On Friday, Donald Trump took credit for the expansion of the U.S. economy at a 4.1 percent rate in the April-to-June quarter, claiming his tax and regulatory policies were the drivers of the best economic growth since the third quarter of 2014.
In his victory lap speech at the White House, Trump used his usual adjectives: great, amazing, and suggested the numbers will soon be – his favorite descriptor of all – the best. Trump said the country is growing “at the amazing rate” and that “we’re on track to hit the highest annual average growth rate in over 13 years.” He added, “we’re going to go a lot higher than these numbers and these are great numbers.”
However, not everyone was drinking the Kool-Aid that Trump was offering. Former White House official, Richard Stengel, who served as undersecretary of State during the Obama administration, said on Twitter that Friday’s economic report should be attributed to former President Barack Obama.
Yup, our economy is the envy of the world because Barack Obama steered us out of the Great Recession and set up structures and policies that reduced unemployment and raised GDP. You’re just a lagging indicator. https://t.co/rzOtZuxRUQ
— Richard Stengel (@stengel) July 27, 2018
In his tweet, Stengel wrote, “Yup, our economy is the envy of the world because Barack Obama steered us out of the Great Recession and set up structures and policies that reduced unemployment and raised GDP. You’re just a lagging indicator.”
On Friday afternoon, Trump also commended himself for increasing jobs as a result of private business investment.
Private business investment has surged from 1.8 percent the year BEFORE I came into office to 9.4 percent this year — that means JOBS, JOBS, JOBS! pic.twitter.com/evO63CpqPP
— Donald J. Trump (@realDonaldTrump) July 27, 2018
Trump said, “Private business investment has surged from 1.8 percent the year BEFORE I came into office to 9.4 percent this year — that meant JOBS, JOBS, JOBS!”
Just so I have this right. You gave businesses a 15% tax cut and they only increased their investment by 7.6%? And at the same time Wages in Q1 DECREASED and it looks like they will DECREASE FURTHER in Q2. WOW. Just Wow.
— James Kosur (@JamesKosur) July 27, 2018
James Kosur, of the Hill Reporter, formerly of the Business Insider, had this to say, “Just so I have this right. You gave businesses a 15% tax cut and they only increased their investment by 7.6%? And at the same time Wages in Q1 DECREASED and it looks like they will DECREASE FURTHER in Q2. WOW. Just Wow.”
Even with the use of capitals to try and explain, do you think Trump will understand?
You can follow me on Twitter @Mayme Barth
