This article contains commentary which reflects the author's opinion
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Trump’s Economy Adds Up
It is hard to imagine a White House Economist, or any economist for that matter, delivering an interesting, lively speech on the nation’s economy, but a weeks ago Kevin Hassett did just that. Maybe it was because he was delivering what to most would be good news. The speech featured a display of relevant charts and stuck to a 10-minute presentation mandated by Sarah Huckabee Sanders, the press secretary. The speech was followed by a brief Q and A which was equally well delivered. Okay, so much for the niceties, what was the speech all about?
The subject was the most refreshing of all. Many of us are already feeling the impact from the changes taking place economically since Trump was elected. Through Chairman Hassett’s speech, we now can see the numbers taking shape. No surprise to any of us who voted for Trump, the numbers are yet another series of promises he is making good on. No wonder Trump is getting so much opposition from members of both parties, who lived on our money, made excuses to us, and did absolutely nothing. These numbers show what happens when you elect an experienced doer instead of an incompetent dreamer.
The highlights are stellar across the board, from the lowest unemployment rate dating back many years, to the closing of the racial gap in those numbers. More significant is the $300 billion domestic investment by businesses, because this will have dramatic impacts in the very near future. It is these investments that will pave the way for new jobs and higher wages as well as opportunities for new small businesses to build and prosper.
Surprisingly, there were only two questions that appeared to give credit to the Obama administration for setting up the trajectory for Trump to tap into. This is also what some in the Democrat party, including Obama, have tried to claim. Hassett was definitive in his presentation, clearly showing the trajectory as heading straight down until Trump was elected. Then it turned upward almost immediately once he was elected.
When Hassett was asked why he clearly explained that it was Trump’s business-friendly approach and commitment to lower taxes that caused the trend to shift. What is interesting in that response was the number of business executives who were gearing their businesses to go outside of the U.S. because of Obama’s policies, which were the exact opposite. Their impending exodus was a message that Obama, Clinton, and the Democrats chose to ignore.
The other question was about the lame excuse that Obama used during his entire administration, which was that he inherited a dismal economy once he took office and that is why he could not make it work. People who believe that probably believed it when Obama said: “If you like your plan, you can keep your plan.” In general, that should be a fair question if it were being brought up by the general public, but from a journalist, it shows a disinterest in looking at the facts.
What Democrats and their shills in the media choose to ignore is that Democrats held both houses during the last two years before Obama took office, and had a big hand in the economic downturn. More significant was that when Obama took office, they not only had both houses but they had a filibuster-proof majority, or supermajority, meaning that they had no opposition whatsoever.
Huh? They had a Democrat President, and they had free reign to impose any and all policies they wanted in order to get the economy moving without fear of any reprisals from the GOP. They could have gone gangbusters on fixing the problems they said were caused by Bush. One would rightfully question that, with all of the great ideas they say they have, why did the economy go from bad to worse? The fact that no mainstream journalist addresses this really shows their bias.
A History Lesson
Let us not forget the Carter years, also a topic that the biased ones in the media chose to ignore when it comes to inherited economic disasters. When Jimmy Carter was in office, he had Democrat majorities in both houses, and inflation was at 12 percent a year. The prime rate was at 18 percent. Instead of the Chinese then, it was the Japanese who were buying up properties at an alarming rate and dumping steel in our markets that put our steel companies out of business.
Like Trump, Ronald Reagan inherited a disaster, with both houses occupied by the same majorities who let it happen. Like Trump, Reagan turned it around into a boom that lasted for nearly 12 years, until a RINO, followed by a Democrat, took it over. One of the more effective tools that Reagan used back then, which is what Trump is doing now, is Tariffs which helped to end the steel dumping and protect our business and workers. Many of us who voted for Trump were hoping and even expecting a Reagan re-boot. Hassett’s presentation confirmed that we are getting what we hoped for and so much more.