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Does President Trump deserve credit for the economy? | The Tylt
Does President Trump deserve credit for the economy?
As the Dow passes the 25,000 mark, President Trump is taking credit for the strong economy, citing the GOP tax bill and months of deregulation. But many economists argue Trump has little to do with the booming economy, and it's actually President Obama's policies that are responsible for the current economy. Still, Trump's defenders argue his pro-business approach to economic policy is the reason for GDP growth, and it's no surprise a businessman knows "how the economy really works." What do you think? 📈
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Does President Trump deserve credit for the economy?
#TrumpEconomyStrong
Trump and his supporters are pointing to the economy as a sign of success. The Dow Jones broke 25,000, 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.
Since the day Donald Trump was elected president in November 2016, the Dow Jones industrial average has risen by some 35 percent, making the last 14 months one of the greatest bull market runs in history.
The left was certain exactly the opposite would happen with a Trump presidency. To borrow a recent phrase from House Minority Leader Nancy Pelosi, President Trump's policies would cause "Armageddon" for family finances, the American economy and the stock market... When it comes to Trump's critics, so far almost all have been dead wrong.
#TrumpEconomyStrong
#TrumpEconomyStrong
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. And the GOP tax bill is great news for big business.
Stock Market had another good day but, now that the Tax Cut Bill has passed, we have tremendous upward potential. Dow just short of 25,000, a number that few thought would be possible this soon into my administration. Also, unemployment went down to 4.1%. Only getting better!
— Donald J. Trump (@realDonaldTrump) January 4, 2018
But economists argue Obama-era policies are actually responsible for the current economy, and Trump is just taking the credit. The numbers Trump are citing as markers of his success are 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, 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.
One economist told Politico, Republicans are pulling off an economic scam that would have them screaming about “the end of the world” if Democrats tried the same.
“You are essentially paying for this growth with over $1 trillion of borrowed money,” said Shepherdson. “Had the other guys done this, you’d have claims that they were going to bring on the end of the world by tea time.”
