Trump Takes Credit For Obama’s Successful Economy - ProgressTribune.com
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Trump Takes Credit For Obama’s Successful Economy

Among the persistent myths that voters seem to fall for time and again, one of the most deceiving is that the current sitting president is always responsible for the economy. It’s not just Donald Trump and the current boom. Barrack Obama got heaps of blame for the Subprime Mortgage crisis and Great Recession, both triggered during George W. Bush’s reign. Obama in fact pulled a miraculous recovery out of his pocket, starting with a trashed economy and by the time he’d left office eight years later, it was recovered and thriving.

Well, count on Trump to take all the credit for it. In just six months’ time, Trump could not have done much to affect the economy if he tried. The market simply does not respond that fast unless a major disaster happens. But to hear Trump tell it…

…he single-handedly saved the economy himself. Needless to say, this is all lies. The economy barely reflects on a new president until after the first year.

The stock market shows the fastest reactions, but – here’s another myth buster – the stock market actually isn’t a great indicator of the economy as it impacts the average citizen. FiveThirtyEight has a great article on this.

When the Dow Jones plunges 500 points, that’s a fluke that could be explained by anything from a war breaking out in Asia to a big corporate merger in London. There’s plenty of times when average American citizens are struggling, while the stock market is booming. There’s also plenty of times when unemployment is low, wages are high, commodities are cheap, and everything’s great on the home front, while the stock market lags. People on Wall Street live in their own bubble; they aren’t impacted by domestic news, while a rumor that Lockheed Martin is building a satellite will send them into a tizzy.

Of course, even basic economics 101 is rocket science to Trump and his rabid base. the rest of us are too smart to be fooled.

 

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