In yet another desperate attempt to divert attention from his own tumultuous administration, Trump tonight set his sights on his predecessor, former President Barack Obama.
In a fraught tweet, the President strangely cast doubt on Obama’s economic figures; in actuality, Trump inherited an incredibly healthy economy from his predecessor.
The Fake News Media barely mentions the fact that the Stock Market just hit another New Record and that business in the U.S. is booming…but the people know! Can you imagine if “O” was president and had these numbers – would be biggest story on earth! Dow now over 25,000.
— Donald J. Trump (@realDonaldTrump) January 5, 2018
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It should be noted, first off, that the Dow Jones Industrial Average hit an all-time high 122 times during Obama’s presidency. Per CNN, “the Dow has reached a new high, on average, once every seven days since fully recovering from the Great Recession in March 2013.”
Furthermore, while Trump would undoubtedly love to take sole credit for the thriving economy, only a tiny fraction of it belongs to him. Most of the credit belongs to Obama.
The stock market is indeed at an all-time high. However, we are in the midst of a 106-month old bull market. Trump, for his part, owns only 12 of those months, beginning – generously – in January of 2017 when he took office. The other 94 months, unsurprisingly, occurred during Obama’s tenure.
Even that much credit, however, could be considered excessive because, until October 1, 2017, the economy was still operating under President Obama’s budget. In other words, a valid argument could be presented that because the government was still functioning based upon policies enacted under Obama, Trump cannot take credit for the successes of the American economy during that time.
While Trump’s tweet was certainly rosy, it is grossly lacking in context. In reality – a concept that often proves difficult for the delusional President – “his” economy can probably be summed up with two words: Thanks, Obama.