By the time Obama left office, I was worth close to zero. On Monday, former President Barack Obama attempted to take credit for President Donald Trump’s booming economy. Instead, record amounts were used for stock buybacks and returned to investors as dividends, which helped pump up the stock market but did far less for the broader economy. There’s no reasonable interpretation of recent history in which Donald Trump … GDP Growth Was Higher on Average under Obama in 2014 and 2015 Than Compared to Trump in 2017 and 2018 Gross Domestic Product, or GDP, is a measure of total income in the economy. President Trump understands the economy. Army general apologizes for ‘miscommunication’ over vaccine shipments. Congress’ leaders reach a bipartisan deal providing direct payments to most Americans, continuing small business loans and extending jobless aid with a bonus. Here’s how. Why it matters: GDP is the most comprehensive economic scorecard — and something presidents, especially Trump, use as an example of success.And it's especially relevant since Trump is running for re-election on his economic record. The U.S. budget deficit was larger under Trump in his first three years — about $2.5 trillion — compared with $1.6 trillion under Obama in his last three years, according to the Congressional Budget Office. On Monday, former President Barack Obama attempted to take credit for President Donald Trump’s booming economy. You also agree to our Terms of Service. And Obama was the worst ever. But even here, the difference isn’t much at all. In this case, “slightly” really means just that: Annual economic output under Trump was 2.5%, compared to 2.4% under Obama. It was president versus president this weekend, when it comes to the booming economy. The 3.6 million jobs added in the 19 months since Trump took office are roughly comparable to the 3.9 million added in the previous 19 months under Obama. Considering Obama's economic record in November 2016, Derek Thompson saluted an economy made "steady and boring." As for Trump’s “2018 forecast”, it only started at around 3,350 billion which steadily increased to around 4, 625 billion. Figures shown represent the percent change from the previous year of the Bureau of … Despite his boasts, Trump again is no deal-maker as Congress seeks pandemic relief bill. The pandemic fuels long-shot recall effort against Gov. That’s because a unified Democratic government increases the odds of a large fiscal stimulus and infrastructure investment, something along the lines of Biden’s proposal for $2.1 trillion on developing the green economy as well as for traditional projects like roads and bridges. But even looking at the three years before COVID-19 made a mess of things, the U.S. economy under Trump performed about the same as it had during the last three years under President Obama. The Trump economy is so great that Trump … Unemployment shot up dramatically during the financial crisis at the end of George W. Bush's and … And Obama was the worst ever. Growth: Barack Obama is on the road attempting to claim credit for the booming economy under President Trump. Average economic growth under President Trump has outpaced the growth under Barack Obama, but not all of his recent predecessors. Despite Sen. Kamala Harris's repeated debate caterwauling about the supposedly bad economy right now, President Trump has the much better case to make than Harris's running mate, Joe Biden. Fine. The Trump Economy vs. the Obama Economy. Likewise, unemployment … Trump inherited a declining unemployment rate and did nothing to change the trajectory. Under Barack Obama, the economy … See our, Read a limited number of articles each month, You consent to the use of cookies and tracking by us and third parties to provide you with personalized ads, Unlimited access to washingtonpost.com on any device, Unlimited access to all Washington Post apps, No on-site advertising or third-party ad tracking. In the early years of the … - … Public health officials are anxiously tracking the capacity of intensive care units as coronavirus case numbers surge. Here are a couple of charts that illustrate the trump Economy vs the Obama Economy. ... Trump vs Obama: The economic tale of the tape . That’s second only to President Clinton’s 57% in 1996 among recent presidents who won reelection. He compares the end of the Obama economy with the beginning of the Trump economy: GDP growth staggered along at 1.5% in Mr. Obama’s final six full quarters in office. The former president said the Trump economy's first three years fell short of the Obama/Biden last three years. Trump has consistently held up stock performance as a report card of his stewardship of the economy. But that doesn’t take into account that Obama and Vice President Joe Biden entered office in the middle of the Great Recession. Here are a couple of charts that illustrate the trump Economy vs the Obama Economy. So much for building the best economy. Mexico and Chile are among the Latin American nations planning to roll out COVID-19 vaccines this month. Consider: Under Obama from 2014 to 2016, real gross domestic product — the broadest measure of economic activity — grew at an average annual rate of 2.5%. The Trump vs. Obama economy — in 15 charts Amid economic indicators signaling a potential recession, White House advisers were bullish discussing the economy on … During the fastest nine consecutive quarters under Obama, growth came in at 2.8% To all Trump-jumpers, that will be the number to beat. Over 8 years President Obama’s economy produced $6.4 trillion less GDP than was projected when he took office in January 2009. Summary of Trump Economy vs Obama Economy. Trump says he built the strongest economy in US history, but that's not the case. In return, the United Nations lifted the economic sanctions it imposed in 2010. GDP has grown between 2.9 and 3.1 percent. Contradicting his secretary of State and others, President Trump suggests without offering evidence that China, not Russia, may be behind the cyberattack on the U.S. President-elect Trump and President Obama on Inauguration Day: Jan. 20, 2017. President-elect Joe Biden has rolled out an environmental team that he hopes will help curb climate change and protect the nation’s air and water. The economy has in fact created seven million jobs," wrote former Trump chief economic advisor Gary Cohn and former Trump chair of the Council … That’s one reason GDP growth never took off. On some economic measures, it was a little worse, on others a little better — but on the whole, not markedly different. In short, the sluggish economic growth of Obama’s last six years happened in spite of him, not because of him. The thorough and keen: Obama’s recovery economy saw the longest bull market in history, whereas in February 2020, Trump presided over the market’s all-time high. Growth. However, the Obama administration added more jobs to the economy, comparing similar time-frames. That could crimp corporate earnings, eventually spilling into stock values. “The market is up only because the economy is struggling and interest rates are thus low and likely to remain so for some time,” he said. As vaccine rollout nears, many concerns raised in Latin America, hard hit by COVID-19. …the increase in job openings over Mr. Trump’s first 21 months has averaged an impressive 75,000 a month. Late-night deal clears way for vote on coronavirus aid plan. Rex Nutting Opinion: Trump didn’t transform the economy — it’s mostly the same as it was under Obama Published: Nov. 16, 2019 at 11:39 a.m. A group of scientists and experts endorsed the COVID-19 vaccine by Moderna and the National Institutes of Health, leading to distribution in California. But investors pushed up stocks earlier in the fall on rising bets that a Biden victory combined with Democrats taking the Senate and maintaining the House — a so-called blue wave — would actually be a plus for the economy, at least in the short term. We rely on readers like you to uphold a free press. But economists note that the actual change in unemployment rates over their respective three-year periods was bigger under Obama than under Trump. Federal Revenue Collections Forecast (2018-2025) for Trump vs Obama Economy. If the side-by-side economic comparisons between Trump and Obama are not vastly different, to some degree that reflects the fact that presidents, for all the credit and blame they sometimes claim and get for what happens to the economy, in truth have limited control over the economy. All signs point to Russia in cyberattack, but Trump points to China. A Democratic sweep, however, also has potential downside risks for stocks and the economy: Biden has proposed an increase in taxes for corporations and wealthy Americans. That’s technically correct — median income, adjusted for inflation, went up 5.8% from 2008 to 2016 versus 7.8% from 2016 to 2019, according to the Census Bureau. …the increase in job openings over Mr. Trump’s first 21 months has averaged an impressive 75,000 a month. Advertisement Winner: The economy has remained consistently strong under Trump. The president said in his debate last week that a Biden presidency would be a calamity for the stock market. …growth doubled to 3% during Mr. Trump’s first six full quarters. A commemorative tweet from former President Barack Obama Monday touting the "longest streak of job creation in American history" on the … By the time Obama left office, I was worth close to zero. Newsom faces the real chance of a statewide special election to remove him from office in 2021, a longshot effort but one that would be a stunning rebuke for a governor whose pre-pandemic approval ratings seemed to make him untouchable. The Congressional Budget Office (CBO) forecasts reflected an increasing trend for both administrations. He is a native of Seoul, Korea, and graduated from the University of Chicago. Trump's approach to health care focused on weakening the Affordable Care Act. We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests. Here are some of them. Growth: Barack Obama is on the road attempting to claim credit for the booming economy under President Trump. Trump vs. Obama: Who should take credit for thriving economy? In the first quarter of 2017, the last in which Barack Obama was president, the rate of GDP growth fell to 1.4 percent. Can he get out of it? On July 14, 2015, Obama brokered a nuclear peace agreement with Iran. In Trump’s first three years, 2017 to 2019, real GDP expanded by an annual average of 2.6%, according to the Bureau of Economic Analysis. He … Please enable cookies on your web browser in order to continue. Don Lee covers the U.S. and global economy out of Washington, D.C. Note that in the last 16 … Trump has often touted his record on production jobs, which has particular appeal to his working-class base and to voters in the Midwest. Despite Sen. Kamala Harris's repeated debate caterwauling about the supposedly bad economy right now, President Trump has the much better … Here's the reality check. Looking at just the last three years of the Obama administration, median income grew by 8.4%, a slightly faster pace than during Trump’s first three years as president. As the campaign enters the home stretch, President Trump's main final argument is that he deserves four more years because he oversaw "the highest economic growth in the history of our country." And even with the pandemic sending the country into recession and darker days almost certainly ahead, Trump garnered an approval rating of 54% on the economy in the latest Gallup poll. “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,” Obama posted Monday morning. The Dow has risen 39% since Trump’s election, while under Obama it increased 35% and 65% from the low point in February 2009. The Obama baseline “CBO January 2017” forecast started at 3,600 which steadily increased to around 4,700 billion.   Iran's economy improved greatly from the lifting of sanctions, an effect from signing the nuclear deal. He compares the end of the Obama economy with the beginning of the Trump economy: GDP growth staggered along at 1.5% in Mr. Obama’s final six full quarters in office. Recently, a student came to me in a state of perplexity. I used my real-life story as Exhibit A. I bared my soul. By clicking “I agree” below, you consent to the use by us and our third-party partners of cookies and data gathered from your use of our platforms. When you look at GDP growth rates, one quickly realizes he is gaslighting the American public. Trump vs. Obama: Who Has the Better Record in America's Economy? After a painful 2009, the economy has been growing for a decade. The new European data protection law requires us to inform you of the following before you use our website: We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests. Job gains (and losses) The United States experienced some of its best years of job gains in 2014 … “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,” Obama posted Monday morning. Trump: The real GDP grew both years under Trump but not as much as Obama’s second year in office. I made the case that Trump is the best president ever for small business, the economy, and jobs. When you compare the last three years of Obama’s Presidency vs. Trump’s first three years, Trump’s deficits will be almost $1 trillion greater at $2.47 trillion to $1.51 trillion for Obama. On Thursday the government will release the third-quarter GDP report, which is expected to show a strong recovery from the 31.4% plunge in the prior quarter. The Centers for Disease Control and Prevention has issued guidelines for shopping as safely as possible. One measure that has clearly outperformed under Trump is the stock market. And it was a far cry from the best ever. With coronavirus spreading in L.A. County supermarkets, here are some tips for shopping safely. As the campaign enters the home stretch, President Trump’s main closing argument is that he deserves four more years because he oversaw “the greatest economy in the history of our country.”. To cite just one example, the U.S. economy created nearly 4 million jobs in the last 18 months of Obama’s term, virtually indistinguishable of the first 18 months of Trump’s. In the early years of the … On employment, the U.S. economy added 6.6 million jobs in Trump’s first three years, shy of the 8.1 million payroll gains in the last three years under Obama. And includes some comparisons across past Presidents. I am … J oe Biden has argued that President Donald Trump didn’t so much build a strong economy as inherit one. On employment, the U.S. economy added 6.6 million jobs in Trump’s first three years, shy of the 8.1 million payroll gains in the last three years under Obama. The economy grew at a perilous 1.6 percent in 2016 and growth was declining. The job record under Trump is far better than the job record during Obama's first 35 months in office, when the economy lost 805,000 jobs. It’s good line — but it ignores the successes, at least before the pandemic, of Trump’s unconventional policy. The last three years of President Obama’s administration saw an increase of 8.1 million jobs and a 2 percentage-point drop in the overall unemployment rate, decreasing from 6.2% in 2014 to 4.9% by the end of 2016. Obama’s leadership started in 2009 while that of Trump’s was in 2017. Since May, the economy has recovered only about half those jobs, and Trump is heading into the election with the worst job losses on record under any president. Experts say Trump’s more favorable ratings on the economy, compared with other issues including race relations and foreign affairs, reflect in part his reputation as a businessperson, though information on his income, wealth and taxes remain largely hidden from the public. Now, If there were no comparable period of eight consecutive quarters under President Obama when growth ran as fast 2.9%, those declaring a Trump jump would have a point. Since joining the Los Angeles Times in 1992, he has served as the Shanghai bureau chief and in various editing and reporting roles in California. Unfortunately, for its proponents, the fad is false. It’s true that the nation’s unemployment rate fell to a half-century low of 3.5% before the coronavirus outbreak in March, and that jobless figures for Latinos, Blacks and Asians also dropped to the lowest level on record. So it was just a continuation of the Obama/Biden economy after the Great Recession. Still, for the year as a whole, GDP is projected to fall close to 4% thanks to the pandemic, the sharpest drop in about 75 years. Why is that metric important? He compares the end of the Obama economy with the beginning of the Trump economy: GDP growth staggered along at 1.5% in Mr. Obama’s final six full quarters in office. It is harder for companies to find workers and it is later in the business cycle. I told the audience when Obama became president, I was worth just under $10 million. trump campaign fires back after obama claims credit for economic boom The fact is that this debate says a lot about life today. But now we are being told a fairy tale that the Obama economy was booming and Biden miraculously fixed it and Trump "blew it." On employment, the U.S. economy added 6.6 million jobs in Trump’s first three years, shy of the 8.1 million payroll gains in the last three years under Obama. The quick and clean: The S&P 500 measured a 75% increase during Obama’s first 798 trading days, whereas Trump, now in the uncertain coronavirus economy, is at -1% . That initial projection already incorporated the recession that began in 2007. It’s worth noting that when Obama took … But concerns are mounting about availability. For much of the year, surveys have shown that Americans view Trump as better for the economy than Biden, although more recently that lead has diminished in some polls. Hacked U.S. networks will need to be burned ‘down to the ground’. Trump vs. Obama Economy . Under Trump, in the three years prior to the … The relief package is the latest, perhaps final, example. From the end of 2016 to the close of 2019, the nation added 1.27 million jobs in the blue-collar industries of construction and manufacturing, although factory jobs flattened in 2019 thanks in part to Trump’s trade war with China. Financial Guru Dan Celia Blasts President Obama's Critique of Donald Trump's Economy ... 5:50. Say that Trump is only benefiting from the policies that Obama spent eight years constructing. Trump and Obama (and their admirers) are slugging it out, both claiming that it is their policies that have led to the ongoing economic expansion, steady job growth and higher stock prices. It wasn’t until 2013 that household income stopped bleeding and a recovery began. Jobs. Job gains (and losses) The United States experienced some of its best years of job gains in 2014 … This content is currently not available in your region. California Republicans recaptured four House seats by targeting Asian Americans, knocking on doors despite the pandemic, and winning ticket-splitters. The Trump economy, three years in: What the numbers say FOX Business ran the numbers, comparing basic economic performance measures before and after Trump's election Economist Zandi adds that the buoyant stock market has helped Trump’s approval rating on the economy, although he calls it ironic. On employment, the U.S. economy added 6.6 million jobs in Trump’s first three years, shy of the 8.1 million payroll gains in the last three years under Obama. That compared with 1.13 million construction and manufacturing jobs gained from 2014 to 2016, according to the Bureau of Labor Statistics. I told the audience when Obama became president, I was worth just under $10 million. Since Donald Trump became president, there has been a noticeable uptick in economic growth. At the same time, Jack Ablin, chief investment officer at Cresset Capital in Chicago, noted that Trump’s corporate tax cuts in 2017 didn’t trickle down to boost business spending as promised. But only a small percentage of Americans own substantial amounts of securities, and market fluctuations have relatively little impact on their daily lives. Donald Trump was elected partly on his fame for “The Art of the Deal,” yet he’s cut no big deals in office. But I'll take Trump's dynamic and exciting economy any day of … July 22, 2020 1:54 pm ET Congressional leaders reach deal for nearly $900-billion coronavirus aid package. It doesn’t look like Trump’s tax cuts will pay for themselves. By clicking “I agree” below, you consent to the use by us and our third-party partners of cookies and data gathered from your use of our platforms. Group greenlights Moderna COVID-19 vaccine for use in California as hospitals struggle. More than 1 million have passed through U.S. airport security checkpoints in each of the last two days despite public health pleas to avoid travel. Obama used a non-military tactic to reduce the threat of nuclear war with Iran. The exact boundary between Obama’s and Trump’s economy is difficult to specify. Obama created 1.6 million more jobs than Trump over a three-year period. ET …growth doubled to 3% during Mr. Trump’s first six full quarters. After a painful 2009, the economy has been growing for a decade. Trump vs Obama: The economic tale of the tape By Daniel Griswold, opinion contributor — 10/24/18 01:30 PM EDT The views expressed by contributors are their own and not the view of The Hill The first foreign policy challenge for the Biden administration will be reviving the U.S. nuclear deal with Iran. Column: Biden was left with a mess in Iran. When excluding the pandemic's toll, the economy expanded 2.5% on average during Trump's … By comparison, the price of homes, which are held much more widely by Americans, rose on average 4.8% in Trump’s first three years versus 4.9% during Obama’s last three, according to Mark Zandi of Moody’s Analytics. If Biden is elected president, he should continue Trump’s economic approach rather than returning to Barack Obama’s. …the increase in job openings over Mr. Trump’s first 21 months has averaged an impressive 75,000 a month. May 29, 2019 Mark W. Hendrickson. The Army general in charge of getting COVID-19 vaccines to the nation apologizes for a ‘miscommunication’ over the number of doses to be delivered. A closer look at the Trump economy reveals a mixed picture. I am using the S&P 500 stock market index as … Obama didn't.” TRUMP CALLS OBAMA ECONOMIC BOOM BRAG 'CON JOB' Obama inherited an economy on the rocks … The latest news, analysis and insights from our politics teams from Sacramento to D.C. You may occasionally receive promotional content from the Los Angeles Times. In December 2017 , Trump had talked about GDP rocketing to “4, 5, and maybe even 6% or higher.” But despite his big corporate tax cut, GDP growth didn’t come close to reaching the average yearly gains of 4% in the 1990s and twice that in the early 1950s. But even here, the difference isn’t much at all. Biden introduces his climate team, says ‘no time to waste’. In recent months, the Trump campaign has talked about how American household incomes rose faster during Trump’s first three years in office than during the entire eight-year period under Obama. Gavin Newsom. The broad Standard & Poor’s 500 index jumped by an annual average of 14.7% from the end of December 2016 to year-end 2019 — about double the gain in the comparable period of Obama’s last three years. Growth. Trump has often bragged about his record on production jobs, which has particular appeal to his working-class base and to voters in the Midwest. President Trump says the economy is the best ever. …growth doubled to 3% during Mr. Trump’s first six full quarters. Top congressional lawmakers struck a late-night agreement on the last major obstacle to a COVID-19 economic relief package costing nearly $1 trillion, clearing the way for votes as early as Sunday. The economy has improved under the Trump's watch, but not spectacularly so, and the credit due to Washington is modest. But lower taxes and less-than-projected government revenue generation, combined with hefty federal spending especially on defense, also sharply raised the nation’s debt levels. U.S. airport traffic rising despite holiday travel warnings. Since May, the economy has recovered only about half those jobs, and Trump is heading into the election with the worst job losses on record under any president. Economists agree: Trump, not Obama, gets credit for economy By Liz Peek, opinion contributor — 01/14/18 09:30 AM EST The views expressed by contributors are their own and not the view of The Hill However, unlike Obama, who inherited the Great Recession, Trump inherited an economy that was already getting back on its feet. Republicans won half of California’s U.S. House seats they lost in 2018. I made the case that Trump is the best president ever for small business, the economy, and jobs. See our Privacy Policy and Third Party Partners to learn more about the use of data and your rights. I used my real-life story as Exhibit A. I bared my soul. Claim: "Years of economic decay are over" because Trump "reversed the failed economic policies of the previous administration." Obama Built Most of Trump’s Good Economy President Obama gift wrapped a great economy and hand delivered it to President Trump. There is no question that the economy was strong before Covid hit. On employment, the U.S. economy added 6.6 million jobs in Trump’s first three years, shy of the 8.1 million payroll gains in the last three years under Obama. Health Care. If Biden is elected president, he should continue Trump’s economic approach rather than returning to Barack Obama’s. Trump has often bragged about his record on production jobs, which has particular appeal to … And includes some comparisons across past Presidents. Between December 2009 and …