Trump Slams Obama For Taking Credit For Economy Growth: 'Orchestrated Worst Economic Recovery'
KEY POINTS
- The strong U.S. economy is solely the work of Trump and owes nothing to Obama, says Trump's re-election campaign press secretary
- She said Dems are trying to take credit for the strong economy
- Economists agree Obama's Recovery Act got the U.S. out of the worst economic mess it faced since the Great Depression of 1929
President Donald Trump's re-election campaign is trying to turn history on its head, claiming the U.S. economy's current strength is Trump's doing, and has nothing to do with former president Barack Obama's policies that ignited the decade-long recovery from the Great Recession. The recession began in December 2007 under former president George Bush, a Republican.
Obama tweeted Monday morning to note the 11th anniversary of his signing the American Recovery and Reinvestment Act of 2009 (ARRA), more widely known as the Recovery Act.
ARRA was a $787 billion economic stimulus package enacted by the 111th U.S. Congress and signed into law by Obama on Feb. 17, 2009. Developed to lead the U.S. out of the Great Recession, the main objective of the Recovery Act was to save existing jobs and immediately create new ones.
The act also sought to provide temporary relief programs for Americans most affected by the Great Recession while boosting investments in infrastructure, education, health and renewable energy.
“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,” tweeted Obama alongside a photo of his signature on the bill.
Obama's historic trip down memory lane didn't sit well with Trump's re-election team, however. Trump's re-election team told Fox News the economy's current strength is only due to Trump undoing Obama's economic policies.
“President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy,” alleges Kayleigh McEnan, Trump campaign national press secretary. “Obama and Biden orchestrated the worst economic recovery in modern history.”
Analysts say McEnan's claim falls flat on its face when one recalls the current economic recovery is an extension of the alleged “worst economic recovery” set in motion by Obama's Recovery Act. She also omitted the fact the Great Recession began under Bush. McEnan was undeterred by these truths, however.
“By contrast, though, deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans and many other hard-working Americans," she said.
McEnan continued, saying paychecks are growing at the fastest pace in a decade and twice as fast for low- and middle-income Americans. She then makes the unfounded claim Democrats want to take credit for the Trump economy. Her rant claims "the failed days of Democrat stagnation are over, and the soaring Trump economy is here to stay."
Economists agree the Recovery Act got the United States out of the worst economic mess it faced since the Great Depression of 1929. They also say the act helped get the economy back on track and laid the groundwork for economic gains under Trump. The act also ignited the annual drop in the unemployment rate that continues to this day. Surveys of economists show overwhelming agreement the stimulus did reduce unemployment. A 2014 survey of economists also showed a majority supporting the notion the benefits of the stimulus outweighed its costs.
Under Obama, the unemployment rate fell annually after reaching a high of 10% early in his first term in 2008. Unemployment has continued to fall under Trump. The unemployment rate is at the lowest it's been over the last 50 years.
© Copyright IBTimes 2024. All rights reserved.