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.”
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.
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.
Truth and Accuracy
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.