Trump claims credit for the economy. Not so fast, says Obama

President Barack Obama called for the'restoration of honesty and decency and lawfulness in our government and ripped President Donald Trump

White House economist Kevin Hassett fact-checked a seemingly extraordinary claim about the country's GDP growth rate overtaking the unemployment rate for the first time in more than 100 years.

On Monday morning, Trump tweeted that "The GDP Rate (4.2%) is higher than the Unemployment Rate (3.9%) for the first time in over 100 years!"

Standing behind the same podium where the former White House press secretary Sean Spicer once falsely claimed that Trump's inauguration drew the largest crowd there had ever been, Hassett thanked the reporter for the chance to set the record straight.

GDP growth exceeded the jobless rate as recently as the first quarter of 2006, when unemployment was about 4.7 percent and quarterly GDP growth was 5.4 percent, government data show. "When you hear how great the economy's doing right now, let's just remember when this recovery started", he said in a speech kicking off a midterm campaign blitz.

Barack Obama's recent denunciation of President Donald Trump's treatment of the press overlooks the aggressive steps the Justice Department took to keep information from the public when he was president.




"I'm not the chairman of the council of Twitter advisers", he said.

The economy was, however, struggling when Obama took office in 2009.

The economy grew at a 4.2% rate in the second quarter, the fastest since the third quarter of 2014 - again, under Mr Obama. "I like high GDP growth and low unemployment".

The president seemed to be imprecisely referencing remarks made by Obama at a town hall event in 2016, in which he questioned promises from Trump regarding manufacturing jobs, not economic growth. The bulk of that decade of growth was under Obama's presidency, and can fairly be credited to him.

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.

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