It was President Trump’s economy before the pandemic, and it will be after. I’ve seen a few hints of op-eds from the right give life to the lie that Hussein Obama could potentially take some credit for any post-election boom. Nothing could be more opposite of reality. President Trump's boom was so good that some businesses couldn't handle it.
President Trump took the economy out of Hussein Obama’s depression and made it great again. That’s a fact. As is in the Trump administration, Obama has holdovers in the media slithering around, trying to credit the economic jihadist for the pre-pandemic economy, and paint the picture that he was a good president for the economy in general. Sadly, I’ve seen some on the right keep the door open for that ridiculous narrative.
Some of the well meaning right-wing commentary I’m seeing is “once the economy bounces back, Trump can finally take full credit for himself!”. No. President Trump owns 100% of the boom before the pandemic, and he’ll own the boom after the pandemic; there’s no “can finally”. The only credit Obama gets for the economy is he left office, which is like giving credit to a serial killer for his victim living because he released his grip on her throat and left.
The heart of the Obama lie that told the tale of the depression during his economic jihad was the horrific dust bowl-like labor force participation numbers. The jobs numbers were so bad that they had to manufacture jobs data out of thin air:
According to the prevailing narrative, job growth in the US, where GDP over the past decade has been on par with that in the 1930s, is one of the otherwise brighter economic indicators in a time when much of the economic data such as capital spending, productivity and especially wage growth (so critical for the Fed's future plans) has been a chronic disappointment. Today, for example, headlines blast that the US has enjoyed 80 months of continuous jobs growth with unemployment hitting 4.3% – the lowest since 2001. However, there is more to this "strong" number than meets the untrained eye.
As our friends at Morningside Hill calculate, a full 93% of the new jobs reported since 2008 - 6.3 million out of 6.7 million - and 40% of the jobs in 2016 alone were added through the business birth and death model – a highly controversial model which is not supported by the data. On the contrary, all data on establishment births and deaths point to an ongoing decrease in entrepreneurship.
The lie the Obama operatives would parrot to cover for his horrific fake jobs numbers was, and is “people were getting past working age and dropping out”. If that’s true, then we can credit President Trump for finding the fountain of youth because they’re jumping back in. Sadly, many people actually believed this lie.
When the economic boom resumes, it won’t give any extra credit to President Trump. It will simply highlight the idiocy of those who’ve given credit to Hussein for the pre-pandemic boom.
The Obama era was a depression, where the economy gasped for air and managed to not drown in spite of him. Even now with the numbers off, the economy is stronger and more stable than during the Obama era.
The economy was so good that to slow down, it took a global pandemic that essentially forced the planet to stay home for a few months. The media for the past few years tried to stop it, unsuccessfully. Even Obama's minions know what's coming:
Jason Furman, one of former President Barack Obama's top economic advisers, gave a presentation to top Democratic strategists and donors last month.
He shocked the group with his prognostication.
“We are about to see the best economic data we’ve seen in the history of this country," he said, according to Politico. "Everyone looked puzzled and thought I had misspoken."
The current state of the economy is like an ant hill that was kicked over. It was topical, and did no damage to the underlying infrastructure. If you go back in a few days, the hill is right back to where it was.
The boom is going to be massive for several reasons:
- People were enjoying the new economy and finally working again. They want that back, and are pent up from the last few months. Consumer demand is stronger than ever.
- The USMCA and other trade deals will kick in. This will be like rocket fuel. Manufacturing continues to leave China for better pastures, with many coming back home to the United States. Those relocating to other countries will have the benefit of new trade agreements.
- The President is looking for another round of tax cuts, elimination of more regulations, and reduction payroll taxes. That’s pouring gasoline on an inferno.
- With less illegals pouring into the United States, and less incentive for businesses to leave, the labor crunch will usher in a new wave of vocational training to meet the demand.
Under Obama, using the ant hill analogy, the underground structure was dug up with an excavator and set on fire. When ants tried to rebuild, Hussein would flood them out with a water hose of regulations and killed their moral with statements like "you didn't build that!".
Hussein supports none of President Trump's pro-business and pro-economic policies. He doesn’t support a reduction in taxes. He doesn’t support a reduction in regulations. He doesn’t support the new trade deals. He doesn’t support a secure border. He doesn't support a reduction in payroll taxes. He supports no policy that’s good for the United State and American small businesses, period.
Obama destroyed the economy when he was in office and put all the blame on Bush. He sure as hell can't take credit for a boom once he's out of office.