Barack Obama continues to attack President Trump for taking credit for the booming economy. Under President Donald Trump, the economy and the stock market has been booming at all levels with no end in sight. The stock market is through the roof. Obama seems to believe that he, instead of Trump, should be credited with the current economic boom and the emergence of the United States as the world’s largest energy producer.
At the same time Obama claims Trump’s policy’s are failing, even as the Trump Train continues to push the economy and the stock market to higher and higher levels than ever before.
It seems Obama believes all of Trump’s victories and successes are due to him instead of Trump. At the same time, Obama is trying to tell us that Trump is failing even though the evidence clearly tells us otherwise.
The standard presidential rule applies here. The current sitting president gets all of the credit as well as all of the blame for everything that happens on their watch. This is from the first day a president takes office to the last day leave the White House. This includes both bad and good. Trump run on a platform of Making America Great Again, which promised us economic security. Trump gets credit for this. Unemployment was both wild and rampant under Obama, but under Trump unemployment is now in the perfect 3% range and shows no sign of increasing. Trump promised us deregulation, fair rather than free trade, and tax reform and reduction. President Donald Trump has delivered everything he ever promised us.
As late as last year, Larry Summers, director of the National Economic Council for two years during the Obama administration, ridiculed Trump’s boasts that he could achieve annualized GDP growth of 3 percent as the stuff of “tooth fairies and ludicrous supply-side economics.”
Summers had also predicted that the U.S. economy would be in recession by now. Instead, it is likely to match or exceed Trump’s promise of 3 percent growth over a twelve-month period.
After Trump’s victory, economist and Obama supporter Paul Krugman predicted that the stock market would crash and would probably “never” recover. “We are very probably looking at a global recession, with no end in sight,” Krugman wrote in November 2016.
In fact, the Dow Jones Industrial Average has climbed about 7,000 points since Trump was elected. Unemployment has hit near-record lows, wage gains are up, and the economy is growing.