Top White House Economist Says Trump's GDP Claim Was Wrong

Kenny Grant
September 12, 2018

In a rare breaking of ranks, Fox Business host, Charles Gasparino, called out President Donald Trump on Tuesday, writing on Twitter, "when was the last time [Donald Trump] said something that wasn't filled with utter bull s**t?"

This may have been a reference to a 2016 town hall where Obama pushed back on Trump's vow to bring back manufacturing jobs by negotiating a "better deal".

"I guess I have a magic wand", Trump said, pointing to 4.2 percent GDP growth in the last quarter.

Fox Business Network's Charlie Gasparino torched President Donald Trump over his Monday tweet in which he incorrectly claimed that the GDP had eclipsed the unemployment rate for the first time in 100 years.

INSKEEP: That's NPR White House correspondent Scott Horsley.

"If you look at the collective body of evidence, the notion that what we're seeing right now is just a continuation of trends is not super defensible", Hassett said.

Recovery Summer 2009: Democrats conveniently forget that it was their own policy, the 1977 Community Reinvestment Act, signed into law by then-President Jimmy Carter that led to the subprime mortgage crisis during George W. Bush's presidency.

Wilson, who worked in the State Department under Dick Cheney and was a campaign strategist for Rudy Giuliani, spoke about his new book, ["Everything Trump Touches Dies: A Republican Strategist Gets Real About the Worst President Ever,"]( //www.amazon.com/dp/dp/1982103124/?tag=saloncom08-20) on "Salon Talks".

"Given the two presidents involved, pyrotechnics and bombast were going to happen whether there was a recovery or not", said Douglas Holtz-Eakin, a former director of the Congressional Budget Office and adviser to former Republican presidential candidate John McCain.

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Asked to clarify Trump's tweet about that, Hassett smiled and said: "I'don't know". And usually the answer is he doesn't have an answer".

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Obama entered office amid the severe economic downturn known as the Great Recession.

Meanwhile, Trump has slashed regulations to energize businesses. "What I do know is that's the highest in 10 years".

"I do wonder who on earth told him that GDP growth had never been higher than the unemployment this century".

The economy grew at a 4.2 percent clip in the second quarter, the fastest since the third quarter of 2014 - again, under Obama. The U.S.is now its 10th year of economic growth, and in its longest period of growth with 95 straight months of job creation.

But Trump on Monday tried to use Obama's past words against him.

Yet, in another unusual twist, Trump's popularity has been consistently and historically low despite the relatively good economic times. Yet it was 50 words about the media that undercut Obama's credibility with the absurd claim that he - unlike Trump - didn't "threaten the freedom of the press".

Trump did himself a favor by not responding to Obama's speech in kind.

That's not the case for the S&P 500 Index, which has increased more than 30 percent since Trump was elected on November 8, 2016.

"So much of the growth is going into corporate profits and not enough into paychecks", said Bernstein. "What magic wand do you have?" he asked.

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