Posted on 09/13/2018 6:19:54 AM PDT by ChicagoConservative27
Barack Obama is trying to take credit for the booming economy under President Trump. “When you hear how great the economy is doing right now,” Obama said on the campaign trail for Democratic candidates a few days ago, “let’s just remember when this recovery started.”
By this logic, the Kingston Trio laid the groundwork for the Beatles.
But the contrast in economic performance between the two presidents is undeniable. Obama’s multitrillion-dollar spend-and-borrow policies produced 2 percent growth. In his final year, Obama handed off to Trump an economy that was limping at 1.6 percent.
After only 18 months in office, Trump has elevated growth to 3 percent on an annual rate and the latest projections are that the growth rate for the second and third quarter (which ends Sept. 30) will be over 4 percent. One might say all it took to get the economy really crackling was getting Obama out of office.
(Excerpt) Read more at nypost.com ...
4.2% GDP is great.
An $820 billion annual deficit in 2018 isn’t.
BOzo must be talking to himself in the mirror again.
the theory is that in a couple years the growth will generate tax revenues to bring down the deficit.
we’ll see.
Or talking to his selfie stick and thinking someone else is actually listening.
The $800B trade deficit is worse. Increase in tariffs will reduce both deficits and promote US industry. Win - Win.
>>> Increase in tariffs will reduce both deficits and promote US industry. <<<
Import tariffs are taxes paid by US businesses / consumers. They transfer wealth from the private sector to the gubment. I support Trumps tactic to promote “fairer” trade (China specifically), but am skeptical as to the long term success of tariffs.
Jack Lu and Barney Frank were doing the rounds this morning trying to both talk down the current economy and say that it was Obama’s economy anyway. It was amazing to hear them talk it down and talk it up as they assigned credit or blame.
The reality is that Obama spent 10 trillion dollars of debt and the fed moved interest rates negative and pumped another 4 trillion dollars into the economy with the Bond Purchase program which bought 40% of Obama’s debt.
So now Trump’s economy is surging even with interest rates 200 basis points higher. And the Fed selling bonds. Obama did nothing to help business. He just spent money he did not have. Trump actually has a pro-business strategy that has helped business all over the place, by reducing regulation and taxes.
The US is the World’s largest producer of Oil ,Obama said no way that would happen ,we are running out ,LOL
Outside of the few areas outlined in the article, there was no recovery. For years. And years. Where I am, it only got slightly better around 2015 or so. There was Avery noticeable upsurge starting in Q4 of last year. We are less than 1 year into the real recovery.
Of course they are.
They transfer wealth from the private sector to the gubment.
All taxes do that. Even the income tax does that, the tax that Conservatives seem to defend constantly.
but am skeptical as to the long term success of tariffs.
Every other country does it but our workers are put at a disadvantage with our globalist NWO stupid one-sided open market so they( working class ) vote for socialists. Is that what you want? Because that is what we are getting with an income tax + no trade protection, no tariif.
Or to stimulate inflation, which would devalue the dollar, which would reduce the value of the outstanding debt relative to GDP (aka "monetizing the debt"). Anyone with investments would be wise to increase allocations to assets that are hedges against inflation.
both raise inflation lower the value of the dollar via inflation and lower deficit. (except that a strong economy makes for a strong dollar relative to other currencies.)
The other idea is that a rapidly growing economy shrinks the national debt as a percent of gdp.
but am skeptical as to the long term success of tariffs.
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Tariffs are a tool. Trump does not intend them to be long term. Made in America will be on labels again as Americans build Our businesses and stop fooling themselves about cheap inferior products from China.
Bawny Fwank? That loathsome queen is still alive?
You are both correct. Tariffs are paid by US Businesses and Consumers, and the net effect is that the cost of the product goes up. At a higher cost, it creates opportunities for domestic companies to produce the product. When more competition is introduced, now you get market efficiencies that bring the prices back down. The best analogy I can think of that should be fresh in everyones mind as to how this works is Oil and Gas. Do you remember when even Regular Gas was over $4 a gallon? Everyone was talking about peak oil. It was not all that long ago, but then Fracking started, which was made affordable by the high cost of oil. Suddenly the market for oil turned, and even tho some of those fracking operations were halted because when the price dropped they were no longer profitable, they essentially capped the long term market and eliminated the possibility of $5/$6/$7 a gallon gas (unless tax increases take it there). Tariffs will have the same effect on imports that Fracking had on Gas and Oil.
Hey Mr. Obama, when it comes to this booming economy...
YOU DIDN’T BUILD THAT.
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