Last week, an Associated Press opinion article circulated last week that tried to feed the urban legend that Obama’s economy wasn’t so bad after all. “Trump Claims Credit for What Is Still Mostly Obama’s Economy,” its headline blared.
The article’s sentiment was actually reflected in a national Quinnipiac University poll that found 49 percent of respondents credited the good 2017 economy to President Obama and 40 percent thought Trump was responsible. This brings to mind George Orwell’s dystopian novel 1984, where a dictatorship’s propagandists routinely rewrote history to fit the ruling party’s narrative, dropping any evidence counter to the party line down “the memory hole” and replacing it with new evidence in the public record.
Obama’s economic record was so obviously bad for those living through it that the Left’s narrative then was that the weak economy was “the new normal” that Americans would have to get used to. They thought it wasn’t possible for the economy to do better. Trump and Republicans were derided as out-of-touch for suggesting that America’s economy could be restored to grow at the old, normal rates of three to four percent.
Yet, after Trump was elected, economic growth zoomed ahead precisely to three percent for most of 2017, despite progressives insisting it wasn’t possible.
The American historical record is that the the deeper the recession is the stronger the recovery is, as the economy grows faster than normal for a while to catch up to where it should be on the long term GDP trendline. That’s what happened under…Read More