- Apr 1, 2011
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You would hope this would stop the Dim bragging about Obama's economic record, but that we all know that isn't going to happen.
After Obama took office in January 2009, the unemployment rate would peak at 10 percent in October of that year as the country began to emerge sluggishly from the Great Recession.
At the end of four years, the rate had dropped just 2 percentage points to 8 percent in January 2013.
The ingredients of the lackluster recovery, which are currently being touted by Obama’s former No. 2, Biden, were raising taxes and regulations on businesses and the “wealthy.”
After taking office, Trump made four very un-Obama-like moves: He significantly cut government regulations on businesses; he signed tax cuts for businesses and individuals into law; he promoted domestic energy production; and he negotiated new pro-American trade deals.
The first year after the tax cuts were implemented, economic growth shot up to 2.9 percent in 2018. It fell back in 2019 to 2.3 percent, which can be attributed, at least in part, to tough trade stands Trump took against China that led to a deal.