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Politics White House Report Takes Shots at Obama Economy Despite Elusive 3% Growth

23:50  20 february  2020
23:50  20 february  2020 Source:   usnews.com

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White House report takes aim at Obama while boasting about Trump's economic record. In its annual report to Congress, the White House highlighted GDP growth that has outpaced He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative

3 . Growth . Stocks soared under Obama , and he ended his White House tenure with one of the best gains of any president in modern history. The national debt swelled under Obama as the federal government spent money trying to rebuild the economy after the Great Recession.

The White House on Thursday claimed credit for the health of an economy now more than 10 years into the longest expansion in U.S. history, suggesting President Donald Trump's economic policies were "reversing the trends seen under the previous administration."

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The administration's annual Economic Report of the President claimed that, by outperforming gross domestic product and employment projections published years in advance by former President Barack Obama's administration, Trump's team had effectively turned the economy around.

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Under Obama , the economy hit or surpassed 3 percent growth during numerous quarters, but never sustained that level of growth for a full year. The economy would have to grow at an annualized rate of 3 .9 percent for the final two quarters of the year to balance out the crawl of the first quarter and hit

Despite that Fed officials offered a fairly upbeat assessment of the economy , expecting consumer spending to "likely remain on a firm footing," job gains to expand at a healthy pace, continued moderate economic expansion and inflation returning to its 2% goal.

"The current economy is not a continuation of the expansion after the Great Recession," Tomas Philipson, acting chairman of the White House Council of Economic Advisers, told reporters during a conference call on Thursday, dedicating the first several minutes of the call to distinguishing the economy's performance under Trump from its performance under Obama.

The president's report and Thursday's press call continued the administration's habit of attacking the economy's performance under Obama, despite the fact that job growth, budgetary shortfalls and international trade deficits were in better shape during the final years of the Obama presidency than during the first few years of the Trump administration.

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The CEA report projected economic growth this year will hit 3 .1% and continue at 3 % annually through 2024, as long as a full suite of suggested reforms are enacted including trade deals, an infrastructure plan and immigration rules that would favor more skilled workers.

White House economists predict that economic growth will not hit Donald Trump’s much invoked target of 3 per cent. The strength of the economy is The annual Economic Report of the President, published on Thursday by Mr Trump’s Council of Economic Advisors predicts that the economy will

When pressed about why the White House would claim the economy had reversed course under Trump despite the fact that more than 1.5 million more jobs were created during the final three years of Obama's presidency than during the first three years of Trump's, Philipson argued that "you can't cherry pick years of Obama and then compare it to Trump" and that "it's much harder to grow jobs when everyone has a job."

The Trump economy has indeed exceeded economic expectations laid out in 2016. Gross domestic product expansion bounced back in 2017, 2018 and 2019 after a lackluster 2016, with the U.S. economy averaging an annual growth average of 2.53% during the first three years Trump has been in office, according to data from the Bureau of Economic Analysis. That's compared with the 2.33% annual average the U.S. enjoyed during Obama's final three years.

Unemployment has continued to sink, at various points during the past year tying its lowest level since the 1960s. Wage growth has continued at a modest rate under Trump, and although job growth has slowed, monthly gains have marched further and with more robustness than many experts predicted in the mid- to late-2010s.

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The White House acknowledged what many economists considered obvious through much of last year: President Donald Trump's trade stance depressed economic growth and business investment.

The CEA report projected economic growth this year will hit 3 .1% and continue at 3 % annually through 2024, as long as a full suite of suggested reforms are enacted including trade deals, an infrastructure plan and immigration rules that would favour more skilled workers.

But annual GDP growth has failed to hit Trump's stated target of 3% in every year since his election. In 2018, Trump's best year for expansion, the economy grew at a 2.9% clip, tying Obama's best year in 2015.

What's more, the White House's Thursday report appeared to acknowledge that 3% growth may be elusive in the years ahead without the unlikely passage of more economically stimulative legislation. Assuming the "full implementation of the Trump administration's economic policy agenda," which includes federal infrastructure investments, further tax code adjustments and renegotiated trade deals, the economy is expected to average an annual growth rate of 2.9% between 2019 and 2030.

But Philipson acknowledged Thursday that "the administration's projections are always higher than other agencies" because White House officials bake the effects of desired legislation into their calculations. Indeed, the Congressional Budget Office last month estimated GDP growth would average just 1.7% between 2021 and 2030. The Federal Open Market Committee, meanwhile, in December projected the economy would maintain a growth average of 1.9% in the years ahead.

Bloomberg Campaign Ad Touts Relationship With Obama, Despite Complicated History

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Although Thursday's White House report is mandated by Congress to be produced each year, the timing of its publication was notable in that it comes just a few days after Obama tweeted in recognition of the Feb. 17, 2009, signing of the American Recovery and Reinvestment Act. Earlier this week, Obama claimed that the document "pav[ed] the way for more than a decade of economic growth and the longest streak of job creation in American history."

A few hours later, Trump tweeted that Obama was "trying to take credit for the Economic Boom taking place under the Trump Administration," suggesting the U.S. would be in a depression had former Secretary of State Hillary Clinton won 2016's presidential election. He described Obama's proximity to an expansion that lasted seven years under his watch and has continued for more than three years under Trump as a "con job."

Copyright 2020 U.S. News & World Report

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