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Dems; Trump Economy? Obama Built it !!!!!!

Added: Saturday, February 15th 2020 at 2:17pm by us2nomads
Category: News & Issues
Related Tags: news
 
 
 

Larry Elder: Trump's economy is so good that Dems' new talking point is Obama built it

By Larry Elder

| Creators Syndicate The "expert" predictions of economic disaster should Donald Trump win the 2016 election did not occur. Under Trump, the Dow Jones Industrial Average and Nasdaq composite have reached historical highs while unemployment for blacks and Hispanics have hit historical lows. In the wake of Trump's undeniable economic success, what is the 2020 Democratic Party argument for why voters should back their candidate over Trump?

The morning after Trump's election, Paul Krugman, economics professor and columnist for The New York Times, wrote: "Now comes the mother of all adverse effects -- and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks. So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened."

During the 2016 campaign, Mark Cuban, billionaire owner of the NBA Dallas Mavericks, predicted that a Trump victory could cause not just a minor stock market decline, but one as high as 20 percent or more: "When you're flip-flopping, when you're not sure what the candidate's going to say from one thing to another, that uncertainty potentially as the president of the United States -- that's the last thing Wall Street wants to hear. I can say with 100 percent certainty that there is a really good chance we could see a huge, huge correction. ... It could be 20 percent. You know, now, with high-frequency trading, accelerating, strong moves in any direction -- it could be worse than that."

So, Democrats and their media sympathizers now resort to a new talking point: Trump merely continued the economic growth that began under the Barack Obama administration. Former Vice President Joe Biden, in a theme echoed by his Democratic rivals, said: "Donald Trump inherited a strong economy from Barack and me. Things were beginning to really move. And just like everything else he's inherited, he's in the midst of squandering it."

Are Biden and the Democrats right about the Obama economy? To examine the Obama economy, one must compare apples to apples, similar economic conditions to similar economic conditions. Obama dealt with a severe economic downturn, as did President Ronald Reagan. Historically, the bigger the downturn, the bigger the economic bounce back. During the recession Obama faced, unemployment reached a high of 10 percent, while inflation and interest rates remained low. During the recession Reagan faced, unemployment reached 10.8 percent, prime interest rates rose to 20.5 percent and inflation hit 13.5 percent. Obama raised taxes, spent nearly $1 trillion on a so-called stimulus plan, increased regulations and signed a new entitlement program known as "ObamaCare." Reagan did the opposite. He decreased taxes and continued deregulation.

Differences in results were stark. Obama's recovery, according to the Joint Economic Committee, averaged an inflation-adjusted GDP growth of 2.2 percent over the next 25 quarters. The average recovery following post-1960 economic slowdowns, which lasted more than 12 months, is 3.9 percent. Under President Ronald Reagan it was 4.8 percent. Obama was the first president ever to preside over an economic recovery in which not a single year of the economy grew at least 3 percent.

Obama's own economic team anticipated much higher growth. In February 2009, the Obama administration published its "Analytical Perspectives: Budget of the U. S. Government: Fiscal Year 2010." It said: "The Administration projects an economic recovery will begin in the second half of the year sparked by the American Recovery and Reinvestment Act. By the end of the year, real growth is expected to have reached 3-1/2 percent at an annual rate, a pace that is maintained through 2010. In 2011-2013, the rate of growth in real GDP is projected to accelerate to around 4-1/2 percent annually for several quarters." The economy under Obama did not come close to meeting his team's projections.

Trump boasts about "historic lows" in unemployment for blacks. But in January 2016, black liberal commentator Tavis Smiley admitted: "Sadly, and it pains me to say this, over the last decade, black folk in the era of Obama have lost ground in every major economic category. Not one, two or three, but every major economic category, black Americans have lost ground."

Again, the big economic downturns historically produce big economic upturns. The media insist on calling the economic conditions Obama dealt with the "Great Recession," even though by many metrics, Reagan faced a more serious "Great Recession." But, unlike the economy under Obama, Reagan oversaw what should be called The Great Recovery.

Larry Elder is a bestselling author and nationally syndicated radio talk show host. To find out more, visit www.LarryElder.com or follow @LarryElder.

User Comments

If you go to the New York Stock Exchange and Google where the stock market was on the day Obama took office in 2009.  S&P at close of 2008 was 749.93 and closed at 1894 at closing 2016.

NASDAQ at close of 2008 was  1577.03 and closed end of 2016 at 5383.12

The Dow at close of 2008 when Obama took office was at 8862.65 and closed at end of 2016 when Obama left office at 19,762.

So yes, Trump inherited a historically upward trending economy and stock market from Obama and immediately claimed it as his own.

The stock market that Bush left Obama was the lowest for an incoming president since 1896.

The stock market is not the only way to gauge the economy! A late poll showed that up to 90% feel better about their economic status today. Why? Lower taxes and less government regulations. They keep more of their money! And these are lower-income folks!

90% "feel better" does not mean 90% are "doing" better, or living any better than they were 4 years ago.  My life has not changed or uimproved under Trump.  I am perfectly happy financially, but I do not feel better know someone who can barely read, and lies pretty much every time he opens his mouth is president.  People can be talked into believing they "feel" better,  You c ompletely disregard the power of subliminal marketing.One of F ox's mantra is "if you say something over and over again consistently and persistenly enough, people will begin to believe it's true, even if it's a lie.  Trump has been employing that strategy since he be4gan his run for office.  90% of what Trump claims is straight up provable hogtwash, yet he is relentless in his messaging.  I have said over and ofver again that Trump supporters, and people who watch Fox religiously have been brainwashed to the point of behaving so irationally and unreasonably as to be in an almost cult-like state of obeisance.Conservative states like Alabama consistently rank  at almost third world levels in rankings of health, infant mortality, education, economy, wages etc yet consistently continue voting against their interests and claiming to be "happy."  "less government regulaqtion?"  I'm sorry, but I prefer my water, air conditions and food supplies to be regulate4d and safe.  Deregulation has nothing to do with anything but money, and the worship of money.  I prefer civility and dignity.  The majority of working class Americans did not appreciably benefit from Trumps tax theft to the rich.  85% of Americas get no benefit at all from a raging stock market.  I never explicitly claimed Obama had anything personally to do with stock market numbers.  I only report those numbers because Trump has dishonestly claimed them as his own from day one.  Trump, however, is intentionally manipulating the stock market in order to use it as strategy to people who have no idea what is going on in the world.  When Trump puts through $580 billion dollar expenditure to the defrense iundustry, defense stocks jump immediately, making defense investors, like Trump and his sychophant money fetishists millions of dollars.  A lot ofr that money can better be used to help working class Americans, like those Conservative voters in Louisianna and Alabama.  This is no threat to America from any national military on the planet.  W4e have consistently spent more money on our military than the other top nine countries in military spending in the world combined.  We need to start investing in ALL Americans, and not just those already at the top of the pecking order due, not to hard work, sweat and blood, but rather inheritance, blind luck, and the exploitation of those in the working class.  If all that money that is being used to keep the working class and the poor people of America chewing on each others ankles and divide lower and middle class Americans, like you and I, against each other,, America would be much better off, and infinitely more civilized.

I voted for Obama twice, simply because I hoped his being black would give him a different perspective. Also, because he was quite flamboyant and he wasn't Mitt Romney or Ted Cruz, two people I cannot stand in the least. The one thing he did that pissed me off was enact Obamacare. If he hadn't done that I probably would have been satisfied with his performance. 

That being said, Trump has done all that he said he would so I'm satisfied with his performance too. But I've developed a bad feeling about Democrats because they have been such a bunch of calculating bastards during his administration. And I'm not sure I could ever vote for another one now that I know what their agenda really is.

Thanks for this revealing comment. I found decades ago that there was no Democrat that I could support or vote for, possibly because I was raised in a Democrat-controlled Texas and saw their criminal behaviour first-hand!

No, Trump has NOT actually done all he has said he would do.  Mostly what Trump does, is flap his gums and inflate himself.  He has disrespected our military and military leaders.  He has admitted to stealing from military and other charities.  Mexico has not, and will not pay for his vanity wall, which still is not even 10% complete, and on and on and on, but you just keep right on wading in that trough of cognitive dissonance.

Live and learn, I guess. 

Talk to the hand, nobody, talk to the hand. 

Says the dishonest lying coward who is so terrified of facts, reality and truth that she uses strategy like this to run away from them the same way vampires run from sunlight.

As I said above, "two wrongs don't make a right."  I have no doubt you also heard that phrase a lot growing up.  Maybe I should harken back to grade school when I felt I was doned wrong by a classmate or teacher and condemn them for eternity.  What ever happened to the forgiveness talked about in the bible by Jesus Christ.  If you are going to condemn Democrats forever because of what you perceived from your time in Texas yet turn your back on the atrocities committed by Trump today, what kind of human being does that make you?  What kind of Christian does that make you?  At some point a mature adult has to make the decision to stop the cycle.  I find these lifetime, generational grudges and spite spectacles appalling.  In all reality, as a Christian, so should you.

Like I said, talk to the hand, dickhead, talk to the hand.

child coward having her head eploded by truth and it's too much for her.  Run to your fishbowl little girl..(but I seriously doubt there is anything "little" about someone as nasty as you.)

See the source image

You're gonna bully an Obama supporter? LOL

Not "bullying" anyone.  I'm returning the ignorance she is pelting at me.  Obama is irrelvant.  Say or do what you want with him.  You people are so uptight you hang onto shit for life  I bet you still have pictures of Jane Fonda from 1969 with bullseyes painted on her nose.  As old you you rubes are and you've learned bupkus about life.

All you do on this site is seek out weak intellects like yourself to try and intimidate. I don't like Amala at all, but because she made things personal..  You get triggered over her opinions, and I assure you, they are not worth getting triggered over. The woman doesn't know up from down.

You're calling me old? On here? hahahahahahaha

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