President Donald Trump was clearly upset at a tweet from former President Barack Obama earlier this week, in which the latter commemorated the signing of the Recovery Act during the early years of his administration.
“Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history,” Obama wrote, per prior reporting from HillReporter.com.
Trump, for his part, responded to Obama’s tweet, suggesting that he believed the former president’s efforts didn’t do much good at all — and that he was taking credit for the economic positives that presently exist.
“Did you hear the latest con job? President Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration,” Trump wrote in his own tweet.
On Wednesday morning, during a broadcast of Morning Joe on MSNBC, Steve Rattner, a Wall Street economist who served on Obama’s auto recovery task force in 2009, took issue with Trump’s insinuations.
Rattner shared a chart on the program demonstrating that jobs created in the last three years of Obama’s administration outpaced the first three years of Trump’s:
— Steven Rattner (@SteveRattner) February 19, 2020
He also expressed serious doubts that Trump’s economy had anything to do with the president creating any economic positives at all, suggesting that whatever growth we did see was merely a continuation of the Obama economy.
— Morning Joe (@Morning_Joe) February 19, 2020
“It is really hard, and I’m trying to be intellectually honest, to think of things Donald Trump has actually done to make the economy better,” Rattner told host Joe Scarborough.
He cited Trump’s tax cuts as creating little investment in the economy short-term (and very little, if anything, long-term), as well as the trade wars that are hurting farmers across the country. He also pointed out how certain sectors were hurting — and how that could hurt Trump, in turn, in the 2020 election.
“Manufacturing jobs are being lost today in all of the swing states that are going to be important in the election,” Rattner said.
“When you boil it all down, the question is, what did Donald Trump actually do to make the economy better, or is this a continuation of a very long recovery that we had since the financial crisis?” Rattner added.