On Monday, the White House trotted out Kevin Hassett, Chairman of the Council of Economic Advisers, to try and claim that the American economy has dramatically improved since President Donald Trump was elected. It’s believed Hassett appeared in response to comments made last week by former President Barack Obama, who reminded us that the economic boom was well underway when he was still president:
“When you hear how great the economy’s doing right now, let’s just remember when this recovery started. I mean, I’m glad it’s continued, but when you hear about this economic miracle that’s been going on, when the job numbers come out, monthly job numbers, suddenly Republicans are saying it’s a miracle. I have to kind of remind them, actually, those job numbers are the same as they were in 2015 and 2016.”
Hassett’s presentation at the daily press briefing — complete with charts and graphs! — even prompted Kimberly Strassel of the Wall Street Journal to repeat Trump’s claim that the current Gross Domestic Product (GDP) growth rate is now higher than the unemployment rate:
One amusing aspect of the flap over Trump’s comments about last time GDP was higher than unemployment rate: Whether it is 12 years or 100 years, it still never happened under Obama.
— Kimberley Strassel (@KimStrassel) September 10, 2018
In response, Fox Business host Charles Gasparino had this to say:
another amusing aspect: when was the last time donald said something that wasnt filled with utter bull shit? https://t.co/84Ek50Sr2F
— Charles Gasparino (@CGasparino) September 11, 2018
Yes, the economy is doing very well, but there are ominous signs on the horizon: The trade deficit is skyrocketing, as is the federal debt. Trump’s economic sanctions are already leading to job losses and business failures in the U.S. The tax cut has blown a giant hole in the deficit and will continue to do so. Inflation is causing the Federal Reserve to raise interest rates. None of this bodes well for the future.
But if and when the economy does start to slow — perhaps even entering a recession in 2019 — you can bet that Trump will try to blame that on everyone but himself.
Featured Image Via Fox Business screenshot