Investor’s Business Daily posted an editorial yesterday about some assertions made by former President Obama in a recent speech.
The editorial notes:
In a speech at a rally in Nevada, Obama claimed that the current economic boom has nothing to do with Trump’s economic policies.
“By the time I left office,” he said, “wages were rising, uninsurance rate was falling, poverty was falling. And that’s what I handed off to the next guy. So when you hear all this talk about economic miracles right now, remember who started it.”
Well, who did start it?
The editorial explains:
GDP growth was decelerating throughout 2016. Household income was flat. The unemployment rate was flat. The stock market was flat.
And, “by 2016, wage growth began to taper off quickly,” notes the American Action Forum’s Ben Gitis.
Even The New York Times, which has been gamely trying to grant Obama credit for the current boom, now admits that 2016 was an “invisible recession.”
“There was a sharp slowdown in business investment, caused by an interrelated weakening in emerging markets, a drop in the price of oil and other commodities, and a run-up in the value of the dollar,” it explained.
Slow Growth Expected
By the end of 2016, pundits and economists were widely predicting a new era of slow economic growth. Why? Because for eight years under President Obama’s leadership, the economy struggled to even top 2% annual growth. It never reached 3%. And every single year GDP growth missed the forecasts by Obama’s own economists.
So for Obama to claim that he handed Trump a thriving economy is 100% pure poppycock.
What’s more, Obama and other liberal Democrats insisted in 2016 that if Trump were elected, he’d send the economy into a tailspin.
There is a definite difference between words and results. Former President Obama can claim all the economic success he wants, but the numbers simply do not back him up.