Unemployment is severely down, and economic growth is up, who do we thank for this? Barrack Obama or the current President, Donald Trump? Both of them are claiming that it is due to them, but both of them are also cherry-picking threw statistics.
In the case of Donald Trump, he inherited an economy, which was in the process of bouncing back up after a long recessionary trough, which makes it hard to disentangle the results of Trump’s policies from the broader trend.
But Obama suggested that during his time recession has ended and that the economy started growing accordingly to a plan while he was still the President. But we now know that Obama was fro a fact anti-business oriented. Regulations enacted in bills such as Dodd-Frank and we can’t forget the Affordable Care Act and as well as the increased taxes. Yes, he started during the Great Recession, but the recovery from the recession was the slowest one since World War II.
So far, economic growth while Trump presidency has averaged 2.9%, and this year it will probably go above 3%. This is more than the Federal Reserve Bank predicted when Trump took office (Federal Reserve Bank of San Francisco predicted 1.5-1.75 %).
The unemployment went down more than 1% from 4.8%. These unemployment rates haven’t been this low in years, and unemployment rates for women are reaching all-time lows in decades.
But is this sustainable growth for years to come? Yes, the numbers right now look great, but how will it impact our future? Hopefully, this will have a better ending than bitcoin, which was on the rise, everyone was talking about it and bitcoin was blowing up, until it blew up in our faces.
Deficits are expected to hit very soon $1 000 000 000 000 and expected national debt for the year 2025 is $30 trillion. The national debt of this size will have positive effects on the economy.
Who do you side with? Trump or Obama? What if they are both wrong? Yes, government policy matters, it could encourage people to invest, work more, and work harder and smarter. But that is almost it. It is the American people who are making day in and day out the American economy grow.