President Donald Trump claims full credit for the strong economy and stock market.In his telling, everything was set to tank when he moved into the White House and took over from President Barack Obama.Assessing that argument requires giving Trump’s current economy a sort of report card as well as comparing what he’s done with what Obama did. Let’s get started.
“When I took over this economy, this economy was ready to crash,” he said on Fox Newsin October. “We were at 1% GDP. Now we’re at 4.2%. It was ready to crash. It was the worst. If you look from Depression — from the Great Depression — it was the worst recovery in the history of our country.”
Trump deflates Obama’s numbers here: The gross domestic product grew at an annualized rate of 2.6% in the fourth quarter of 2018 and at 2.9% for the year. It did achieve a 4.2% growth rate for a single quarter earlier in 2018. But growth was 1.8% in the fourth quarter of Obama’s last year in office and 1.6% over his last year in office, not the 1% Trump said.
“We’ve probably had the greatest first two years of any President in our history in terms of what we’ve accomplished with employment, with GDP, with everything,” he told Laura Ingraham on Fox News in February.