By John Gibney, Hamilton
There are those who think Obama was much better than Trump so let’s hear the truth.
Start with who’s really responsible for the upturn in economy. For six years Obama blamed Republicans for thwarting his spending agenda and hampering growth. The last two years of office, Obama said the 2% growth was the best he could hope for and the last year the economy stalled out and Obama claimed Trump’s tax cuts and deregulation would only make things worse.
The economy started booming after Trump reversed almost all of Obama’s economic policies, so clearly Obama does not deserve this credit. The White House Economic Advisor even noted that economy was stalling out in Obama’s last year and small business was on the decline before the 2016 election and business investments were stagnant. Since Trump, applications for new businesses are well above Obama’s second term and blue-collar jobs are growing much faster.
The GDP declined in Obama’s last year from 2.3% to 1.8%, under Trump GDP growth was 4.2% last quarter. The stock market was stuck in neutral in 2016 and is now up by 45%.
Under Obama, unemployment was unchanged at 4.9% and after Trump took office it started to go down to 3.9%. Clearly Obama is not the reason for our now booming economy.
No one thinks Obama administration did any dirty dealings, here’s a few facts. His administration deemed certain industries destructive or exploitative then regulated in such a way that it lowered the value of these companies which in turn ended up being financial gain for his friends so they could acquire those assets for pennies on the dollar. This investment company was called Vistria, a private investment firm owned by Nesbitt and Kirkpatrick, Obama buddies. Vistria’s investment portfolio bulged, this paved a way for officials in administration offices to end up taking high level jobs with Vistria.
Biden and Kerry were involved with trade talks with China and China linked firms and major stakes in several firms owned by their sons. After Biden’s trip, China’s central bank set up a $1 billion investment joint venture in their son’s firm.
So you see, Obama was not the pure unsoiled person Dems claim his administration to be. Stop bad-mouthing Trump, claiming his victories, and saying how evil he is. Obama was no saint. Let’s try to make America great again by pulling together, not apart.