Claiming credit for U.S. economic recovery
- Author: Eleanor Harrison Sep 13, 2018,
Sep 13, 2018, 3:30
The White House even did a little bit of damage control, sending out economic adviser Kevin Hassett to tell the press that actually, the president should have said that the GDP is higher than the unemployment for the first time in ten years.
"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.
"I'm not the chairman of the council of Twitter advisers", he said. "It's the highest in 10 years".
And indeed, most of Hassett's comments were flattering as he praised Trump's record on the economy. Obama also made a problematic claim that Republican "sabotage" has cost 3 million people their health insurance.
The economy was, however, struggling when Obama took office in 2009. The company's research team tweeted out a list of the recent quarters when the GDP has been higher than the unemployment. At that time, the American jobless rate was 4.4 percent, and the gross domestic product increased at 16.5 percent in the third quarter - a difference of 12 points. "He was trying to take credit for this incredible thing that's happening", Mr. Trump told supporters in his own appearance in Fargo, N.D., shortly after Mr. Obama's televised speech.
"Some of those jobs of the past are just not going to come back", Obama said, during a town hall in June 2016 criticizing Trump's campaign.
That's not the case for the S&P 500 Index, which has increased more than 30 percent since Trump was elected on November 8, 2016.