Mad Maxine strikes again! It seems the Democratic Congresswoman from California has made yet another audacious claim. This time she is claiming that that former President Barack Obama — and not the current President Donald Trump — deserves credit for the significant upswing in the economy we are enjoying.
Recently, President Trump touted the U.S. gross domestic product hitting 4.1% during the second quarter for the very first time since 2014, also adding that the nation as a whole is on track to achieve the highest GDP the nation has seen in 13 years.
For the very first time in the entirety of United States history, there are officially more jobs than there are unemployed Americans, as President Trump also pointed out unemployment claims are at their absolute lowest since 1969. Meanwhile, unemployment rates among African-Africans, Hispanics, and Asians reached the lowest levels ever recorded.
Yet as her prior history would demonstrate Waters seems to have a significant problem with facts. In a recent interview on MSNBC, Waters was asked about the impressive numbers cited by President Trump.
Waters stated in response – “Of course, the economy has improved, and of course he would like to take credit for all of that. “But in the final analysis when this country understands and feels what has been done with the tax scam and what that’s going to do for our deficit in this country, it’s going to be reversed.”
She then stepped further into delusional territory with the wild claim that President Trump’s economic policies would ultimately “undermine” the good work of the Obama administration.
According to The Daily Caller – “’Of course, the economy has improved, and of course, he would like to take credit for all of that,’ Waters told MSNBC’s David Gura. ‘But in the final analysis, when this country understands and feels what has been done with the tax scam and what that’s going to do for our deficit in this country, it’s going to be reversed. A combination of the tax scam and the tariffs will undermine all that has been done in the economy that was started by Obama.’
Waters acknowledged the economic improvement touted by President Trump, but contended that the ‘other mess’ will eventually be his downfall, especially if Democrats retake Congress.
‘This president is wreaking havoc on this country,’ Waters said. ‘And so while there is some improvement in the economy, we have all of this other mess that we have to take a look at and what is, you know, in the forefront of what is being talked about in the media.’
‘Democrats are working very hard,’ she said. ‘We have a lot of enthusiasm. We have good candidates. We have raised an awful lot of money, and I think we’re in a good position not only to take back the House, but I believe even possibly the Senate. Of course, if we do that, look out, president. You’re in trouble.'”
Yet according to CBS, the GDP grew at 1.6% during Obama’s final year in office in 2016. During President Trump’s first year in office, the rate increased to 2.3%, according to CNN Money. Additionally, the day after President Trump’s election in November 2016, the Dow Jones Industrial Average spiked over 250 points, closing at a record high of 18,589. Over the next year, it blew through the 19,000, 20,000…23,000, and now sits at over 25,000.
CNBC reports a 31% rise during President Trump’s first year represents the best tally since the 1930s, when the market was recovering from the 1929 crash.
Top economic advisor for the Trump administration, Larry Kudlow credits the economy’s strength to four very un-Obama policies his boss implemented since taking office.
Speaking to Fox News, Kudlow stated – “We’ve lowered tax rates, we’ve rolled back regulations, we’ve unleashed energy, we’re moving to fix the broken world trading system. You can see big numbers on capital spending, business investment. ”
Adding to that President Trump signed into law a tax package that took the U.S. corporate tax rate from a 35% to 21% in December 2017. This took America from the highest corporate tax rate in the industrialized world to one that was a little lower than average and it also allows companies to write off 100% of their investments in new equipment and buildings.
President Trump and his administration also cut the number of regulations in the Federal Register by 35% which translates to over 30,000 pages in the first year. This is the lowest about of regulations since 1993, according to the Competitive Enterprise Institute. By contrast, the page count hit an all-time high during former President Obama’s final year at 95,894. As of the end of December 2017, it stood at a whopping 61,950 pages.
Reuters also reported oil production on federal lands rose some 7% in 2017 to its highest level in at least a decade. Production on private lands rose 5% to 9.3 million barrels per day – a figure not seen since the 1970’s.
As the New York Post notes – “Nobody can dispute that the US economy had good growth in the second quarter. Nobody, that is, except those who look at the number from a politically partisan point of view, or PPPOV.
The Bureau of Economic Analysis announced Friday that the nation’s gross domestic product grew at a 4.1 percent annual rate on an inflation-adjusted basis. That’s the figure you see in the headlines, and it’s exactly where the experts were predicting. It’s also more than double the 2 percent annualized growth reported in 2018’s first quarter. And if you back out inflation — a notoriously inaccurate figure — the economy was growing at a “nominal” annual rate of 5.4 percent.
Good job, President Trump!”