President Trump ripped Obama a new one after the former President decided to take a subtle swipe at Trump while attempting to take credit for the impressive economic gains experienced under Trump.
It started with a tweet on Monday morning when Obama elected to celebrate the anniversary of his underwhelming 2009 economic stimulus package signing.
“Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history,” Obama tweeted.
The Trump campaign pounced on the issue quickly, releasing a statement to Fox News, countering that the economy was recovering only because of the actions Trump took to undo his predecessor’s policies.
“President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy,” Trump campaign national press secretary Kayleigh McEnany said. “Obama and Biden orchestrated the worst economic recovery in modern history.”
She added: “By contrast, though, deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans and many other hard-working Americans.”
“Paychecks are growing at the fastest pace in a decade and twice as fast for low- and middle-income Americans,” she continued. “It’s no wonder Democrats seek to take credit for the Trump economy after eight years of betraying blue-collar workers and inflicting pain upon the middle class as Americans everywhere suffered. But the failed days of Democrat stagnation are over, and the soaring Trump economy is here to stay.”
Trump tweeted Monday night: “Did you hear the latest con job? President Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration. He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing. NOW, best jobs numbers ever. Had to rebuild our military, which was totally depleted. Fed Rate UP, taxes and regulations WAY DOWN. If Dems won in 2016, the USA would be in big economic (Depression?) & military trouble right now. THE BEST IS YET TO COME. KEEP AMERICA GREAT!”
Obama has long celebrated the $787 billion economic stimulus package, also known as the American Recovery and Reinvestment Act. The measure was passed and signed in February 2009 — about 14 months after the recession began in December 2007.
The stimulus package was controversial at the time however and its impacts today are negligible. Obama officials, though, routinely credited the legislation with helping set the economy back on track following the historic recession, and claim it established the groundwork for economic gains under Trump.
A piece written by Forbes tells a vastly different story, however.
“The Obama recovery of the last seven years remains the worst in postwar American history,” the piece suggests. “Average gross domestic product (GDP) growth since the bottom of the recession in 2009 was barely above 2.1% per year. The average since 1949 is well above 4% per year during the previous 10 expansions.”
The rate of GDP growth was decelerating in Obama’s last year. It went from 2.3% in Q2, to 1.9% in Q3 to 1.8% in Q4 of 2016. Under Trump, GDP growth has averaged 2.9%. It was 4.2% last quarter and might be higher in the current one.
While the unemployment rate did fall under Obama as the economy slowly recovered after reaching a high of 10 percent quickly in his first term, Trump has been able to bring the unemployment rate to its lowest point in 50 years, doing so in less than 4 years.
Additionally, Trump’s presidency has brought on a surging stock market. According to a Fox Business analysis, the stock market grew 31 percent in the 807 trading days before Trump’s election, but grew by 56 percent in the 807 trading days after it, up through the third anniversary of Trump’s inauguration this January.
The Democrats refuse to admit that Trump has accomplished incredible economic growth, but per usual, are quick to try and take credit for it.