Who is responsible for the strong economy: Barack Obama or Donald Trump? | The Tylt

Who is responsible for the strong economy: Barack Obama or Donald Trump?

President Trump has long claimed his greatest asset to the nation is as a businessman and job creator. A new jobs report showing unemployment at its lowest rate in nearly 50 years appears to support Trump's claims that his administration's deregulation and tax cuts are benefitting the economy. Some economists, however, are quick to point out that the economy began improving under President Barack Obama's policies and the trends have been largely a continuation. So who is responsible for the strong economy?

FINAL RESULTS
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Who is responsible for the strong economy: Barack Obama or Donald Trump?
#ObamaSavedEconomy
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#TrumpSavedEconomy
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Who is responsible for the strong economy: Barack Obama or Donald Trump?
#ObamaSavedEconomy
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#TrumpSavedEconomy

Donald Trump and his supporters have been celebrating the new jobs numbers on Twitter, claiming they are based on his policies. 

#ObamaSavedEconomy

At an event at the University of Illinois, Barack Obama commented for the first time since leaving the presidency on his economic legacy, disagreeing with President Trump's consistent assertions. Per a transcript from Politico:

[W]e worked hard to end that crisis, but also to break some of these longer-term trends. And the actions we took returned the economy to healthy growth and initiated the longest streak of job creation on record. We covered another 20 million Americans with health insurance. We cut or deficits by more than half, partly by making sure that people like me, who have been given such amazing opportunities by this country, pay our fair share of taxes to help folks coming up behind us.
And by the time I left office, household income was near its all-time high, and the uninsured rate had hit an all-time low, wages were rising, and poverty rates were falling. I mention all this just so when you hear how great the economy is doing right now, let’s just remember when this recovery started.
I mean, I’m glad it’s continued, but when you hear about this economic miracle that's been going on when the job numbers come out, monthly job numbers and suddenly Republicans are saying, “It’s a miracle!” — I actually have to remind them those job numbers are the same as in 2015 and 2016 and ... Anyway, I digress.
#TrumpSavedEconomy

The Trump administration has made the economy a center-point of their public outreach. 

#ObamaSavedEconomy

The Washington Post writes there are many ways to determine whether the economy of the country as a whole is strong. While President Trump does measure high on many metrics, one where the country is struggling—due entirely to his policies—is the deficit.

Another measure of an economy’s health is the deficit-to-GDP ratio. In other words, how much a country is earning vs. how much it is spending. The measure ballooned to 9.8 percent in 2009 when the recession was at its peak and the stimulus act was passed. By 2016, it had gone down to 3.1 percent. In Trump’s first year, it went up to 3.4 percent. That’s unusual, because the economy is doing well, but it reflects the impact of Trump’s tax cut on government revenue. The increase in the federal deficit may make it hard for the government to respond to the next economic crisis. So if Trump is taking credit for the impact of the tax cut on economic growth, he needs to accept blame for the boost in the deficit.
#TrumpSavedEconomy

However, even some of President Obama's supporters will deign to give credit to President Trump in some ways. Per The New York Times:

One way that even Mr. Obama’s former advisers say Mr. Trump has done better than his predecessor has been in trumpeting the economy. Where Mr. Obama was always measured in his descriptions of the recovery for fear of being accused of exaggerating his case or ignoring the very real pain many still felt, Mr. Trump does not bother with caveats or subtlety.
His skill as a salesman may help explain why the consumer confidence index has shot up significantly since his election. According to Gallup, 54 percent of Americans rated the condition of the economy as good or excellent last month, up from 25 percent in April 2016. When Mr. Obama took over, it was just 7 percent.
“There’s a linkage between taxes, regulation, confidence, business investment and wages,” [the president's national economics adviser, Larry] Kudlow said. “It’s changed the thinking of people.”
#ObamaSavedEconomy

Michael D Tanner, a senior fellow at the Cato Institute, warned in an op-ed for USA Today that Trump's policies have not been in place long enough to account for the drastic increase in jobs and the bump to the economy.

[I]t is far too soon for many of the president’s initiatives, such as tax and regulatory cuts, to have fundamentally altered business incentives. Besides, those cuts have been much smaller than the president likes to trumpet. For instance, according to the American Action Forum, net deregulation this year under Trump will save businesses roughly $1.6 billion. This is a step in the right direction but a drop in the bucket of an $18.6 trillion economy. And those savings will easily be offset by the economic damage from the tariffs that the Trump administration has been imposing on imported goods.
FINAL RESULTS
Politics
Who is responsible for the strong economy: Barack Obama or Donald Trump?
#ObamaSavedEconomy
A festive crown for the winner
#TrumpSavedEconomy