Who deserves credit for the booming economy? This is not a petty argument. How voters answer the question could well determine whether Democrats retake the House of Representatives come November.
Trump and Obama (and their admirers) are slugging it out, both claiming that it is their policies that have led to the ongoing economic expansion, steady job growth and higher stock prices.
Happily for President Trump, the pros agree with him. A recent survey of economists suggest it is President Trump, and not Obama, who should be taking a bow.
The Wall Street Journal asked 68 business, financial and academic economists who was responsible for the strengthening of the economy, and most “suggested Mr. Trump’s election deserves at least some credit” for the upturn.
A majority said the president had been “somewhat” or “strongly” positive for job creation, gross domestic product growth and the rising stock market.
The pros cite the White House’s push for lighter regulation and the recent tax bill as critical to a pro-growth environment; more than 90 percent of the group thought the tax bill would boost GDP expansion over the next two years.
A year ago in the same survey, economists awarded President Obama mixed grades. Most saw his policies as positive for financial stability, but neutral-to-negative for GDP growth and negative for long-term growth. By contrast, Trump was seen as neutral to positive for long-term gains.
Why would Trump rate higher than Obama with this group? Economists point to the upturn in business confidence that accompanied Trump’s election, and tie that to increasing business investment. Spending on capital goods accelerated sharply over the first three quarters of last year, growing at an annualized rate of 6.2 percent.
Such outlays will spur productivity gains and lead to wage hikes, creating a virtuous circle complete with rising consumer confidence and spending.
Unhappily Trump, voters have not yet caught up with the experts. Democrats have done an excellent job of trashing Trump’s policies, issuing hysterical alarms over the supposed dangers of deregulation (toxic water, foul air!) and vilifying the GOP tax bill.
Imagine the nation polling negative on a tax cut for an estimated 90 percent of the workers. That takes genius.
Democrats are terrified that the tax cuts will be a pleasant surprise to those who believed House Minority Leader Nancy Pelosi (D-Calif.) when she called the bill Armageddon, and when Senate Minority Leader Chuck Schumer (D-N.Y.) declared it a “kick in the gut to the middle class.”
They are even more terrified of the bonuses and raises being handed out by employers large and small, who credit the tax bill for those unexpected benefits. Democrats are trying to convince voters that those $1,000 bonuses and pay hikes are “crumbs” as multi-millionaire Nancy Pelosi recently said.
Maybe $1,000 is “pathetic” to Pelosi, but for a great many Americans, it is a big and welcome windfall.
“Democrats” would, of course, include the propaganda arm of the party, aka the “mainstream media”.
But, I’m sure it was Obama’s economic brilliance that brought about this economic growth and expansion. It is merely a cruel coincidence that it waited 8 years and did not begin until Obama was gone and Trump began LEADING the nation.
@Bill… Deplorable Me: As we all recall, up until the day Obozo left office, he was still blaming every bad thing that happened on GWB, I guess his strategy was that every good thing that happens under Trump will be credited to Obozo. Trump’s credit doesn’t start til ’24.
@Redteam: From January 20, 2009, Obama knew he would not be able to restore the economy. So, he began his “blame Bush” campaign which described the economy as so ruined that it would never recover. Obama stated numerous times that his pathetic economic performance should be regarded a the “new normal”, as if no one could possibly do any better.
All it took for the economy to light off was Obama’s foot being removed from the neck of the economy. Beyond that, Trump has removed thousands of Obama’s onerous restrictions, relieved the public of Obamacare and now tax reform.
Obama’s purpose was to take the evil, oppressive United States down a few notches, weaken it at home and abroad so it cannot “oppress” so much anymore. He almost succeeded, but the US was too strong for him.
From Business Insider, September 10, 2018 — Bob Woodward book: Gary Cohn was ‘astounded at Trump’s lack of basic understanding’ about the federal debt
They’ve stated the anonymous NYT letter is a fabrication—and have also stated that they’re attempting to determine who the White House insider was that wrote it. I guess you’re supposed to choose whichever explanation most tickles your fancy.
@Greg: Everyone “quoted” in the book is denouncing it as lies. But, that’s just facts and stuff. Nothing a liberal would be interested in.
@Deplorable Bill, #5:
What would you expect? The first who acknowledges saying what Woodward has reported will be publicly crucified on the White House lawn, or possibly drawn and quartered. The title of the book explains that dysfunctional situation. Those who talked to Woodward are utilizing an obvious workaround: Everyone denies saying anything. Their safety lies in their denial and their number. Trump can’t fire his entire administration. He has the same problem with the anonymous New York Times writer.
The identity of Deep Throat was a secret for 30 years.
@Deplorable Bill: Obama, those jobs arent coming back 1% GDP the new normal Be interesting to see if Obama can give any candidate he stumps for the boost that they get when Trump does.
@Greg: I expect people to call lies lies, something you should learn. 33,000 emails about weddings and yoga, my ass. Also, now revealed China was reading them in real-time. But, you “believed” her. Learn who is lying… and why.
Wednesday, October 10, 2018 — Dow Jones closes down more than 800 points
@Greg: Just as Hitler did before he ascended to power, the Democrats wish for human misery to somehow make themselves seem like a better choice that something else. Well, don’t get your hopes up. The growth shall continue.
It seems Greggie Gullible had forgotten what the DJIA ended at the day Obama left office. Let me mind him because I am sure he is ready to drink hemlock with today’s end.
Got that, Greggie? 15,766.74 9,828 points lower than today’s end.