Barack Obama is a proud man and it was somewhat endearing when he stooped to claim he had created the ground on which Trump’s economy was growing. The media sided with Obama, no surprise.
Trump counterpunched—no surprise there either. “If the Democrats had won the election of 2016, GDP, which was about 1% and going down, would have been minus 4% instead of up 4.2%,” Trump tweeted. The 4.2 percent he referred to was the growth rate for the second quarter of 2018.
“I opened up our beautiful economic engine with Regulation and Tax Cuts,” Trump wrote. “Our system was choking and would have been made worse. Still plenty to do!”
Trump is correct about the condition of the economy in late 2016. It was weakening. The shift in economic policy to the right changed the direction of growth from down to up, just as it had with JFK and with Reagan. That’s what tax cuts deliver and tax hikes don’t.