On Monday Barack Obama said his American Recovery and Reinvestment Act is responsible for the booming economy claiming it paved the way “for more than a decade of economic growth and the longest streak of job creation in American history.”
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. pic.twitter.com/BmdXrxUAUf— Barack Obama (@BarackObama) February 17, 2020
President Trump hit back saying Obama is “trying to take credit” for the Trump economy.
“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,” Trump tweeted. “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,” Trump added.
….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!— Donald J. Trump (@realDonaldTrump) February 17, 2020
So who is right?
Well, to put it bluntly, Trump.
There have been eleven recessions since World War II, each of those recessions has been followed by a recovery. The US did experience an economic recovery under Barack Obama, however, it was the worst one.
All jobs lost in post-World War II recessions were recovered after an average of twenty-five months. But, it took seventy-seven months for employment to return to pre-recession levels, making Barack Obama’s recovery the slowest recovery out of all of them, and by a huge margin.
Obama is also the only president in history to have never had a single year of 3.0 percent or greater GDP growth.
CBS News reported in September of 2016 that “with U.S. economic growth stuck in low gear for several years, it’s leading many economists to worry that the country has entered a prolonged period where any expansion will be weaker than it has been in the past.”
Investor’s Business Daily noted that there was “no upward trajectory to the economy on anyone’s radar when Trump took office,” but “now that the economy is outperforming everyone’s expectations, Trump’s critics want to pretend that the current boom was already baked in the cake.”
Obama’s plan to take credit and make it stick simply isn’t fooling anyone, a recent Gallup poll shows that most Americans credit President Donald J. Trump for the booming economy.
Nice try though Obama.
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