Trump's latest boast about the economy isn't accurate

Ivan Schwartz
September 12, 2018

Trump's habitual overshadowing of his own optimum message was also evident when Hassett was forced to concede that the president had not told the truth when he tweeted Monday that the GDP rate is higher than the unemployment rate for the first time in 100 years. "Jobs in goods-producing industries - mining, construction and manufacturing - grew 3.3 percent in the year preceding July, the best rate since 1984, according to a Washington Post analysis". Trump said Monday in a posting on Twitter. The economy did start showing more notable signs of improvements in his previous year, with steadier employment growth and lower unemployment. After sharing this fact, Lemon played a clip of White House Press Secretary Sarah Huckabee Sanders dismissing Bob Woodward's new book, Fear: Trump In The White House, as "careless and reckless".

"Given the two presidents involved, pyrotechnics and bombast were going to happen whether there was a recovery or not", said Douglas Holtz-Eakin, a former director of the Congressional Budget Office and adviser to former Republican presidential candidate John McCain.

It would be one thing if the economy were all the president was tweeting about.

HASSETT: "The correct number is 10 years".

The unemployment rate is at near-20-year lows, but recorded its steepest declines while Mr Obama was in charge. "When President Obama left, after eight years in office, he had only created 195 000 jobs for African-Americans". The makeup of those jobs has shifted just a little bit.

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THE FACTS: This is true. But his opponent at that time, former Massachusetts Gov. Mitt Romney, seized on the comment as evidence that Obama didn't appreciate small business.

"'Many, many jobs were lost, ' the coal miner said, 'and many towns were destroyed by this". "I like high GDP growth and low unemployment".

Eventually, though, the chirps, lies and tweets became too much for Barack to let slide.

Kevin Hassett, chairman of the Council of Economic Advisers, speaking in the White House press room, said he did not know how Trump obtained the false information. Trump has systematically dismantled Obama's legacy via deregulation, tax cuts and by eliminating the individual mandate in Obamacare, so it's understandable why Obama is desperate for accolades. Unlike Obama, Trump made a decision to incentivize job creators with the "Tax Cuts Jobs Act" so they could invest back into their businesses and pay their blue-collar employees more.

But another reason for the revitalization of business spending has been a turnaround in oil prices.

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