Obama poked Trump on the economy. Trump took the bait.
Former President Barack Obama celebrated Presidents' Day — or "President's Day," as President Trump tweeted Monday — by subtweeting his successor on the economy.
Trump has been touting the economy in his pitch for re-election, often employing exaggeration, and he got Obama's message.
That could have been the end of it, but Trump is not known for letting things go. So on Tuesday, Trump's trade adviser Peter Navarro, a key proponent of Trump's trade war with China, went on CNN to explain how Trump's economy is much stronger than Obama's. CNN's Poppy Harlow noted that Obama topped 4 percent GDP growth four times while Trump is yet to hit 3 percent, and he created more jobs on average during his second term than Trump has during his first.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Navarro was undeterred. "Back in the Obama-Biden years, it was horrible," he said, listing some talking points until Harlow finally broke in, noting the data doesn't support his argument. "You can look at your numbers, but I lived that," Navarro replied. "The numbers are the numbers, Peter," Harlow said. "This is all politics," Navarro concluded.
Axios took its own look at the numbers and ranked Trump's economy No. 6 out of the last 10 presidential administrations, based on average GDP growth, "the most comprehensive economic scorecard — and something presidents, especially Trump, use as an example of success." Presidents have limited control over the economy, but the average GDP growth under Trump is higher than under Obama, and "some aspects of the Trump economy, like wage growth and business investment, pale in comparison to other periods," Axios notes.
"Unlike other presidents, Trump inherited a steady economy that's since entered the longest stretch of growth in history," Axios says. "Interest rates remain low. Growth picked up in the wake of the 2017 tax cuts, but now the pace has moderated," hitting 2.3 percent in 2019. The juice from Trump's $1.5 trillion tax cut is wearing off and "businesses were too unnerved by the trade war to spend money on new factories or equipment — a key driver of growth," Axios reports. If consumer spending drops, watch Obama's twitter feed.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
'Solitude has become a notable, and worrisome, trend of our times'
Instant Opinion Opinion, comment and editorials of the day
By Anya Jaremko-Greenwold, The Week US Published
-
Blake Lively accuses rom-com costar of smear job
Speed Read The actor accused Justin Baldoni, her director and costar on "It Ends With Us," of sexual harassment and a revenge campaign
By Peter Weber, The Week US Published
-
Germany arrests anti-Islam Saudi in SUV attack
Speed Read The attack on a Christmas market in Magdeburg left five people dead and more than 200 wounded
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published