Obama sez America is doing so lousy that he’s try to take credit for robust economy

[tyroneweaver]

talk about a contradiction of all contradictions
Btw obama thx for agreeing the economy is robust

 

[MarathonMike]

Of course the only reason he said the economy is robust is to take credit for it. You know, just as he would have owned a downturn in the economy.

 

[Jackson]

Obama = "ME ME ME ME" As though no one will notice the fact that he never credited Bush for the meager recovery experienced when he was in office. He took full credit for the recovery because it happened during his administration. So it is with President Trump.

I believe we had the historically first credit downgrade when Obama was well into his administration. How dare he take credit for Trump's successes.

 

[g5000]

talk about a contradiction of all contradictions
Btw obama thx for agreeing the economy is robust

Our country was bleeding 600,000 jobs a month, the Dow was falling off a cliff, and we were facing economic Armageddon when Obama was sworn in.

15 million jobs and 300 percent growth in the Dow later, Donald Trump was sworn into office on third base, and the Rube Herd thinks he hit a triple.

Despite a "booming economy", Trump is spending money and exploding our deficits like we are in a Great Depression. He is on track to shatter Obama's debt record.

That's how he artificially inflates the GDP.

 

[g5000]

Gross Domestic Product - GDP

GDP includes all private and public consumption, government outlays, investments, private inventories, paid-in construction costs and the foreign balance of trade (exports are added, imports are subtracted). Put simply, GDP is a broad measurement of a nation’s overall economic activity – the godfather of the indicator world.

<snip>

A country's gross domestic product can be calculated using the following formula: GDP = C + G + I + NX. C is equal to all private consumption, or consumer spending, in a nation's economy, G is the sum of government spending, I is the sum of all the country's investment, including businesses capital expenditures and NX is the nation's total net exports, calculated as total exports minus total imports (NX = Exports - Imports).



So now that you know a big chunk of our GDP is government spending, there's this:

U.S. Budget Gap Hits $600 Billion in First Half of Fiscal Year

Trump Trillion-Dollar Budget Deficits Officially Begin This Week

The new U.S. normal of $1 trillion or more annual federal budget deficits will officially begin this week when the Congressional Budget Office releases its economic and budget outlook report showing that the deficit will be at least that high every year Donald Trump is president.



The government fudges the GDP by massively overspending.

 

[task0778]

Here's what I know for a fact: Obama's economy only averaged around 2% economic growth during his 8 years, and that doesn't count the 1st 6 months. And that wasn't due to any of his policies, instead it was mostly because of the near zero interest rates by the Fed and their QE program that added trillions of dollars into the banking system. Which BTW went into the stock market and made rich guys richer but nobody else. Plus there was a boom in oil fracking, which lowered the price of gas; take those things away and the US economy wouldn't have grown at all. By comparison, Trump's economic growth rate over the last 4 qtrs is over 3%, remember when the democrat economists said 2% was the new normal? I guess it is if you elect a democrat president.

Then there's the dramatic increase in consumer and business confidence, mostly due to replacing the anti-business Obama Administration with the pro-business Trump presidency. More companies are starting up or expanding and fewer businesses are going bust under Trump; it was the other way around under Obama. Wages are going up much better now than they did under Obama and people who left the job market are coming back. The labor participation rate was at 65.7 percent in January 2009, at the start of Obama's presidency, and was at 62.8 percent when he left. They call them discouraged workers for a reason.

While real wages did rise under Obama, the gain may have been exaggerated by a deep drop in oil prices that had virtually nothing to do with Obama. The plunging energy prices pulled annual inflation down to almost zero in 2015 from 2.1% in 2012. If the price of energy is removed from the equation, another measure of inflation-adjusted hourly wages shows they’ve been increasing at about a 0.5% annual rate during the current business cycle. Trump's wage numbers are a lot better and still improving.

There are real reasons for the striking differences between the economy under Trump and Obama. Obama chose anti-growth policies on every issue. Obama massively increased regulatory burdens, especially on energy, crippling coal and oil, and he ultimately even targeted natural gas. By sharp contrast, Trump chose pro-growth policies, like Reagan and Kennedy. Trump cut taxes for everyone and slashed the corporate rate. Trump has deregulated more than even Reagan, particularly liberating American energy producers to lead the world in production of oil, natural gas, and ultimately coal.

The truth is that Obama doesn't deserve the credit he wants for today's robust economy. True, we got out of the recesssion on his watch, and yes, that was in part due to that big Stimulus Bill the Dems passed in his 1st year. But it didn't really stimulate any growth, as we can plainly see in the economic numbers from his time in office. The economic growth in his last year was no better than it was when he started, and that isn't indicative of anything close to a robust economy that we have today. The growth we have today is due to one thing and one thing only: Trump's economic policies, including that tax cut package that Congress passed and he signed. To suggest that Obama has anything to do with is bullshit.