Democrat Congresswoman Maxine Waters claimed over the weekend that former President Barack Obama — and not the current President Donald Trump — deserves credit for the economy doing so well.
On Friday, Trump touted the U.S. gross domestic product hitting 4.1 percent during the second quarter for the first time since 2014. He also stated the nation is on track to achieve its highest annual GDP in 13 years.
The president also pointed out that unemployment claims are at their lowest number since 1969, while the unemployment rate among African-Africans, Hispanics, and Asians reached their lowest levels ever recorded.
For the first time in U.S. history there are more jobs available than unemployed Americans.
Appearing on MSNBC on Sunday, Waters was asked about the impressive numbers the president rattled off.
“Of course, the economy has improved, and of course he would like to take credit for all of that,” the Californian said.
“But in the final analysis,” she continued, “when this country understands and feels what has been done with the tax scam and what that’s going to do for our deficit in this country, it’s going to be reversed.”
Waters took it a step further, saying Trump’s economic policies would ultimately “undermine” the good work of the Obama administration.
Do you think Trump deserves credit for the booming economy?
“A combination of the tax scam and the tariffs will undermine all that has been done in the economy that was started by Obama,” she said, according to The Daily Caller.
The day after Trump’s election in 2016, the Dow Jones Industrial Average spiked over 250 points, closing at a record high of 18,589, CNN Money reported.
Over the next year, it blew through the 19,000, 20,000…23,000, and now sits over at over 25,000.
The 31 percent rise during Trump’s first year represents the best tally since the 1930s, when the market was recovering from the 1929 crash, according to CNBC.
Trump’s top economic adviser, Larry Kudlow, credits the economy’s strength to four very un-Obama policies Trump implemented since taking office.
“We’ve lowered tax rates, we’ve rolled back regulations, we’ve unleashed energy, we’re moving to fix the broken world trading system. You can see big numbers on capital spending, business investment,” he told Fox News on Friday.
In December 2017, Trump signed into law a tax package that took the U.S. corporate tax rate from 35 percent — the highest in the industrialized world — to 21 percent, which is a little lower than the average.
The tax law also allows companies to write off 100 percent of their investments in new equipment and buildings.
Additionally, during its first year, the Trump administration cut the number of regulations in the Federal Register by 35 percent (or over 30,000 pages) to its lowest since 1993, according to the Competitive Enterprise Institute. The page count hit an all-time high during Obama’s final year at 95,894. As of the end of December 2017, it stood at 61,950 pages.
Further, Reuters reported that oil production on federal lands rose 7 percent in 2017 to its highest level in at least a decade, while production on private lands rose 5 percent to 9.3 million barrels per day, a figure not seen since the 1970s.
Finally, Trump has made renegotiating the United States’ trade relationships with other countries a top priority.
He has used tariffs to bring other nations to the negotiating table, which appears to have already borne fruit with the European Union, whose leader pledged last week to work toward zero tariffs with the United States.
The president proudly highlighted that the U.S. trade deficit shrank by $52 billion during the second quarter.
Both Trump and Kudlow predicted that when new trade agreements come online, the United States economy will grow even stronger.
“I agree with the president,” Kudlow said on Friday. “This is a boom that will be sustainable. Frankly, as far as the eye can see, this is no one-shot effort.”
Waters may not want to hear it, but the truth is the nation experienced its worst economic recovery since World War II under Obama’s leadership (2 percent GDP growth over eight years, according to Forbes). The Obama economy was marked by the lowest labor participation rate since the 1970s and a record number of Americans receiving food stamps, according to Fox News.
Both those number have turned around under the 45th president.
Congresswoman, like it or not, we are in the Trump economy.
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