Several 2020 Dems Have Tried to Credit Obama for Trump’s Economy: Here Are 5 Things They’re Not Telling You

Win McNamee/Getty Images

The 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.

But with another presidential election on the horizon, several 2020 Democrats don’t want to let Trump take credit for the current boom. Instead, they claim that former President Barack Obama should receive credit because Trump is only riding the coattails of his 2008 economic recovery.

Nearly every one of the 23 Democrats running for president has made this claim, including Sens. Bernie Sanders (I-Vt.), Amy Klobuchar (D-Minn.), Cory Booker (D-N.J.), and, of course, former Vice President Joe Biden.

During a campaign event on Saturday, Biden said:

“I know President Trump likes to take credit for the economy and the economic growth and the low unemployment numbers, but just look at the facts — not the alternative facts. President Trump inherited an economy from Obama-Biden administration that was given to him, just like he inherited everything else in his life. Just like everything else he’s been given in his life, he’s in the process of squandering that as well.”

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.”

Obama thought Trump needed a “magic wand” to bring back jobs.

Not only did Obama think lethargic economic growth was America’s “new normal,” he didn’t even think it was possible for some jobs to return to the U.S. Following the recession, many American companies either automated away jobs or sent them overseas. When asked about this, Obama claimed Trump would need a “magic wand” to get those jobs back.

Watch Obama’s comments:

“[When Trump says] he’s gonna bring all these jobs back. Well, how exactly are you going to do that? What are you going to do? There’s no answer to it. He just says, ‘I’m going to negotiate a better deal.’ How exactly are you going to negotiate that? What magic wand do you have?”

Under Trump, manufacturing jobs that needed a “magic wand” to return grew at a rate of 714 percent faster than the did under Obama, as IJR reported.

Trump’s policies have made the economy stronger.

While there are several individual statistics to point to as evidence that Trump has improved the economy in one area or another, it really matters what policies he specifically passed to improve the economy.

Trump has focused on two major areas to improve the economy: regulations and taxes.

For every new business regulation added by the Trump administration, the president vowed to remove two that he found to be unnecessary — a goal he’s outpaced since taking office.

As for taxes, the Republican-led Tax Cuts and Jobs Act of 2017 cut corporate tax rates — which were the highest in the world prior to Trump taking office. Following the tax cuts, more than 800 U.S. companies announced they would be investing in their company with their newly saved tax dollars, including offering wage increases and bonuses to their employees.

While general trends of declining unemployment and increasing jobs were consistent under Obama and Trump, there are several economic metrics that turned around in direct response to Trump’s economic plans. As NPR noted in a report on Trump’s economy, blue-collar jobs, business investment, and small business optimism all skyrocketed when Trump took office.

Obama may have started the economic recovery following the 2008 recession, but to say the current economic boom is just a continuation of that success that was not motivated by Trump’s policies is misleading at its best and partisan lie at its worst.

Please note: This is a commentary piece. The views and opinions expressed within it are those of the author only and do not necessarily reflect the editorial opinion of IJR.

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Brian Dalton
Member

This piece is a complete hatchet job…congratulations. ..you slept through economics eh? So the economy is booming?..it’s not..in fact we are in a synchronized global slow down that started last year. The positive numbers you read about the economy from all media are false positives. -The slowdown in U.S. economic activity that started in 2018 has continued into 2019, as confirmed by deteriorating indicators in cyclical bellwether sectors like autos, housing and capital spending, as well as other broad economic aggregates. This has now been acknowledged by the FOMC and recognized in the market, as revealed by declining yields in… Read more »

banstan
Member

Amazing that YOU are the only one who knows what he or she is talking about. Another D-K example? Yeppers.

Brian Dalton
Member

I didn’t say that..you did. Normally..if you disagree with anything I’ve written here..you would would just say so..let me know

Screwtape
Member

Based on empirical examples– polls indicating “consumer optimism” at record highs, record unemployment (especially among blacks, Hispanics, and women), and the fact that my investment portfolio has now recovered MORE than it lost in 2008– I’m going to say that some *ahem* economists can get stuffed.

Screwtape
Member

I took Econ 101 over 40 years ago. It was interesting, but dry.

If you are posing as an economically educated person, exactly what is your background? Remember that *ahem* Nobel-prize winning econs like Krugman predicated a crash as soon as Trump took office.

You talk a lot of shit. Now look at the real world results. I bet you favor socialism.

banstan
Member

Gotta love biden, “but just look at the facts”. OK joe, FACT, obama was the ONLY President since the numbers have been kept that NEVER reached 3% annual GDP growth and he had 8 years to do it. The ONLY one. If you are unsuccessful yourself, try taking credit for someone else’s success, OR, proclaim that your crappy numbers are the “new normal”. That really doesn’t work on people with fully functioning brains, but it sure seems to be working on the dims.

Brian Dalton
Member

Trump is at 2.9% gdp now..and going lower .I promise you.. Obama came into office with the largest output gap in gdp since the Great Depression..he had 8 quarters above 3%…that’s pretty good. So you are giving credit where credit is not due…and be honest with yourself..you have no idea what you are talking about…you clearly have no background or education in economics . Don’t be a fool

banstan
Member

So, what is incorrect about my statement that obama is the ONLY president to never reach 3% ANNUAL growth? You answer with QUARTERLY growth. Do YOU have any idea how ANNUAL GDP growth is measured? Are you sure YOU aren’t the one with no idea about what your talking about? As Fortune said, “Between 2009 and 2016, GDP growth reached at or above 3% on a quarterly basis about eight times. But annual GDP growth never hit 3% under Obama, prompting economists to dub the era a “low-growth” environment. Prior to the 2000s, the U.S. was no stranger to annual… Read more »

Brian Dalton
Member

Eisenhower, Nixon, Bush 43..for sure…I may be leaving someone else out ..well below Obama. That’s what makes it wrong.. i gave you context in which you could view Obama’s gdp score more reasonably…you clearly do not like Obama and that is what is motivating you to make assertions that are not factual. And yes Fortune is a joke..for folks waiting to see their dentist.
Now ..if you wish to proceed with this charade where you pretend to know what you are talking about ..I will indulge you. But proceed with caution

banstan
Member

I’m shaking while I’m typing, billy badass. Did you graduate from Tough Guy Central? Once AGAIN, tell EVERYONE here what is incorrect about my statement about obama’s ANNUAL GDP growth? OF COURSE Fortune is a joke. Didn’t expect anything else from you. You didn’t give ANY context at all, smart guy. “you clearly do not like Obama and that is what is motivating you to make assertions that are not factual.” Just WHAT assertion did I make that is NOT FACTUAL?

Brian Dalton
Member

I made it clear what was wrong with your claim ..”FACT, obama was the ONLY President since the numbers have been kept that NEVER reached 3% annual GDP growth”..this is wrong. If provided you with at least three prior presidents with lower annualized gdp..off the top of my head..Bush 43 was sub two percent..as will Trump when he gets bounced in 2020
I’m not a Democrat and I care for Clinton Biden Obama ..or any of the them. Especially the loser in office now

banstan
Member

Show where my claim is wrong. You CAN’T use quarterly GDP to prove something about ANNUAL GDP. Cite a source that proves YOUR assertion. Just WHAT does the 3 presidents you mentioned have ANYTHING to do with obama NOT reaching 3% ANNUAL GDP?

banstan
Member

“i gave you context in which you could view Obama’s gdp score more reasonably”. REALLY??? You are a joke. Telling all of us here that obama is STILL responsible for the economy over 2 YEARS into Trump’s Presidency. You will ONLY say it’s Trump’s economy when it goes down. You are NOT near as smart as you think you are.

Brian Dalton
Member

And ive never claimed Obama was responsible for his economy..or the first two years of Trumps tenure..presidents have little to no sway over the economy ..but they take credit when it’s good and blame others when’s it’s bad..now Trump may be an exception to this rule but not in a good way..we shall see

banstan
Member

“But proceed with caution” Did you really think that weak-assed THREAT would make me go away. It was an INVITATION. Your replies have been as weak-assed as that threat. You have YET to get to 1+1=2 in ANY of your replies, billy.

Brian Dalton
Member

And the Atlanta Fed projects 1.3% second quarter gdp…good news eh?

banstan
Member

Try waiting until RESULTS instead of politically motivated guesses.

Brian Dalton
Member

Er..that doesn’t make any sense…I saw your profile pic on my laptop today..grandpa santa claus ..you got some inbreeding going on there. Congratulations

banstan
Member

Makes PERFECT sense for someone with a fully functioning brain. Looks like the inbreeding shoe is really on the other foot, since your brain doesn’t work so well and you have trouble with BASIC concepts.

banstan
Member

TYPICAL libtard, make stupid comments you CAN’T back up, then insult.

banstan
Member

Why don’t you explain to all of the uninformed here how EMPOWERED you feel to be an sjw who HIDES behind the anonymity that your keyboard brings you and the safe space your momma’s basement provides you?

banstan
Member

Knew you had NOTHING

JBE
Guest
JBE

Join the discussion…you have no idea what you are talking about…obozo targeted the upper middle class with regulations and taxes…he was not pro business nor pro energy. Growing government and increasing government jobs over the private sector damages America’s economy. Increasing welfare and food stamp roles is both an indicator and a method. Obamacare…enough said. And you had better bet I have a background in economics.

David
Guest
David

These liberals are so predictable and hypocritical. When the economy tanks, which it always does after a boom, they won’t blame Obama for that, they’ll then blame Trump. Not to mention that the national debt grew farther and faster under Obama than it did under nearly any other administration in our history. Why is it that liberals hate prosperity for Americans?

Raunn
Guest
Raunn

Funny how Obama complained about Bush 2 at the beginning from 2008-2009 that was Bush 2 budget, Bush 2 did the 1st stimulus and the markets started to come back March 2009 on the Bush budget, Obama’s credit for the economy comes after the Oct 2009 when his budget took place but Bush 2 budge t and 1st stimulus already stopped the red ink. The Obama for7 years caused the national debt to increase 10 trillion by printing money and not rely on actual growth. remember $4/gal gas? Yup all under Obama for 6.5 years

General Confusion
Member

Raunn is confused by projections.

As projected in the FY 2020 budget, Trump plans to add $5.088 trillion to the debt in his first term. That’s a 25.13 percent increase from the $20.245 trillion debt at the end of Obama’s last budget for FY 2017. If he remains in office for a second term, he plans to add >$9.1 trillion<. Trump had promised to eliminate the debt during his campaign.

Barack Obama added only $8.588 trillion most of which was quantitative easing which is a government purchase of an asset (gov't bonds).

General Confusion
Member

King Donald The Loser has spent over $102M of OUR money while playing 177 rounds of golf. This after the crap he said about Obama.

He has spent $455K just on wishing HIMSELF a happy birthday (just so that he can scam more money from his cult later).

Oh so confusing.

Michael Demas
Member

Were you born stupid? or was it obtained thru many years of hiding from the truth as a Democrat?

banstan
Member

Based on many of contusions earlier comments, I’m betting on born stupid.

David
Guest
David

Not confusing at all. Michelle Obama had 25 staff members on payroll, Melania has 4 staff members on payroll. Go look up how much Obama cost us on a daily basis, or, just look up how much money he spent when he hired professional performers and singers to perform at the White House. People in glass houses shouldn’t throw stones.

Allen Zabel
Member

Meanwhile, the Dumbocrats, spent how many millions, only to find NO COLLUSION, NO OBSTRUCTION.
BTW, How much did it cost, to fly Obummers dog, all the way yo Hawaii, by itself?
Ignorance, can be corrected. But, there is no cure, for stupidity.

Brian Dalton
Member

Your reply is idiotic..in 2017..For one, two-month span alone..Trump charged the US taxpayer 16 million dollars for Mir A Lago stays..he is gashing tax payers like no other president in history. Wake up

JBE
Guest
JBE

Join the discussion your idiocy and derangement is now redlining

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