The data is in: Despite former President Barack Obama tweeting on Presidents’ Day in an attempt to take credit for the current economic boom the United States is experiencing, the latest annual report by the Council of Economic Advisers shows that the actions taken by President Donald Trump and his administration are responsible for America’s economic growth.
A war of words broke out between President Donald Trump and former president Barack Obama erupted after the latter made a Presidents’ Day tweet attempting to credit his own policies for the current state of the US economy.
On the anniversary of the Recovery Act, former present Barack Obama tweeted:
“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.”
President Trump quickly fired back against at Obama’s claims with a pair of tweets:
“Did you hear the latest con job? President Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration. He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing. NOW, best jobs numbers…ever. Had to rebuild our military, which was totally depleted. Fed Rate UP, taxes and regulations WAY DOWN. If Dems won in 2016, the USA would be in big economic (Depression?) & military trouble right now. THE BEST IS YET TO COME. KEEP AMERICA GREAT!”
However, fact-checking would soon sort out this standoff and prove to the American people which President deserves the credit.
The Council of Economic Advisers issued its annual report this week found that all the credit for a booming US economy goes to present Trump, giving him the win on America’s economic growth.
On Thursday, the Council of Economic Advisers issued its annual report on the state of the economy and identified the driving force behind the current economic boom as being the result of President Trump’s tax cuts and deregulation.
The report showed that the state of the current economy is not a product of President Barack Obama’s taxpayer-funded stimulus plan, as the former commander-in-chief had attempted to assert.
The report credited deregulation, tax reform, and highlighted how America’s current economic growth is benefiting historically disadvantaged Americans, pointing to historically low unemployment, rising wages and a declining poverty scale.
The report found that not only has the economy grown under the policies of President Trump, but all signs indicate that growth will continue.
“Contrary to expectations that the expansion would slow as it matured, economic output and labor market gains have accelerated over the past three years,” the report by the Council of Economic Advisers stated.
One chapter of the report was entitled “regulatory reform unleashes the economy,” a clear nod to the policies of the Trump administration. The chapter also suggested that “there is room for additional deregulation to further grow the economy, increasing benefits to American consumers, workers, and businesses.”
“During the four quarters of 2019, real gross domestic product grew
0.7 percentage point faster than had been projected by the independent
Congressional Budget Office’s (CBO) August 2016 projections,” the report said.
“Reflecting this outperformance of expectations, in the first five chapters of this Report we present evidence that the Trump Administration’s foundational policy pillars are continuing to deliver economic results,” the report stated.
“In particular, we highlight the role of the Administration’s prioritization of economic efficiency and pro-market reforms in the realms of tax, labor, regulation, energy, and healthcare in elevating the growth potential of the U.S. economy and increasing the well-being of those previously left behind during the current expansion.”
The Economic Report of the President issues an annual economic report, which is written by the Chairman of the Council of Economic Advisers (ECA). Established in 1946 and headquartered in Washington, D.C., the ECA is a US government agency within the Executive Office of the President.
The agency provides much of the empirical research for the White House. The annual Economic Report provides an overview of the nation’s economic process and is issued every year no later than ten days after the submission of the Budget of the United States Government.
You can view the full report at: https://www.whitehouse.gov/cdn/2020/02/2020-Economic-Report-of-the-President-WHCEA.pdf
