Trump slams Obama for claiming he's responsible for creating a decade of economic growth: 'Latest con job'
President Donald Trump lashed out at Barack Obama on Monday after the former president claimed credit for economic gains in both their terms.
Obama took to Twitter on Monday to mark the anniversary of him signing the 2009 economic stimulus package claiming it paved the way for "a decade of economic growth."
“Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history,” Obama wrote, alongside a photo of his signature on the bill.
But Trump's campaign fired back in a statement to Fox News saying the economy was booming only after the actions Trump took to undo Obama's policies.
“President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy,” Trump campaign national press secretary Kayleigh McEnany said. “Obama and Biden orchestrated the worst economic recovery in modern history.”
“By contrast, though, deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans, and many other hard-working Americans," she added.
“Paychecks are growing at the fastest pace in a decade and twice as fast for low- and middle-income Americans,” McEnany continued. “It’s no wonder Democrats seek to take credit for the Trump economy after eight years of betraying blue-collar workers and inflicting pain upon the middle class as Americans everywhere suffered. But the failed days of Democrat stagnation are over, and the soaring Trump economy is here to stay.”
President Trump attacked his predecessor Monday night in a scathing tweet.
“Did you hear the latest con job? President Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration," he wrote. "He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing. NOW, best jobs numbers ever. Had to rebuild our military, which was totally depleted. Fed Rate UP, taxes, and regulations WAY DOWN. If Dems won in 2016, the USA would be in big economic (Depression?) & military trouble right now. THE BEST IS YET TO COME. KEEP AMERICA GREAT!”
The Obama administration's American Recovery and Reinvestment Act was passed and signed in February 2009. The former POTUS and his allies have touted the impact of the $787 billion economic stimulus package ever since.
At the time, the package was deemed rather controversial — considering the size and scope of it — and its ramifications are still up for debate. Nonetheless, Obama and his camp have regularly credited the legislation for helping the economy bounce back from the historic recession — also claiming that it laid the foundation for economic gains under the Trump administration.
During the Obama era, the unemployment rate fell steadily after reaching a peak of 10 percent early in his first term. It has continued to fall under Trump, and the unemployment rate is currently at the lowest in the past 50 years.
According to a Fox Business analysis, the stock market saw an unprecedented surge under Trump -- growing 31 percent in the 807 trading days before Trump's election, but witnessing a 56 percent increase in the 807 trading days after the same.
Meanwhile, workers' wages also rose under the Trump administration. However, it had been rising slightly faster prior to Trump's first term, according to the outlet.