'Thanks Obama': Barack Takes Credit for Growing Economy... Under Trump

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Former President Barack Obama took credit for the nation’s strong economy in a speech to a conference of mayors in Chicago on Tuesday.

While defending his administration’s climate change policies, Obama said, “As we took these actions, we saw the U.S. economy grow consistently.”

“We saw the longest streak of job creation in American history by far, a streak that still continues by the way,” the 44th president said.

He then added wryly, “Thanks Obama.”

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President Donald Trump has often highlighted the improvement in the U.S. economy since his election last November.

The most noticeable measure has been the stock market soaring to unprecedented highs.

The day after Trump’s election, the Dow Jones Industrial Average spiked over 250 points, closing at a record high of 18,589, CNN Money reported.

During the last year, it has blown through the 19,000, 20,000, 21,000, 22,000, 23,000, and now this month, 24,000 marks for the first time in its history. That represents a 30 percent rise in value, or over $5.5 trillion.

Fox Business Network’s Maria Bartiromo observed earlier this fall that the business community’s response to Trump’s policies is reflected in the record stock market numbers. She also pointed to the solid GDP growth, which, according to the Bureau of Economic Analysis, was 3.3 percent in the third quarter.

“Basically, businesses are loosening their purse strings, and they are investing more in equipment,” Bartiromo said. “The fact is over the last 10 years we were looking at a recession-type climate when it came to business.”

The strong economic growth has translated in the job market as well.

The jobless rate dropped to a 17-year low of 4.1 percent of in October, while jobless claims came in at a number not seen since 1973, despite the U.S. population now being 110 million more.

Meanwhile, for a fifth consecutive month the Consumer Confidence Index remained at a 17-year high of 129.5 in November, an almost three-point increase from October.

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Trump tweeted in March, a little over a month after taking office, the consumer comfort level crossed 50 for the first time since 2007, prior to the Great Recession.

While discussing the Republican tax reform bill at a cabinet meeting at the White House on Wednesday, Trump said, “We have a stock market that has hit record highs 81 times since our election victory.”

He noted the 17-year low in unemployment and added “very shortly it will be at a 19-year low.” There have been nearly 2 million jobs created since election day, Trump stated, which he contended is based on the high levels of consumer confidence.

The president predicted with the passage of tax reform, “I see no reason why we don’t go to 4, 5, and even 6 percent.”

Every point increase in the GDP means $2.5 trillion in added value to the economy and 10 million jobs, Trump said.

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Randy DeSoto has written more than 1,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book "We Hold These Truths" and screenwriter of the political documentary "I Want Your Money."
Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film "I Want Your Money" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book "We Hold These Truths," which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers.

Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate.
Birthplace
Harrisburg, Pennsylvania
Nationality
American
Honors/Awards
Graduated dean's list from West Point
Education
United States Military Academy at West Point, Regent University School of Law
Books Written
We Hold These Truths
Professional Memberships
Virginia and Pennsylvania state bars
Location
Phoenix, Arizona
Languages Spoken
English
Topics of Expertise
Politics, Entertainment, Faith




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