Former President Barack Obama celebrated Presidents Day — or “President’s Day,” as President Trump tweeted Monday — by subtweeting his successor on the economy.
Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history. pic.twitter.com/BmdXrxUAUf
— Barack Obama (@BarackObama) February 17, 2020
Trump has been touting the economy in his pitch for re-election, often employing exaggeration, and he got Obama’s message.
Right on cue. pic.twitter.com/t3zke2uzYB
— Brian Tyler Cohen (@briantylercohen) February 17, 2020
That could have been the end of it, but Trump is not known for letting things go. So on Tuesday, Trump’s trade adviser Peter Navarro, a key proponent of Trump’s trade war with China, went on CNN to explain how Trump’s economy is much stronger than Obama’s. CNN’s Poppy Harlow noted that Obama topped 4 percent GDP growth four times while Trump is yet to hit 3 percent, and he created more jobs on average during his second term than Trump has during his first.
Navarro was undeterred. “Back in the Obama-Biden years, it was horrible,” he said, listing some talking points until Harlow finally broke in, noting the data doesn’t support his argument. “You can look at your numbers, but I lived that,” Navarro replied. “The numbers are the numbers, Peter,” Harlow said. “This is all politics,” Navarro concluded.
Axios took its own look at the numbers and ranked Trump’s economy No. 6 out of the last 10 presidential administrations, based on average GDP growth, “the most comprehensive economic scorecard — and something presidents, especially Trump, use as an example of success.” Presidents have limited control over the economy, but the average GDP growth under Trump is higher than under Obama, and “some aspects of the Trump economy, like wage growth and business investment, pale in comparison to other periods,” Axios notes.
“Unlike other presidents, Trump inherited a steady economy that’s since entered the longest stretch of growth in history,” Axios says. “Interest rates remain low. Growth picked up in the wake of the 2017 tax cuts, but now the pace has moderated,” hitting 2.3 percent in 2019. The juice from Trump’s $1.5 trillion tax cut is wearing off and “businesses were too unnerved by the trade war to spend money on new factories or equipment — a key driver of growth,” Axios reports. If consumer spending drops, watch Obama’s twitter feed. Peter Weber
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