Read moreHere Are 5 Things They’re Not Telling YouThe economy is booming, but who should get credit for that boom has been a point of contention between Democrats and Republicans.
Since President Donald Trump took office, the stock market has seen historic highs, unemployment rates have seen half-century lows, and the GDP is growing at a rate few economists expected.
The president is quick to accept credit for the roaring economy, often citing it as one of his biggest successes since taking office.
While it’s true that the economy improved under Obama’s presidency, that’s not the full story. Here are five things Democrats aren’t saying.
Trump’s economy is breaking records.Following the 2008 recession, the Obama administration oversaw a consistent decline in unemployment and steady job growth. By the time he left office, the economy was stable with an unemployment rate of 4.7 percent — down more than 5 points from a 2009 peak.
Although the economy was stable, it was nothing to write home about. Under Trump, women, black Americans, Hispanic Americans and veterans have all seen historically low unemployment. The stock market hit all-time highs. The GDP grew at rates economists didn’t think were possible.
While Trump’s claim that the economy is the “best it’s ever been” may be exaggerated, he is still presiding over one of the best economies in the history of the United States — even if Democrats want to say otherwise.
Obama’s recovery was the slowest since WWII.Many Democrats have been quick to say that Trump is riding on the coattails of Obama’s economic recovery, but none of them mention how incredibly slow that recovery was. As Forbes points out, Obama oversaw a jobs increase of just 1.72 percent in his first three years following the recession. For comparison’s sake, former President Ronald Reagan oversaw a jobs increase of 8.97 percent in three years.
In the same vein, Obama saw a GDP per capita growth of 4.34 percent — lower than that of Reagan, George H.W. Bush, Bill Clinton, and George W. Bush.
Obama claimed 2 percent economic growth was the “new normal.”
On the note of slow growth, Obama claimed that the stagnant economic growth the U.S. faced under his leadership was the “new normal” because of the changes to the global economy. In 2010, the president was trying to sell the American people on the idea that businesses were just becoming used to operating with fewer employees because of corporate greed.
Under Trump, Americans have seen quarterly economic growth rates top 4 percent — shattering Obama’s “new normal.”
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