Obama vs Trump economies

Discussion in 'The Water Cooler' started by Crazyhole, Jul 14, 2019 at 10:21 AM.

  1. Crazyhole

    Crazyhole Silver Knight
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    Had an interesting discussion about the economy with a liberal friend of mine. He claimed that the Obama years were every bit as good as the Trump years because GDP growth and inflation have been basically the same every year since 2010 and that unemployment has been on a steady decline the entire time so Obama's policies are every bit as good as Trumps. All of those numbers are accurate, but I explained that he was missing one important aspect. In the 8 years that Obama was president, the Fed had a 0% interest rate a for 7 years and for 1 year it was at .25%. Since Trump took office the Fed has raised the rates to 3 times the max level that Obama experienced in his tenure, not even taking into account the fact that for 6 years we were doing QE. That means we have experienced the same level of growth over the last 3 years while the FED has been contracting the money supply as opposed to growing it and lending it out for free.

    A pretty good argument can be made that in reality the Obama economy was actually recessionary the entire time and that while Trump's economy isn't necessarily great, it is actually producing real growth.
     
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  2. Cubs79

    Cubs79 Five-Star Recruit
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    Interest rates are still pretty low. Yes, they are higher than when Obama was in office, but they are still low. You are also dismissing that Trump inherited an economy that was already on the way up, while Obama inherited one of the worst economies since the depression. The president, no matter how good or bad, isnt likely to have that much of an impact on the economy to either save it by himself or destroy it by himself.
    https://www.cnbc.com/2019/02/28/tru...deliver-promised-3percent-growth-in-2018.html
    And as that article points out, the economy really isnt growing much, if any more than it did during much of Obama's administration.
     
  3. Crazyhole

    Crazyhole Silver Knight
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    That article fails to take into account the exact same thing my friend did: QE and 0% interest rates. Imagine what growth would "look" like now if the Fed was still pumping free money into the economy as they did for 7 years.
     
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  4. Ucfmikes

    Ucfmikes Silver Knight
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    I’m doing just fine with my larger take home paycheck

    I’m not sure that when we are discussing a
    President and the economy, we are ever talking about it’s saving or destruction

    Unemployment is down and gas prices are low

    Didn’t gas prices hit $4.00-$6.00 a gallon under Obama?
     
    4 Ucfmikes, Jul 14, 2019 at 11:29 AM
    Last edited: Jul 14, 2019 at 12:01 PM
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  5. Cubs79

    Cubs79 Five-Star Recruit
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    Unemployment has been on the decline for 9 years. Trump inherited an economy that was already having declining unemplyment and job growth. You can certainly say it has continued that trend under Trump, but to act like it didnt start until Trump became the president is ignoring the actual data.


    [​IMG]


    Average

    Gas prices are lower now than they were at points in Obama's administration, but they are actually higher about the same now as when Obama left office. There are also a lot of factors with gas prices though, that can't be pinned on a president. For example , If a natural disaster knocks out a refinery for a few weeks, then prices are going up, but that obviously isnt because of the policies of the president. Which gets back to may point that we give to much credit/blame often times to the president with regards to the economy.
     
    5 Cubs79, Jul 14, 2019 at 12:17 PM
    Last edited: Jul 14, 2019 at 12:23 PM
  6. Ucfmikes

    Ucfmikes Silver Knight
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    You have to admit though that when unemployment gets to these low levels that it’s very, very difficult to keep it trending downward.

    Honestly at this point a leveling off not only should be expected, but accepted

    As far as gas prices:

    “Gasoline prices fell sharply because oil prices collapsed. President Trump influenced that by conning Saudi Arabia into increasing production and then letting Iran continue to export oil.”

    Of course this could change any minute
     
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  7. Cubs79

    Cubs79 Five-Star Recruit
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    But quantitative easing was done to get the economy back on track from disaster of an economy he inherited. The economy would have recovered much slower, potentially even gotten worse, if not for QE. IF QE didnt take place, Trump wouldnt have inherited the economy he did and UE and growth would likely be much slower, so I would argue it is a moot point.
     
  8. Cubs79

    Cubs79 Five-Star Recruit
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    Of course, but it doesnt change the fact the Trump inherited an economy that was already improving. If a pinch hitter comes in to hit in the 9th inning of a 10-0 game, and hits a HR to make it 11-0, then that is great for him, but we also wouldnt act like he won the game with that HR. Honestly, if you think the economy is good now, then I think you would have to argue it was good under Obama's last few years as well, which is basically my point.
     
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  9. UCFKnight85

    UCFKnight85 GOL's Inner Circle
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    Here’s a bit of fact to dispel a lot of lies and fake news pushed by the left

     
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  10. UCFWayne

    UCFWayne Diamond Knight
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    some people cant accept that trump is doing a good job.
     
  11. The Branch

    The Branch Silver Knight
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    These days the only thing that matters is the narrative. You can have the best economy, but if you lose the public narrative it doesn't matter.

    People can bring out 4,000 different stats that tell 4,000 different stories on whether the economy is good or not. People can explain 50 different ways why this is Trump's great economy or he was just handed a great one by Obama.

    For Obama's 8 years, EVERYTHING bad was Bush's fault. Everything good was Obama's genius. Now with Trump, everything bad is his fault and everything good "started with Obama". It never ends.

    All that matters is the narrative. Just like everything else in politics (especially the economy and immigration).
     
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  12. fried-chicken

    fried-chicken Golden Knight
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    Yeah the economy is great for some people. Has your life changed much?
     
  13. UCFWayne

    UCFWayne Diamond Knight
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    yes, my wife got a better job. we are putting more money into our savings now than before while at the same time increasing our leisure spending. we are enjoying life now more than before. #winning
     
  14. fried-chicken

    fried-chicken Golden Knight
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    Welcome to adult life I guess? You know it's not abnormal to earn more money as you get older. I shouldn't be surprised you think career advancement only started under Trump but somehow I still am.

    I'm talking about middle class workers as a whole you troglodyte.
     
  15. UCFWayne

    UCFWayne Diamond Knight
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    you really live a sad and anger filled life. you are constantly lashing out. i hope you dont raise a hand to your children or wife.
     
  16. Knight_Classes_begin_7pm

    Knight_Classes_begin_7pm Silver Knight
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    Exactly! right after bush cheney PLUNGED us into the worst recession ever, President Obama had to fix it from zero. And he did it with Class.
     
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  17. Knight_Classes_begin_7pm

    Knight_Classes_begin_7pm Silver Knight
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    So one gets a better job and puts more money into savings, meanwhile, FRUMP is borrowing at a rate never seen before. The money has to come from somewhere? And wages rising...yeah, minutely.
     
  18. beelit47

    beelit47 Five-Star Recruit
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    Obama tripled the deficit of every preceeding president before him during his first term. Trumps economy has pulled more people out of poverty and off food stamps, obamas economy put more people on food stamps. Enjoy your TDS
     
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  19. DaShuckster

    DaShuckster Bronze Knight
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    Even CRAZIER than that, beelit, OBAMA ACCOMPLISHED THAT FEAT IN HIS FIRST YEAR IN OFFICE!!!

    Sometimes you have to literally stop in your tracks and wonder with genuine awe at the complete and utter ignorance of some people.
     

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