Who's responsible for the strong economy: Barack Obama or Donald Trump? | The Tylt
President Donald Trump is celebrating the strong economy as a sign of his success. He says businesses are finally investing in the U.S., and the stock market is strong thanks to his policies. Others say many of these new deals were actually in place before he came into office, and the economy's growth is similar to what it was during former president Barack Obama's term. He's the one who turned things around after the recession, and he should get credit. What do you think? 💪
Who's responsible for the strong economy: Barack Obama or Donald Trump?
Trump and his supporters are pointing to the economy as a sign of success. The Dow Jones broke 22,000 marking an all-time high. Unemployment continues to drop, and consumer confidence is at an all time high. More and more companies are announcing huge investments in U.S. manufacturing.
Trump says this is all thanks to him. The stock market is up because he got rid of all the regulations that were holding American businesses back. He's a businessman, and so other business leaders are confident that he'll be doing what's best for American businesses. Once tax cuts and reforms are in place, the economy should surge even further.
Consumer confidence is at a 16 year high....and for good reason. Much more regulation "busting" to come. Working hard on tax cuts & reform!— Donald J. Trump (@realDonaldTrump) August 4, 2017
I am continuing to get rid of costly and unnecessary regulations. Much work left to do but effect will be great! Business & jobs will grow.— Donald J. Trump (@realDonaldTrump) August 3, 2017
Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. That doesn't just happen!— Donald J. Trump (@realDonaldTrump) August 3, 2017
Experts say the numbers Trump is citing as markers of his success are actually trends that are continuing from the Obama era.
The stock market has been on a steady rise since the financial crisis. Trump's enthusiasm for removing regulations probably helped to speed growth a bit, but the stock market was already on the upswing before he got into office. Obama, however, probably deserves far more credit. After all, he inherited an economy that tanked during the financial crisis. It was his actions that stemmed the bleeding and jump-started growth.
Unemployment continues to decline, but again, it's a trend that started with Obama. Between 2010 and 2016, unemployment went down from 10 percent to 4.8 percent when Obama left. It's currently 4.3 percent.
As for G.D.P. growth, it's pretty much the same as it was under Obama—which is to say not great but not bad.