Whether you support President Trump’s policies or not, there is no denying that the US economy is quite strong right now. Some of this success may be Trump’s doing, while much of it appears to be part of an overall economic trend which began just under 10 years ago under President Obama. Economics is not a defined science. Just like one can not accurately predict when the next recession will hit, or if the stock market will keep going up, it’s impossible to clearly define what variables contribute to an economy’s success.
This morning it was reported that the US economy grew in the second quarter at a pace of 4.1%, falling just short of the 4.2% rate economists at Bloomberg had predicted. The 4.1% growth rate reflects a strong economy, but the President’s son, this morning, used the number to try and diminish the success that former President Obama had in pulling us out of the deepest recession since the Great Depression.
“Just because Obama never broke 2% doesn’t mean that someone with great policies can’t. Let’s keep this going,” Donald Trump Jr. tweeted this morning along with a retweet to the report by Department of Labor Secretary Acosta.
The problem is, however, that this tweet was blatantly false. In fact, out of the 32 quarters that president Obama was in office, 15 of them had an annualized growth rate north of 2%. In fact President Obama was responsible for 5 different quarters in which the US GDP expanded at a pace of 4% or greater. See below:
Second Quarter, 2014 – 5.1%
Third Quarter, 2014 – 4.9%
Fourth Quarter, 2013 – 4.0%
Fourth Quarter, 2011 – 4.7%
Fourth Quarter, 2009 – 4.5%
Not only was Donald Trump Jr.’s tweet inaccurate and irresponsible, but it was so far away from the truth that it’s almost laughable.