At a White House press briefing Monday, Chairman of the Council of Economic Advisers Kevin Hassett gave the media a lesson on how the economic boom we're seeing under President Donald Trump is without a doubt because of Trump's policies. "Jobs in goods-producing industries - mining, construction and manufacturing - grew 3.3 percent in the year preceding July, the best rate since 1984, according to a Washington Post analysis".
In a rare breaking of ranks, Fox Business host, Charles Gasparino, called out President Donald Trump on Tuesday, writing on Twitter, "when was the last time [Donald Trump] said something that wasn't filled with utter bull s**t?"
Economists generally acknowledge that growth has accelerated this year compared with 2016 and 2017, and majority partly credit last year's tax cuts for fueling more consumer and business spending. After sharing this fact, Lemon played a clip of White House Press Secretary Sarah Huckabee Sanders dismissing Bob Woodward's new book, Fear: Trump In The White House, as "careless and reckless". President Trump deregulated the economy; we talked about how that has spurred growth.
Hillary couldn't win on Obama's record: Lastly, if Obama's economy was so great, why couldn't Hillary Clinton ride the wave into the presidency like George H.W. Bush was able to do with Ronald Reagan?
Hassett said the correct statement the president should have made is that the GDP rate rising above the unemployment rate had not happened in 10 years.
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The president claimed the GDP rate was the highest in 100 years.
Obama spoke before a receptive audience Friday where he claimed that his administration reversed 40 years of bad economic trends during his eight years in office. But his opponent at that time, former Massachusetts Gov. Mitt Romney, seized on the comment as evidence that Obama didn't appreciate small business.
He will have been encouraged by a Washington Post story Monday reporting that blue collar employment, typically prevalent in Trump country, is expanding more quickly than service sector jobs. "I like high GDP growth and low unemployment". Larger firms are better able to attract workers in a tight labor market because they typically can offer higher pay and more benefits. And many conservative politicians and pundits were happy to get the chance to relive the Obama years and point to what they perceive as his failures in office.
But another reason for the revitalization of business spending has been a turnaround in oil prices. Those swings alternatively dampened investment in drilling rigs and other heavy machinery and helped send that spending higher.