Guest post by Joe Hoft
Many in the Mainstream Media (MSM) are having a difficult time giving President Trump credit for the great economy, arguably the best in history!
MSNBC’s Joe Scarborough went as far as to give former President Obama credit for this economy. Here are 10 reasons Scarborough and all the unbelievers are wrong – This Truly is Trump’s Economy!
1) Billionaire Free Enterpriser vs Public Servant Pamphleteer
The first argument that the current economic miracle is President Trump’s and not President Obama’s is the most obvious. Trump is a billionaire businessman who understands how to make money in a capitalist economy. Obama was a pamphleteer before getting into politics. To assume Obama ever knew anything about economics is a stretch.
President Trump used his economic knowledge and experience to put in place the ability for average Americans to succeed. Obama gave average Americans a handout.
To give Obama credit for the economy is to pretend that a street pamphleteer knows more about economics than a billionaire businessman pic.twitter.com/tR7hhvIx9W
— Dinesh D’Souza (@DineshDSouza) January 13, 2018
2) Stock Market Reactions to Elections
When Obama was elected President the already low stock market crashed. When Trump was elected the stock market skyrocketed. The markets are a gage of the economy and include expectations of the future.
When Obama was elected President on November 4th, 2008, the DOW stood at 9,625. The DOW tanked and by March 9, 2009, the DOW could go down no further as it landed at 6,547 for a decrease of more than 30%.
After President Trump was elected the DOW exploded. On November 8th, 2016, the DOW stood at 18,332. Since that date the DOW has soared reaching a new all-time high the day after the election on November 10th, 2016 and it has never looked back.
3) Trump’s Stock Market Records
Not only has the stock market skyrocketed since Donald Trump was elected President, the market’s rise is record breaking. Since the 2016 election, the DOW has closed at new record all-time highs 99 times! (President Obama never saw a new all-time high in the DOW his entire first term and only saw 105 all-time closing highs from his election till Trump’s.)
President Trump’s first year in office (2017) saw the most all-time stock market closing highs (71) as well as the largest increase in DOW history (4,956 points). Prior to 2017, no year in the DOW’s more than 100-year history ever saw the DOW increase by more than 3,500 points, let alone 4,900. The most all-time highs in a year prior to 2017 was 69 in 1995.
Since President Trump was elected President the DOW tied the record for the most all-time closing highs in a row. In January of 1987 President Reagan saw the DOW increase to new all-time highs a record 12 days in a row. In February of 2017, President Trump matched Reagan’s record.
The DOW reached its fastest 500 point increase between major milestones under President Trump. In January of this year the DOW surpassed 26,000 and six days later the DOW surpassed 26,500. Under President Trump the DOW has seen the fastest 1,000; 2,000; 3,000; 4,000; 5,000; 6,000 and 7,000 point increases in DOW history. No similar records occurred during the Obama years.
President Trump didn’t ride an Obama wave, the DOW under Obama went down in 2015 and stayed relatively flat until the 2016 election.
4) Obama’s Worst Recovery Ever
According Rex Sinquefield at Forbes in October of 2016 –
The Obama recovery of the last seven years remains the worst in postwar American history. Average gross domestic product (GDP) growth since the bottom of the recession in 2009 was barely above 2.1% per year. The average since 1949 is well above 4% per year during the previous 10 expansions.
This result is not just bad, it is catastrophic. The average American should not be wondering if his or her income is a bit above or below 2007 levels. Just by historical averages, the average American should be 20% better off than in 2007. And this slow growth is settling in as a permanent new-abnormal.
I believe the root cause of abysmal growth is the huge tax increases imposed by Obama and the Democrats in Congress since 2008. The most harmful were the increase in the capital gains tax from 15 to 20 percent, the increase in top bracket income from 35 to 39.6 percent, and the new tax of 3.8 percent on investment income in the Affordable Care Act (ACA). The massive increase in regulatory burden through the ACA and Dodd-Frank bills are also crushing, but unfortunately are harder to measure.
President Trump last quarter reached a GDP of 4.1%.
5) President Trump Lowered Taxes – Hundreds of examples of how they helped Americans
Liberals would have an argument that the current economic miracle is because of Obama if President Trump continued with Obama’s programs and policies, but he did not. At the end of 2018, President Trump signed a tax bill that overhauled the US tax code and eliminated the Obama tax penalty found in the ACA.
The Americans for Tax Reform put together a list of 700 examples of how the Trump Tax Cuts have helped Americans. This was discussed by Personal Liberty website.
When collectivists tell you that tax cuts for businesses amount to a “tax scam” and are “BS”, they’re lying (Nancy Pelosi). When multi-millionaire politicians tell you that $1,000 bonuses resulting from said tax cuts are crumbs (Pelosi again), they’re telling you that not only do they not understand how their fiscal policies impact working class Americans (the producer class), they don’t care.
This year’s tax cuts, passed by Republicans and championed by President Donald Trump, included a cut in the corporate tax rate from 35 percent to 21 percent in addition to a reduction in personal tax rates. Businesses responded by granting bonuses of hundreds to thousands of dollars to their employees. But bigger paychecks and on-time bonuses aren’t the only way America’s producer class has benefited.
Clearly President Trump’s tax cuts were the opposite of what Obama did over his two terms in office and they are moving the economy in the right direction.
6) President Trump Eliminated Regulations – Obama Added Them
In addition to his tax cuts, President Trump started cutting regulations the first day he stepped into the White House. After a year, even far left Politico noted that the President had drastically cut regulations –
In December, standing aside giant stacks of paper representing the morass of federal rules, President Donald Trump literally cut a line of red tape and declared victory in the war on government regulation. His administration, he announced, had repealed 22 regulations for each new rule issued, and cut regulatory costs by $8.1 billion—a headline number for what former White House Chief Strategist Steve Bannon called the “deconstruction of the administrative state.”
The reduction in regulations will continue to allow companies to spend dollars on building their business rather than meeting unnecessary government mandates. It’s difficult to measure the impact to the economy through the reductions in regulations but it’s clearly in the billions for average American businesses and corporations.
7) Obama’s Debt Increases Were Massive
When comparing the amount of US Debt (from the government’s daily report of debt) to the amount of GDP (from the most recent BEA release of GDP), the amount of debt to GDP is decreasing under President Trump (a good thing). When President Obama took over office the US Debt to GDP ratio was near 60% but by the time he left office he had increased the Debt to GDP ratio to more than 100%. President Trump is decreasing this ratio.
8) Trump’s Manufacturing Jobs Are Magic
Early this month, Charles Payne from FOX Business reported on some stunning manufacturing news. Via Making Money with Charles Payne:
Speaking of jobs, I looked at the ADP report yesterday, Tammy, 830,000 new manufacturing jobs in the last 19 months. The prior 19 months, 26,000.
Trump bested Obama by 804,000 manufacturing jobs since taking over White House when compared to the 19 months prior! These high paying jobs are the same jobs that Obama said would never come.
Obama accused Trump of having some sort of magic wand and the results show he does.
9) Trump’s Trade Policies Put America First
As soon as President Trump took office he stopped the US from getting into the horrible Trans Pacific trade deal. Next he went to work on the horrible NAFTA trade deal. Trade talks with Mexico and Canada are in the works. He then met with EU leaders and indications are that they have agreed to trade with the EU countries that eliminates tariffs – the closest thing to free trade the US and Europe have ever seen. He is working with other countries and signed a deal with Korea that will be used as blueprint with other countries.
When in China Trump praised the Chinese leaders for taking care of their countries while putting the blame on US politicians for the horrible trade deals with China. The people in China loved President Trump for this.
The trade deals are just beginning to be put in place. Americans will have the best deals in decades once the President is finished. These actions will lead a robust US economy for years to come.
10) Trump Work Ethic
It’s unknown if anyone in the White House has worked harder than President Trump this past year and a half while in office. This may be the biggest difference between Trump and Obama and it shows in their results –
Ah yes pic.twitter.com/LfLBAtLJRG
— Jack Posobiec 🇺🇸 (@JackPosobiec) August 6, 2018
