Tag: Obama economy

Trump Is Falling Almost 1 Million Jobs Short Vs. Obama

The U.S. Bureau of Labor announced that the economy added 224,000 jobs in June vs. expectations of 160,000 and May’s revised result of 72,000. The 224,000 is still strong, but there were revisions to April and May that subtracted 11,000 people hired in those months and government employment added 33,000. Overall private payrolls added 191,000 employees.

The stock markets are reacting negatively due to the jobs number being stronger than expected since investors are lowering their expectations that the Fed will cut interest rates by 50 basis points later this month. A 25 basis point downward move is still being priced into the market, but that may wind up being optimistic due to the strong report.

Over 29 months Obama added almost 1 million more jobs than Trump

Trump entered office on January 20, 2017, and starting with February 2017 he has been President for 29 months. Total job growth during that time has been 5.613 million or 194,000 per month with those results being helped by the tax cut.

View the complete July 5 article by Chuck Jones on The Forbes Magazine website here.

The ‘Trump economy’ vs. the ‘Obama economy’

We’ve accomplished an economic turnaround of historic proportions.”

— President Trump, in remarks on the economy, on July 27, 2018

“When you hear how great the economy’s doing right now, let’s just remember when this recovery started. I mean, I’m glad it’s continued, but when you hear about this economic miracle that’s been going on, when the job numbers come out, monthly job numbers, suddenly Republicans are saying it’s a miracle. I have to kind of remind them, actually, those job numbers are the same as they were in 2015 and 2016.”

— Former president Barack Obama, in remarks at the University of Illinois, on Sept. 7, 2018

There’s little doubt that the economy is doing well. Regular readers of The Fact Checker know we automatically award Two Pinocchios to anyone who gives sole credit to a president for economic improvements. That’s because the U.S. economy is complex, and the decisions of companies and consumers often loom larger than the acts of government.

View the complete September 18 article by Meg Kelly on the Washington Post website here.

The truth about Obama’s economic legacy and Trump’s inheritance

The following article by Christian Weller was posted on the Conversation website March 1, 2017:

Then-President Barack Obama holds a year-end news conference in Washington, D.C., Dec. 16, 2016. SAUL LOEB/AFP/Getty Images

President Donald Trump has been trashing the economy and his predecessor’s legacy lately.

For example, in his free-wheeling Feb. 16 press conference, Trump said he “inherited a mess” from President Barack Obama. His newly minted Treasury Secretary Steven Mnuchin followed suit a week later by telling the Wall Street Journal that Obama’s policies are to blame for the slower-than-normal growth the U.S. has experienced since the financial crisis in 2008.

While you wouldn’t know it from the way the Trump team has been talking about it, the economy is actually in pretty good shape. The current economic expansion just became the third-longest on record. The economy has been adding jobs every month for more than six years, the longest winning streak since World War II. And the federal budget deficit has sharply declined from a high of 9.8 percent of GDP in the middle of the Great Recession to a manageable 3.2 percent last year. Continue reading “The truth about Obama’s economic legacy and Trump’s inheritance”