Economists agree who is responsible for booming economy

hislegacy said:

Yep I watched one of the slowest recoveries in modern times.

I watched our debt double.

Then about a year ago a funny thing happened. The economy began to excellerate and the debt slowed.

Hmmm.....

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A couple of fiscal lessons needed here... let’s see if you can answer a few simple questions...

What is the difference between deficit and debt?

What fiscal challenge faced the Obama administration in FY 2009?

What has been the pattern of deficits since that time?

You laud the the fall in debt during FY 2017...whose budget is responsible for that year?

hislegacy said:

Economists agree: Trump, not Obama, gets credit for economy

Why would Trump rate higher than Obama with this group? Economists point to the upturn in business confidence that accompanied Trump’s election, and tie that to increasing business investment. Spending on capital goods accelerated sharply over the first three quarters of last year, growing at an annualized rate of 6.2 percent.

Such outlays will spur productivity gains and lead to wage hikes, creating a virtuous circle complete with rising consumer confidence and spending.

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I thought it was obama who had to deal with pulling the USA out of the GFC left by bush and that the economy has steadily improved. I thought i read that this is a continuation of that.

hislegacy said:

Some just cannot stand to see our President succeed or give him credit for anything.

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You should talk to @Mountainmanbob.

Mountainmanbob said:

Our investment broker agrees with me and before Trump was elected she was hoping and praying that he would get in and I also think that she gives no credit to Obama because she said she couldn't stand him or his policies.
M-Bob

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That kind of bias in an investment broker isn't good for your returns.

hislegacy said:

Some just cannot stand to see our President succeed or give him credit for anything.

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Writes the guy saying Obama had nothing to do with a 140% gain in the stock market during his two terms.

Mountainmanbob said:

Our investment broker agrees with me and before Trump was elected she was hoping and praying that he would get in and I also think that she gives no credit to Obama because she said she couldn't stand him or his policies.

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Whether or not she could stand having a black guy in the White House has little to do with how well the market and economy did during his two terms.

hislegacy said:

Then about a year ago a funny thing happened. The economy began to excellerate and the debt slowed.

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Debt slowed? Do tell. Let me guess - we're going to hear yet again about the debt on one particular date in June ... or was it July ... while ignoring the number right now.

hislegacy said:

And why didn’t this happen until after so many of the Obama rules and regulations were repealed and taxes cut?

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"this"?

How many posters seem to believe that the economy in 2016 was simply awful and became great the day Trump was elected. IMHO, this shows a gross misunderstanding of economics and of the economy.

BTW, I strongly agree that Trump's actions and inactions have helped the 2017 and 2018 economies. Of course, long-term issues have not been addressed as Bloomberg has taught us. We needed major action on education, infrastructure, and inequality.

This Tax Bill Is a Trillion-Dollar Blunder

I would add that we need to address the labor participation rate, which includes needed additional resources to address drug abuse, child care and health care.

I agree that a major corporate tax cut was needed, as well as an adjustment to the AMT and estate tax levels. The rest was simply a wealth transfer and stimulus at a time when this was unneeded. [The changes in regulations is a matter of policy that changes from time to time as we change parties in the White House].

Thou protesteth a bit much.

Obviously the Bush-Obama stimulus plans saved the country from a depression and gave us slow steady growth for 2 full Obama terms.

That being said, the growth rate and the labor participation rate were much too low. It would not have been terrible to continue at a 2% growth. It is clearly better to have the 3% growth rate we now have, and expect for the next couple of years.

The economic legacy of the Obama years is indeed a solid one: seven years of steady growth and low unemployment, growing out of the depths of a the deepest recession in our history.

Allandavid said:

A couple of fiscal lessons needed here... let’s see if you can answer a few simple questions...

What is the difference between deficit and debt?

What fiscal challenge faced the Obama administration in FY 2009?

What has been the pattern of deficits since that time?

You laud the the fall in debt during FY 2017...whose budget is responsible for that year?

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hislegacy said:

Yep I watched one of the slowest recoveries in modern times.

I watched our debt double.

Then about a year ago a funny thing happened. The economy began to excellerate and the debt slowed.

Hmmm.....

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And the largest tax cut in history was passed to increase the debt.

J

hislegacy said:

Writes the guy that can’t say one positive thing about the president

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hislegacy said:

Let’s see if you can answer a simple question:

Do you have more education or information than the economist in the article?

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I obviously have more than you...

Let’s take my last question (none of which I note you will address) first...

“Then about a year ago a funny thing happened. The economy began to excellerate (sic) and the debt slowed.”

Presidents submit their budgets in February for the following fiscal year. So, Obama’s final budget was submitted in Feb 2016 and took effect from October 2016 to October 2017...on behalf of the outgoing president, I thank you for the compliment...!

hislegacy said:

It sure can’t be worse than doubling it in eight years.

Where was your outcry when that was happening.

It’s also not proven accurate. The increase in wages. Results in more taxable income. The increase and expansion of business results in more Corp taxes, payroll taxes and tariffs.

Talk to me in three years and prove your case.

Until then, meh....

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There was this recession thingy that started in 2006 and lots of people were unemployed and businesses closed. And the military adventurism starting in the early 2000’s cost a load of money as well. That’s when deficit spending is indicated, not when unemployment is low.

Give Trump and the GOP time, they are off to a great deficit spending start.

That’s not to give Obama a pass, but Trump and his ilk are racing to break records.

BTW, tell me again when trickle down worked? It did not happen in Kansas.

hislegacy said:

Apple accelerates US investment and job creation

Seems Apple is repatriating a load of cash:

Apple, Returning Overseas Cash, to Pay $38 Billion Tax Bill

Apple also told employees Wednesday that it’s issuing stock-based bonuses worth $2,500 each following the new U.S. tax law, according to people familiar with the matter
​

The iPhone maker will begin issuing stock grants to most employees worldwide in the coming months, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The move comes on the same day Apple said it would bring back most of its cash from overseas and spend $30 billion in the U.S. over the next five years, funding an additional technical support campus, data centers and 20,000 new employees.

Funny, someone in the White House said this would happen.

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When are going to answer the questions about the debt levels which you claim fell during 2017...?

Allandavid said:

When are going to answer the questions about the debt levels which you claim fell during 2017...?

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It did fall by June (but went up after) and just as long as we keep the definition of the debt falling to mean between January and June, Trump lowered the debt!

LoAmmi said:

It did fall by June (but went up after) and just as long as we keep the definition of the debt falling to mean between January and June, Trump lowered the debt!

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Yes, but the point he won’t address is that it’s the OBAMA budget which impacted 2017, up until October at least...