While many people are fighting to take credit or those who are ready to assign credit, was it Trump or Obama who enacted policy to give the US economy a strong boost? Well since the 2008 economic crisis the Federal Reserve has maintained low interest rates, giving the Obama years massive support by flooding the economy with liquidity. Then when Trump took office, the liquidity had run its course and tightening began, but Trump enacted tax cuts and regulation cuts – both giving the US economy a strong boost.
The powerful waves of liquidity that saved the Obama economy were offset by President Obama enacting a record number of regulations that started to put drag on the economy. Trump cancelled those regulations and freed up the economy to breath and gain new life. According to Wall Street, the nation has seen strong growth in the past 21 months under Trump than the eight years under President Obama. Wall Street sees Trump policy as business friendly.
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Under the Obama Administration growth averaged 2.3 percent while under the 21 months of Trump the GDP expansion has been 2.7%. Also, from January 2017, when Trump took office, the number of jobs created each month has averaged 193,000 – this is an impressive number. This number is from the Bureau Of Labor Statistics. The job creation was good under President Obama but even stronger under Trump.
A lot of the growth and strength from 2008 until now is a demographic explosion in the Millennial world, and this has nothing to do with Trump and Obama, because young people have jobs and spending power. This is a seldom talked about fact that supported both the Obama economy and now the Trump economy.
Finally, President Trump`s approval rating is higher now than it every was under President Obama. The economy helps explain why this is true.There is a troubling fact about the Trump economy – the deficit continues to grow and this is a big problem when we think about taxes and interest rates.