February 21, 2020

The annual Economic Report of the President was released Thursday, a massive 435-page compilation of government economic statistics. Here’s the entire thing in PDF form, if you’d like a little weekend light reading:

If you’d prefer a bottom-line summary, try this: This economy is hotter than Satan’s steam bath. And no, former President Obama, you did not build that.

Obama and many Democrats are trying to claim that Trump merely inherited a booming Obama economy, which makes me concerned that they might be suffering short term memory loss. The Obama Administration ended just three years ago. Most of us remember it quite well. Remember when economists used to be surprised by monthly jobs reports because they were LESS than predicted rather than MORE than predicted? That was the Obama years in a nutshell. Hope, but no change.

The White House is going all-out to crush that narrative, and using the numbers in the new report as a sledge hammer...

They quote a number of stats to argue that there has clearly been a major upswing from the end of the Obama years, when many economists were warning we were overdue for a recession (the previous one officially ended in June 2009, but many Americans hardly noticed for years; and when they complained about stagnant pay, anemic job creation and low growth, they were told it was the “new normal,” manufacturing jobs weren’t coming back, and to get used to it.) Here are five facts from the new report that show the Trump economy is outpacing Obama’s far beyond what the “experts” predicted:

“Real GDP is 1.4 percent—or $260 billion—higher than projected…Real wage and salary compensation per household is roughly $2,300 higher than projected…Total non-farm payroll employment is 5 million higher than projected…The unemployment rate is 1.4 percentage points below projections…The labor force participation rate is 1.5 percentage points above projections.” That last figure means many people who gave up looking for a job under Obama are now back at work, which also helps reduce the need for government assistance such as food stamps.

It also notes that there were “turnarounds or improvements in the pre-election trends for homeownership, prime-age labor force participation, manufacturing employment, labor productivity, and net wealth for the bottom half of American households.” That's right, despite what you keep hearing from Bizarro World (i.e., the Democratic debates), this economy is working for the poor and middle class.

Again, in short: the report confirms that areas that were trending downward or incrementally improving under Obama all took off like a rocket after Trump took office. There are a lot of charts and graphs in the report, but if you want to summarize them all, imagine a chart showing the acceleration of a powerful speed boat with its motor going full throttle. Trump’s Inauguration would mark the point at which someone cut the rope tying the boat to the dock.

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Comments 1-7 of 7

  • Walter Sloan

    02/28/2020 07:00 PM

    All I can say is “the Democrats are so pathetic it’s laughable”.

  • B. Drinkwine

    02/28/2020 06:55 PM

    It is my sincere desire that Obama read this entire report. NO....he did not have anything to do with the economic recovery under President Trump. We lived through the horrible Obama years when no jobs could be found worth a quality standard of living. All we heard from Obama was his blame of the president before him. It was demoralizing and crippling for young families. They had just graduated college and could not even find work in their degree area. There was one point when I felt we would not recover from what Obama was doing to this country institution by institution. Then President Trump literally came to the rescue. In fact he left a billionaire's life style to come to the rescue of his country. My husband pointed out Trump when Trump was a Republican candidate. I tended to vote Democrat at the time and did not fully come on board until I heard Trump speak. Then I knew he was exactly what this country needed for a time such as it was. This president...President Trump will surely go down in history as the greatest President to ever serve his country.

  • james alan randolph

    02/22/2020 02:09 PM

    My main concern is borrowing $1T ($1,000,000,000,000) dollars to run the federal government... per year ... instead of the private businesses growing and thriving with lower taxes. The federal "BUDGET" will destroy America, unless we borrow from CHINA, then default, and leave them with worthless paper. (TRUE ECONOMIC WARFARE ... can only use ONCE) ...
    Then the USA can never find anyone to loan us $25 trillion dollars ...
    We will have to reduce government spending to match taxes ...

  • Joelle Osias

    02/22/2020 11:35 AM

    During the obama era, when I applied for a management position, I was competing with 200 to 800 other candidates at times. That is what the actual reports showed “357 others applied for this position”. In the past 3 years, I finally found a job. I am grossly underemployed for an experienced MBA, and took a $20K annual pay cut, but when I apply for management positions today, I compete with 20-80 other applicants, not 200 to 800.

  • George J Murrey

    02/22/2020 09:50 AM

    When I went to bed, thinking that all was over with for then citizen Trump, I woke up thinking Clinton, not Bill, won. I turned on the news, Fox News of course, and I was more than amazed and happy. At the same time, I had heard pundits from the economic sector that we would be doomed. This is when the stock market started to climb, each and every day. With the help of congress, this is where Obama used his pen like he was writing love letters to the Muslims, we have a Tax Reform Bill, deregulation of the long arm of the EPA (Obama let them restrict all energy companies), some manufacturers coming back due to the tax reforms and with more on the way. Add that to all minorities benefiting being able to get jobs, where there weren't there once before. Today we have best of everything thanks to Pres Trump. I'm praying more good things to come into the future.

  • Allison Grace

    02/22/2020 08:39 AM

    President Trump is the best President we've ever had in my lifetime!
    Governor, I was one of those people who had given up in the Obama years. Now I have the best job of my life. For me, it's simple. President Trump proves himself with facts I can see and touch! 4 MORE YEARS! KAGA!

  • Kay Money

    02/22/2020 07:18 AM

    Fabulous news! Four more years for Trump please!!