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Quote of the day: Your life doesn't get better by chance. It gets better by change. (April 03, 2020)
Hey Dummy! It's the economy and Obama built it you idiot
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02-17-2020, 05:33 PM
Trump campaign fires back after Obama claims credit for economic boom
Reaction from Peter Morici, University of Maryland business professor and former chief economist for the U.S. International Trade Commission. The Trump campaign fired back Monday after former President Barack Obama, in a subtle swipe at President Trump, claimed credit for the economic gains in both their terms. Obama tweeted Monday morning to note the anniversary of his signing the 2009 economic stimulus package. “Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history,†Obama tweeted, alongside a photo of his signature on the bill. Quote: [url=https://twitter.com/BarackObama/status/1229432034650722304] But the Trump campaign, in a statement to Fox News, countered that the economy is only recovering because of the actions Trump took to undo his predecessor's policies. “President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy,†Trump campaign national press secretary Kayleigh McEnany said. “Obama and Biden orchestrated the worst economic recovery in modern history.†She added: “By contrast, though, deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans and many other hard-working Americans.†“Paychecks are growing at the fastest pace in a decade and twice as fast for low- and middle-income Americans,†she continued. “Itâ€s no wonder Democrats seek to take credit for the Trump economy after eight years of betraying blue-collar workers and inflicting pain upon the middle class as Americans everywhere suffered. But the failed days of Democrat stagnation are over, and the soaring Trump economy is here to stay.†Obama and his allies have long touted the impact of the $787 billion economic stimulus package, also known as the American Recovery and Reinvestment Act. The measure was passed and signed in February 2009 — about 14 months after the recession began in December 2007 and about eight months before the national unemployment rate peaked at 10 percent in October 2009. The stimulus package was controversial at the time considering the size and scope of it, and its impact remains a matter of dispute. Obama officials, though, routinely credited the legislation with helping set the economy back on track following the historic recession, and claim it established the groundwork for economic gains under Trump. Under the Obama administration, the unemployment rate fell steadily after reaching a high of 10 percent early in his first term, but it has continued to fall under Trump. The unemployment rate is currently at the lowest it's been in the last 50 years. TRUMP ECONOMY, THREE YEARS IN: WHAT THE NUMBERS SAY Meanwhile, the stock market has surged under Trump. According to a Fox Business analysis, the stock market grew 31 percent in the 807 trading days before Trump's election, but grew by 56 percent in the 807 trading days after it, up through the third anniversary of Trump's inauguration this January. Also under the Trump administration, workers' wages rose, but according to the Fox Business analysis, had been rising slightly faster prior to Trump's first term.
Make America Honest Again
02-17-2020, 05:44 PM
The US crumbling? Call when the USD LIBOR (rate) is obsolete.
02-17-2020, 05:49 PM
(02-17-2020, 05:44 PM)BoyGenius Wrote: The US crumbling? Call when the USD LIBOR (rate) is obsolete.I'd have been more impressed with Obama if he'd cut taxes and regulations and had witnessed lower unemployment figures. Maybe I missed him redoing trade deals and fighting with China over trade and stealing US property, etc. Markets seem to reflect a change as well. Good point on the international interest rate, BG.
Make America Honest Again
02-17-2020, 05:50 PM
In reality it's Jimmy Carter's economic policies finally kicking in...
DC is a symptom, not the cause. The cause is basic voter stupidity and economic ignorance.
02-18-2020, 06:32 PM
Make America Honest Again
02-18-2020, 10:55 PM
Ozero - "These jobs are not coming back" "You can open a coal plant but you will go bankrupt" "Does he have a magic wand to bring these jobs back?" "I admit I'm not seeing these shovel ready jobs".
DC is a symptom, not the cause. The cause is basic voter stupidity and economic ignorance.
10-29-2020, 08:04 AM
The U.S. economy grew at a record-shattering pace in the third quarter as businesses reopened from the coronavirus shutdown, but the nation remains in a deep hole from the COVID-induced recession.
Gross domestic product, the broadest measure of goods and services produced across the economy, surged by 33.1% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday. The previous post-World War II record was a 16.7% increase in 1950. Refinitiv economists expected the report to show the economy had expanded by 31%. But the headline figure obscures the full picture: The economy contracted at an annual revised rate of 31.4% in the previous quarter, the sharpest decline in modern American history. "The economy in the third quarter will still be far below what it was pre-COVID, so far below that the depth of the recession even after that record growth will still be as a deep as a very deep recession, like the 2008 recession," Justin Wolfers, a University of Michigan economist, told FOX Business. The Commerce Department calculates the GDP on a quarter-over-quarter basis as if that level of growth were sustained for a full year; in times of huge swings up or down, it can exaggerate both the decline in growth and the subsequent rebound. Because third-quarter growth will be measured against second-quarter growth -- a historically low baseline -- any bounceback at all would generate huge growth. Based on the quarterly data, the nation's GDP increased 7.4% from the second to the third quarter, compared with a 9% decline between the first and second quarters. The economy remains 3.5% smaller than compared to the end of 2019. "Even though this quarterâ€s GDP came in relatively strong, we have to keep in mind that this grade comes on a big curve – this is really a benchmark against the drastic hole we started to climb out of in [the second quarter]," said Steve Rick, chief economist at CUNA Mutual Group. This is a developing story. Please check back for updates.
Make America Honest Again
10-29-2020, 08:33 AM
Biden trying to make the economy an issue on Trump is absurd. I know he has to at least try, but I would hope the majority of the population had the ability to reason that a Covid induced shutdown just miiiiiiiight have had a little something to do with it.
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