Yes, it got much deeper and last much longer due to the fact Obama, had a Dem Congress, that had been in office for two years prior to him taking office, and he and that Dem Congress created legislation that drove up UE to double digits. He didn't benefit from having a GOP Congress when he took office. I admit that.Try to understand that this recession was one fart from collapsing into a depression. Deepest recession in history. A slow recovery was just fine and would have increased in speed as jobs increased and money flowed into the economy.The bipartisan CBO, and the data, highlight you are incorrect: Trump's Tax Cut 'Scam' Created 1.3 Million New Jobs, New CBO Data ShowWrong. Very often the company can't control the reduction in income.Businesses and business owners were in the stock market long before the tax cut and after the tax cut. It's not like they never had this money before and ran to their brokers for the first time.Correct. Never said that they did not get a paycheck, and I was responding to a blogger on that subject. They do not necessarily increase their pay whenever. My discussion was geared toward that tax reduction for the super-wealthy, who spent that money on the stock market. When they lose that huge windfall, they won't necessarily take a larger paycheck, and businesses do not always recoup their losses.
When business grows, so do jobs in many instances. You are correct, they may not take a bigger paycheck, but they're not going to allow the company to make less profit either. They will cut hours or overtime, increase employee contributions to their healthcare plan, increase prices on their products or services, but nobody is digging deeper into their pockets without reclaiming that money somehow or some way.
Bottom line is no matter what, it's the little guy who actually has to pay those higher taxes one way or another.
The tax reduction was no help except to those who got the deal and did not create more jobs. The jobs market was increasing before the tax windfall.
Democrats claim that the solid growth in 2018 was baked in the cake while Barack Obama was president. But that's simply not the case.
In January 2017 — before Trump entered the White House — the CBO projected that the economy would expand by only 2% in 2018, followed by 1.7% in 2019 and 1.5% next year.
That's what was baked in the cake. Continued tepid economic growth. Keep in mind that, when the CBO made those economic forecasts at the start of the Trump administration, they were right in line with other mainstream economic forecasts.
What actually happened was a very different story.
The actual growth for 2018 will likely have been 2.9% or 3%. And the CBO now expects GDP to climb 2.7% this year, and 1.9% next year.
The jobs picture improved dramatically as well.
In January 2017, CBO forecast an average unemployment rate of 4.4% for 2018. The actual number: 3.9%
In January 2017, CBO said that the economy would create an average of just 94,000 jobs a month in 2018. The actual results for 2018: 203,000 news jobs a month.
In other words, the nation's economy in 2018 was almost $400 billion bigger and there were about 1.3 million more jobs created than the CBO had expected
There are unintended consequences when one can't see the big picture and just wants his pocket and ego stroked.
Yes, and in fact it did increase in speed, because jobs increased and money flowed into the economy....due to the tax cuts when Trump took office. Glad we are finally in total agreement here