The US Economy continues its steady – and long awaited – recovery as November added 40,000 new manufacturing jobs. And while the monthly economic indicators give nothing but positive news, jealous former (failed) President Barack Obama is casting a pall over the entire affair.
In a desperate attempt to stay relevant, in the age of Trump, Obama took a swipe at Trump, while speaking at a Global Warming talk in Chicago. With a heaping helping of bitterness, Obama spat, “As we took these actions, we saw the US economy grow consistently, we saw the longest streak of job creation in American history, by far – a streak that still continues by the way. Thanks, Obama”
Obama’s self-referential humor aside, not everyone is buying the washed up former President’s attempts at taking credit for the Trump Boom. Maryland Professor Peter Morici castigated Obama explaining, “[he] reads from a very simple economic textbook, called Republicans are always wrong whenever something wrong went on in his government he blamed it being the legacy of President Bush and now during the Trump administration he claims that the economic development is because of his efforts”
Peter Morici went on to add, “We just had 2 consecutive quarters of 3% growth we haven’t seen that since 2004, surely they did create jobs during the Obama period but the pace was half as much as the Ronald Reagan era which was another era in we cut taxes and deregulated”
The Trump administration has indeed made astounding accomplishments in improving the US economy, such as a 30% increase in the value of the stock market, 3% growth of GDP in the last two quarters and sending unemployment down to 4.1% which is a 17 year low. When asked if the same achievements would have been made by a Democrat-led Hillary Clinton government, Economist Peter Morici remarked:
”Absolutely not, the whole mantra of Obama Clinton presidency and legacy is the notion that we live in an age of limits, that the economy can’t grow, that wealth is not being made but is being stolen, and that is necessary to re-divide a limited pie, where has the whole notion behind the economics of the Trump Presidency is to make the pie bigger, creating more opportunities, giving everybody a ladder up. That kind of optimism is catching on in business”
When asked if it was possible for there to be more growth Peter Morici estimated that with further good policies it may go up to 4 percent, maybe even 5%.