inversely correlated with manufacturing jobs.
Now, who is conning who, folks?
If you’re in the con game and you don’t know who the mark is … you’re the mark. — David Mamet