Former President Barack Obama, whose presidency inspired some of the lowest growth in recent American history, genuinely believes he deserves credit for the economic boom spurred by President Donald Trump.
While touting his alleged accomplishments during a speech Tuesday at the North American Climate Summit in Chicago, Obama claimed that despite concerns that his draconian climate regulations would negatively impact growth, the economy nevertheless wound up taking off under his leadership.
“We met resistance every step of the way,” he said, according to The Hill. “There were skeptics who said these actions would kill jobs and depress growth.”
Yet something else altogether occurred, he alleged.
“As we took these actions, we saw the U.S. economy grow consistently,” Obama said. “We saw the longest streak of job creation in American history by far. A streak that still continues, by the way. Thanks, Obama.”
To be clear, the economy certainly improved during Obama’s tenure. Keep in mind he stepped into office in January of 2009, only months before the Great Recession ended and the economy began to rebound on its own.
However, for Obama to claim that it was his actions in office that paved the way for Trump to revitalize the economy is just delusional.
According to the New York Post, during Obama’s presidency America’s economic growth rate averaged a miserable 1.6 percent, while during Trump’s first two full quarters in office he notched GDP rates of 3.1 and 3.0 percent, respectively.
Likewise, “Unemployment under Trump plummeted to 4.1 percent as of October’s jobs report,” according to the Post, whereas the unemployment rate during Obama’s presidency “hovered at around 4.9 percent.”
The Washington Times further noted that the stock market has gained a notable 30 percent in value since Trump was elected into office last November.
Moreover, consumer confidence has reached its highest level in 16 years, participation in food stamp programs has nosedived to the lowest level it’s been since 2010 and, most importantly, countless regulations have been cut.
The removal of regulations counts the most because it’s in fact the key reason for the current economic boom.
“We have taken unprecedented steps to remove job-killing regulations that sap the energy, creativity and dynamism from our country,” Trump himself stated during a speech to manufacturers three months ago, as reported at the time by CNS News. “We are cutting regulations at a pace that has never even been thought of before.”
And this matters why? Andy Puzder, a policy adviser to America First Policies who previously served as the CEO of CKE Restaurants, answered that in a column for The Hill published last month.
“If you wonder whether this regulatory slashing really mattered, ask someone who owns a business,” he pithily wrote.
Be sure to also ask whether your business-owner friend misses Obama and his regulations. I’m guessing the answer will be a loud “NO!”
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