Donald Trump is taking credit for Barack Obama’s economy? What a joke. It is well known that whatever a new President does doesn’t begin to significantly impact an economy until at least a year into the new administration. This is particularly true when an administration fails to pass any significant piece of legislation through Congress.
That is what has happened under the Trump administration. NO MAJOR LEGISLATION. Not even something as simple as repealing Obamacare! What has happened is that Trump has done lots of tweeting, talking, bragging, bickering, insulting, complaining, whining, firing, and golfing. Oh, and all those temper tantrums. Did I mention lying?
Trump has also signed lots of Presidential Orders—more in seven months than Obama, George W. Bush or Bill Clinton did during their entire eight years respectively… which is interesting given how much Republicans criticized Obama for his tendency to issue Presidential Orders. What hypocrites. And no, Presidential Orders don’t affect the economy in any meaningful way in a few short months. (I know I know, this nightmare already feels like an eternity.)
There is nothing that we’re seeing in the stock market, jobs creation, GDP growth, etc. that is indicative of anything Trump has done. Yes, I understand Trump and his people are pushing out their chests, patting themselves on the shoulders, and tooting their horns. But the only thing they should be proud of is that they haven’t managed to single-handedly destroy the US economy in the short seven months they’ve been in power. They way they have our strategic relationship with Europe.
It is surprising that this amount of incompetence, lying, and overall shenanigans hasn’t already begun to sink the economy. If nothing else, because it creates extreme distrust and uncertainty. Why should US businesses feel anything other than fear, dismay, and concern about the Trump Presidency, as do traditional US friends and allies abroad now?
Not exactly a good recipe for creating the kind of reassuring confidence and sense of predictability that companies and investors need to justify spending and hiring. We’ll see how the US economy is chugging along a year from now. We’ll see if Trump and his apologists are inclined to boast and strut as they’re shamelessly doing today.