The Hill: Economists Agree That President Trump, Not Obama, Gets Credit For Greatest Economic Boom In Half a Century
The great debate on whether or not Obama gets credit for the best economy in half a century is over as a majority of economists say that it is DEFINITELY the result of President Trump’s polices. The Hill, definitely not a conservative publication, is reporting that a “recent survey of professional economists suggest it is President Trump, and not Obama, who should be taking a bow.” Since President Trump made a 180 reversal from the economic policies of Obama, the question should not have been that hard.
The Hill reports that the Wall Street Journal asked 68 business, financial and academic economists who was responsible. Basically, the answer was overwhelmingly President Trump.
A majority said the president had been “somewhat” or “strongly” positive for job creation, gross domestic product growth and the rising stock market.
The pros cite the White House’s push for lighter regulation and the recent tax bill as critical to a pro-growth environment; more than 90 percent of the group thought the tax bill would boost GDP expansion over the next two years.
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Why would Trump rate higher than Obama with this group? Economists point to the upturn in business confidence that accompanied Trump’s election, and tie that to increasing business investment. Spending on capital goods accelerated sharply over the first three quarters of last year, growing at an annualized rate of 6.2 percent.
Such outlays will spur productivity gains and lead to wage hikes, creating a virtuous circle complete with rising consumer confidence and spending.
Unhappily Trump, voters have not yet caught up with the experts. Democrats have done an excellent job of trashing Trump’s policies, issuing hysterical alarms over the supposed dangers of deregulation (toxic water, foul air!) and vilifying the GOP tax bill.
Any business owner knows exactly why Obama gets ZERO credit and Trump is the elephant in the room for the best economy in half a century.
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One of the biggest arguments that the left has used to make the point that today’s economic boom is just a continuation of Obama’s economic success is the unemployment rate. They point to charts that show a trend line of lower unemployment that seems to show that unemployment was headed down hill under Obama, and has just continued under President Trump.
But when we look a little closer at the charts, and dissect a few items, we see that it just is not the case. Obama’s jobs numbers had literally stalled, and many economists believe they were about ready to begin a reversal.
But the real clue is found within the difference between government jobs and private sector jobs. Check out this chart:
You will note that the private sector jobs under Obama had definitely flat-lined, and the surge in Obama’s jobs market was being held up by government employment.
Manufacturing jobs have surged, something Obama said during the election that it would take a magic want to do.
We are in LITERALLY the best economy of my lifetime, and I am 50. Wages are up! Inflation is down. We have more jobs than people. Unemployment is not only at historic lows as a whole, they are at historic lows for minorities, women, and those without a college, or even a High School, diploma.
House Minority Leader Nancy Pelosi called the Trump tab bill Armageddon, and Senate Minority Leader Chuck Schumer declared it a “kick in the gut to the middle class.”
But everyone, at every level, is prospering. The lowering of the corporate tax rate created a jobs magnet.
No. Barack Obama, you did not build this. Your policies would NEVER build this.