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Tuesday, 18 February 2020

Obama Tries To Take Credit For Trump’s Economy. It Backfires Bigly.

On Monday, former President Barack Obama attempted to take credit for President Donald Trump’s booming economy.
“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,” Obama posted Monday 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.
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President Donald Trump’s team was quick to respond to the post, releasing a statement to Fox News mere hours after Obama’s tweet was published.
“President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy,” read a statement from Kayleigh McEnany, the Trump campaign’s national press secretary. “Obama and Biden orchestrated the worst economic recovery in modern history.”
“By contrast, though, deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans and many other hard-working Americans,” continued McEnany.
“Paychecks are growing at the fastest pace in a decade and twice as fast for low- and middle-income Americans,” the statement noted. “It’s no wonder Democrats seek to take credit for the Trump economy after eight years of betraying blue-collar workers and inflicting pain upon the middle class as Americans everywhere suffered.”
“But the failed days of Democrat stagnation are over, and the soaring Trump economy is here to stay,” the press secretary added.
Others online were quick to hit Obama for the apparent credit-stealing.
The notion that you did anything but destroy this nation’s economy is beyond hilarious,” posted famed actor and outspoken conservative James Woods.
“Those jobs are never coming back. What’s he going to do, wave a magic wand?” Woods said, quoting Obama during the 2016 presidential campaign.
“Yes, did exactly that,” the actor said of Trump. “Your only sad legacy was your blatant lies about ObamaCare.”
Daily Wire podcast host Michael Knowles also used a quote from Mr. Obama against the former president.
“You didn’t build that. Somebody else made that happen,” Knowles captioned Obama’s tweet.
In 2012, Obama infamously told self-made Americans that they “didn’t build that.” “If you’ve got a business, you didn’t build that,” he said. “Somebody else made that happen.”
“The Obama recovery of the last seven years remains the worst in postwar American history,” a Forbes opinion piece published in 2016 outlined. “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.”
“I believe the root cause of abysmal growth is the huge tax increases imposed by Obama and the Democrats in Congress since 2008,” the piece’s author, Rex Sinquefield, explained. “The most harmful were the increase in the capital gains tax from 15 to 20 percent, the increase in top bracket income from 35 to 39.6 percent, and the new tax of 3.8 percent on investment income in the Affordable Care Act (ACA). The massive increase in regulatory burden through the ACA and Dodd-Frank bills are also crushing, but unfortunately are harder to measure.”
Investor’s Business Daily also outlined Obama’s bad economy in 2018, when the former president similarly tried to take credit for Trump’s economic boom while campaigning for Democrats:

The rate of GDP growth was decelerating in Obama’s last year. It went from 2.3% in Q2, to 1.9% in Q3 to 1.8% in Q4 of 2016. Under Trump, GDP growth has averaged 2.9%. It was 4.2% last quarter and might be higher in the current one.
The stock market also was stuck in neutral the year before the November 2016 elections. The Dow is up by some 45% since then.
Real median family income didn’t budge from August 2015 to November 2016, according to Sentier Research. It’s up more than 4% since Trump came into office. Wages are on the upswing.
In Obama’s last year, unemployment rate remained basically unchanged — it was 4.9% in Jan 2016, and 4.8% when Trump took office in Jan. 2017. Now it’s down to 3.9%

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