Trump falsely claims historic turnaround

Search
Joined
May 3, 2018
Messages
2,415
Tokens
[FONT=&quot]WASHINGTON (AP) — President Donald Trump falsely claimed he's pulled off "an economic turnaround of historic proportions."[/FONT]
[FONT=&quot]Speaking at the White House Friday after the government reported that the economy grew at an annual rate of 4.1 percent in the second quarter, Trump declared that the gains were sustainable and would only accelerate. Few economists outside the administration agree with this claim.[/FONT]
[FONT=&quot]His remarks followed events Thursday in Iowa and Illinois, where Trump falsely repeated a claim that the U.S. economy is the best "we've ever had" and incorrectly asserted that Canada's trade market is "totally closed."[/FONT]
[FONT=&quot]A look at the claims:[/FONT]
[FONT=&quot]TRUMP: "We've accomplished an economic turnaround of historic proportions." — remarks Friday at the White House.[/FONT]
[FONT=&quot]THE FACTS: Trump didn't inherit a fixer-upper economy.[/FONT]
[FONT=&quot]The U.S. economy just entered its 10th year of growth, a recovery that began under President Barack Obama, who inherited the Great Recession. The data show that the falling unemployment rate and gains in home values reflect the duration of the recovery, rather than any major changes made since 2017 by the Trump administration.[/FONT]
[FONT=&quot]While Trump praised the 4.1 percent annual growth rate in the second quarter, it exceeded that level four times during the Obama presidency. But quarterly figures are volatile and strength in one quarter can be reversed in the next. While Obama never achieved the 3 percent annual growth that Trump hopes to see, he came close. The economy grew 2.9 percent in 2015.[/FONT]
[FONT=&quot]The economy faces two significant structural drags that could keep growth closer to 2 percent than 3 percent: an aging population, which means fewer people are working and more are retired, and weak productivity growth, which means that those who are working aren't increasing their output as quickly as in the past.[/FONT]
[FONT=&quot]Both of those factors are largely beyond Trump's control.[/FONT]
[FONT=&quot]___[/FONT]
[FONT=&quot]TRUMP: "One of the biggest wins in the report, and it is, indeed a big one, is that the trade deficit — very dear to my heart because we've been ripped off by the world — has dropped."[/FONT]
[FONT=&quot]THE FACTS: Trump is correct that a lower trade deficit helped growth in the April-June quarter, but it's not necessarily for a positive reason.[/FONT]
[FONT=&quot]The president has been floating plans to slap import taxes on hundreds of billions of dollars of foreign goods, which has led to the risk of retaliatory tariffs by foreign companies on U.S. goods.[/FONT]
[FONT=&quot]This threat of an escalating trade war has led many companies to increase their levels of trade before any tariffs hit, causing the temporary boost in exports being celebrated by Trump.[/FONT]
[FONT=&quot]Richard Moody, chief economist at Regions Financial, said the result is that the gains from trade in the second quarter will not be repeated.
___
TRUMP: "We're having the best economy we've ever had in the history of our country." — remarks in Granite City, Illinois.
THE FACTS: Even allowing for Trump's tendency to exaggerate, this overstates things.
The unemployment rate is near a 40-year low and growth is solid, but by many measures the current economy trails other periods in U.S. history. Average hourly pay, before adjusting for inflation, is rising at about a 2.5 percent annual rate, below the 4 percent level reached in the late 1990s when the unemployment rate was as low as it is now.
Pay was growing even faster in the late 1960s, when the jobless rate remained below 4 percent for nearly four years. And economic growth topped 4 percent for three full years from 1998 through 2000, an annual rate it hasn't touched since.
___
TRUMP: "The Canadians, you have a totally closed market ... they have a 375 percent tax on dairy products, other than that it's wonderful to deal. And we have a very big deficit with Canada, a trade deficit." — remarks in Peosta, Iowa.
THE FACTS: No, it's not totally closed. Because of the North American Free Trade Agreement, Canada's market is almost totally open to the United States. Each country has a few products that are still largely protected, such as dairy in Canada and sugar in the United States.
Trump also repeated his claim that the U.S. has a trade deficit with Canada, but that is true only in goods. When services are included, such as insurance, tourism, and engineering, the U.S. had a $2.8 billion surplus with Canada last year.
___
Associated Press writers Jill Colvin in Peosta, Iowa, and Granite City, Ill., and Hope Yen, Darlene Superville and Ken Thomas in Washington contributed to this report.
[/FONT]



Delusional right wingers can spin this with fake news however they want but only morons are buying into the crap Trump is spewing lol

What else can you expect from Donnie? This is a guy that proudly filed bankruptcy multiple times and showed off about it. He'll bankrupt the U.S of A anytime now lol.

Now extremist rightys can come in here and spew hate and nonsense and act like they won a debate just cause they said so lol. These guys just make up stuff as they go along...
 

Rx Normal
Joined
Oct 23, 2013
Messages
48,487
Tokens
"I voted for Trump!" - road2retardation/Jaguara

pinocchio.jpg
 

Active member
Handicapper
Joined
Jun 18, 2007
Messages
76,518
Tokens

Active member
Handicapper
Joined
Jun 18, 2007
Messages
76,518
Tokens
Clown boy is always looking for attention

Or I should say road2retardation is always looking for attention
 

Active member
Handicapper
Joined
Jun 18, 2007
Messages
76,518
Tokens
road2retardation :):):):):):):):):):):):):):):):):):)
 

Rx Normal
Joined
Oct 23, 2013
Messages
48,487
Tokens
GDP boom: It sure looks like Trumponomics is doing what Obamanomics couldn’t

By Post Editorial Board

July 27, 2018 | 6:15pm

Modal Trigger
economy-gdp-trump.jpg

Shutterstock

Friday’s excellent economic news — 4.1 percent yearly Gross Domestic Product growth in the second quarter — poses an immediate question: Will it keep up?

If so, then Team Trump has decisively debunked the critics who pooh-poohed its vow to bring average GDP growth above 3 percent. It also exposes as utterly false Obama-era claims that the US economy had fundamentally changed, and that we’d all have to get used to a “new normal” of growth averaging just 2 percent.


The difference is huge: Already, the Trump boom has the unemployment rate at historic lows, including for blacks and Hispanics. And the tight labor markets are pushing up wages and pulling people who’d given up hope
back into the workforce, two enormously positive developments.

As for keeping it up: Critics claim these GDP numbers are just a temporary jolt from last year’s tax cuts, but in fact the cuts should bring a sustained growth in business investment on the order of 10 percent — and that means sustained, broad expansion.

President Trump’s deregulation drive is another marked economic plus over the Obama years, as well as another reason why the “new normal” was never truly inevitable — and why 3 percent-plus growth can continue even as the Federal Reserve raises interest rates and slowly unwinds its other desperation measures of the last presidency.

Which leaves potential trade-war blowback as the biggest dark cloud on the horizon. Let’s hope that the deal Trump and the European Commission
president announced this week is a sign that all the bluster will end with lower trade barriers, at least with America’s friends and allies.

Bottom line: So far, at least, Trump’s doing a better job of delivering on “Make America Great Again” than his predecessor ever did on the “Hope and Change” front.

 

Active member
Handicapper
Joined
Jun 18, 2007
Messages
76,518
Tokens

Active member
Handicapper
Joined
Jun 18, 2007
Messages
76,518
Tokens

Conservatives, Patriots & Huskies return to glory
Handicapper
Joined
Sep 9, 2005
Messages
85,699
Tokens
Liberals, living lies and denying the truth

Stick your semantics where the sun don't shine as you desperately try to deflect the truth

You were wrong about the economy, we were right, the debate is over
 
Joined
May 3, 2018
Messages
2,415
Tokens
Liberals, living lies and denying the truth

Stick your semantics where the sun don't shine as you desperately try to deflect the truth

You were wrong about the economy, we were right, the debate is over


It's funny how you republicants love to talk about lies and denying the truth yet it's all you do lol. Trump inherited a great situation after Obama and he's lying and taking credit for it and for things he hasn't even done. All you can do is deny it or make up fake news and bias, misleading statistics to try to argue it. Lol. Wow. How unpatriotic.
 

Life's a bitch, then you die!
Joined
Jul 10, 2007
Messages
28,910
Tokens
It's funny how you republicants love to talk about lies and denying the truth yet it's all you do lol. Trump inherited a great situation after Obama and he's lying and taking credit for it and for things he hasn't even done. All you can do is deny it or make up fake news and bias, misleading statistics to try to argue it. Lol. Wow. How unpatriotic.
Wipe that smirk off your face.
 

New member
Joined
Apr 7, 2016
Messages
6,600
Tokens
It's funny how you republicants love to talk about lies and denying the truth yet it's all you do lol. Trump inherited a great situation after Obama and he's lying and taking credit for it and for things he hasn't even done. All you can do is deny it or make up fake news and bias, misleading statistics to try to argue it. Lol. Wow. How unpatriotic.
please explain this great situation that trump inherited
 

Member
Handicapper
Joined
Jan 20, 2002
Messages
6,927
Tokens
Road is a douche. The economy is doing great. The tax cuts were a catalyst. Tired of the bashing. Trump wins in 2020.
 

Active member
Handicapper
Joined
Jun 18, 2007
Messages
76,518
Tokens
RoadtoRetardation
 

Never bet against America.
Joined
Jul 3, 2014
Messages
8,398
Tokens
Thank God Obama only had a total of 4 months of “total control” of Congress during which Obamacare was passed. Thank God that enough Republicans were in place to keep that pan buttered for someone like a Trump to take advantage of and prosper whereas Obama could have but didn’t.
 

Forum statistics

Threads
1,106,820
Messages
13,439,155
Members
99,339
Latest member
billcunninghamhomeloans
The RX is the sports betting industry's leading information portal for bonuses, picks, and sportsbook reviews. Find the best deals offered by a sportsbook in your state and browse our free picks section.FacebookTwitterInstagramContact Usforum@therx.com