Trump's latest boast about the economy isn't even close to accurate

by Ben Pena September 13, 2018, 3:26
Trump's latest boast about the economy isn't even close to accurate

On Monday morning, Trump tweeted that "The GDP Rate (4.2%) is higher than the Unemployment Rate (3.9%) for the first time in over 100 years!"

In a detailed presentation on Monday, top White House economist Kevin Hassett told reporters the world's largest economy turned a corner in the Trump era, pointing to sharp gains in business investment, business sentiment and corporate registrations.

GDP growth exceeded the jobless rate as recently as the first quarter of 2006, when unemployment was about 4.7 percent and quarterly GDP growth was 5.4 percent, government data show.

"If you look at the collective body of evidence, the notion that what we're seeing right now is just a continuation of trends is not super defensible", Hassett said.

Hassett responded to this error by quipping, "I'm not the chairman of the Council of Twitter Advisers".

In response, Trump did what he does best - talked utter bollocks that made little to no sense.

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For the most part, Barack Obama has remained silent in the face of a constant barrage of insults and abuse from his successor. "President Obama took office during the worst downturn since the Great Depression", he said.

The unemployment rate is at near-20-year lows, but recorded its steepest declines while Mr Obama was in charge.

The overall USA economy grew at a 4.2% annual rate in the second quarter. The U.S.is now its 10th year of economic growth, and in its longest period of growth with 95 straight months of job creation. Public appearances at the briefings are typically used to praise Trump.

In fact, Obama had been talking about manufacturing jobs - not economic growth - and had said, "He just says, 'Well, I'm going to negotiate a better deal.' Well- what - how exactly are you going to negotiate that?"

That's not the case for the S&P 500 Index, which has increased about 35% since Trump was elected on November 8, 2016.

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