Peter Morici: Trump’s economic miracle

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  • UtahBlueDevil Alpine, UT
    May 19, 2019 2:39 p.m.

    " But politicians did quaint things like accept the outcome of elections, sustain good humor by refraining from vitriolic remarks aimed at opponents and worked on solutions that improved the lives of ordinary working folks."

    Wow.... talk about loosing credibility! Like what? Iran Contra? The Bill Clinton Impeachment? Obama job growth numbers never were .5%. I respect a good difference of opinion. I don't respect out and out fabrications.

    If we are hinging our economic growth on things like Uber (which looses Billions each year) for our sustained growth, we are all in trouble. Ask an Uber driver if they make enough to raise a family. The only people making money off of this new every employee a contractor model is wall street. Peter is right..... people aren't buying homes as much any more, because his economic model has only the well off can afford to own a home.

    This may be Peter's vision of a new and dynamic economy. But it is one the only serves a few. It's not a vision I share.

  • Utefan60 , 00
    May 19, 2019 9:11 a.m.

    The day after Trump won. Mitch McConnell proclaimed that the then current economy, (the one that President Obama presided over) was due to this election. In just 24 hrs?

    The GOP claimed success that they had nothing to do with. But all of a sudden it was Trump's and the GOP's policies. Really?

    There is a statement that investors lives by. "Money talks, Bull walks"

    Let's compare performance of President Obama as compared to the exact same time frame as Trumps. Let's look at Stock Market performance.

    Under President Obama the stock market increased 82.27 percent.

    Trump's supposed "miracle performance", as of today the stock market has increased 17.56 percent, since he took office.

    To explain in terms that even his supporters can understand. $100 invested under President Obama returned a total of $182.27. The same $100 under Trump returned $117.56.

    Trump's economy a "miracle"? No amount of Trump's rhetoric, or his supporters twisting of facts can change how my 401-k performed based on the Dow Jones Industrial average. This for the exact same period of time.

    Trump inherited an amazing economy. Period! Just like he inherited his own money.

  • Iron Rod Salt Lake City, UT
    May 19, 2019 3:53 a.m.

    Personal experience.

    When Trump was elected I contacted the office of Senator Hatch and asked the current amount of the national debt.

    I was told it was about $18.5 trillion dollars.

    I googled the current national debt and the response is over $22 trillion.
    That is almost $4 trillion over two years.

    Is our current economy based on debt?

    Is is similar to a neighbor who makes less money than you but goes into debt to buy a boat, new cars, European vacation and remodel his house?

    He hopes inflation will bail him out.

    Is our current government the same?

    Could we characterize our current government as Borrow and Spend?

  • louie Cottonwood Heights, UT
    May 18, 2019 3:10 p.m.

    Give me a trillion dollars without a payback obligation and maybe I could do the same. During Obama the federal deficit was closing in on half that much.

    My question is how good must the economy be so we can control deficit spending?

  • one old man MSC, UT
    May 18, 2019 11:45 a.m.

    Well, about all we can do is say that at least trump hasn't messed up the economic recovery started by Obama after the Cheney / Bush depression.

    Not yet, at least . . . .

  • Flipphone , 00
    May 18, 2019 11:45 a.m.

    It's not a miracle Trump just promoted Good Economic principles.

  • Ranch Here, UT
    May 18, 2019 9:57 a.m.

    Miracle and Trump in the same sentence. Oxymoron.

  • Shaun Sandy, UT
    May 18, 2019 9:54 a.m.

    @what in tucket

    What is your defense of the trillion dollar deficit for this year? Trump supporters brag about the economy but get real quiet when talking about the deficit.

    Trump is like a neighbor who makes 50k but buys all the toys on debt and brags about how well he is doing.

  • patrioticAMERICAN South Jordan, UT
    May 18, 2019 6:51 a.m.

    GDP is down, trade deficits are up, consumers are paying more for just abt everything--thanks to Trump's tarrifs. He obviously doesn't understand how trade & economics work. He refuses to acknowledge that a tariff is just another word for tax--a tax that American businesses are now paying in spades, mostly passed onto American consumers. So if there were any gains (and that's debatable) for the average American, from the 2017 tax cuts, they will mostly wiped out by the higher prices we are paying for food, cars, clothing, washers & dryers, houses, electronics, & just abt anything made of steel or aluminum.

    And then there's farmers that had to declare bankruptcy because the backlash from tariffs put the final nail in their coffin; manufacturing companies that are struggling or have gone out of business because they can't afford to pay the higher steel or aluminum prices imposed Trump's tarrifs; & because Repubs in Congress who claim to be advocates for the free market, aren't doing anything but *complain* abt the tariffs, because they don't dare "cross" the self-proclaimed "Tariff Man".

    And Trump can't acknowledge any truth that makes himself look bad. A storm is coming.

  • What in Tucket Provo, UT
    May 18, 2019 6:21 a.m.

    Obama benefited from the business cycle. As he came into office it was down and ready to start back up. His stimulus bill and other things slowed the recovery, but could not stifle it. He told us things would never get any better. Our manufacturing sector went to China. Trump is fighting the natural "down" of the business cycle. Hard to believe people cannot see that removal of red tape and tax cuts resulting in a larger tax revenue are not good. If we go to socialism China will cheer.

  • Roland Kayser Cottonwood Heights, UT
    May 18, 2019 12:08 a.m.

    @2bits: You are wrong. Obama did not change the way unemployment is calculated. What you are referring to is the U6 rate, which does include people who have given up looking for work as well as people working involuntarily part time. The Obama administration did publish those figures, but no administration in history has tried to highlight that rate, because it makes them look worse. The current U6 rate is about 7.5%.

  • unrepentant progressive Bozeman, MT
    May 17, 2019 6:31 p.m.

    As usual, Trump and his supporters take credit for the gift they received from the previous administration. An economy back from the brink of recession.

    Then again, Trump has always taken credit for other's work. It's his thing.

  • Hutterite American Fork, UT
    May 17, 2019 5:16 p.m.

    Trumps economic 'miracle'? Debt. Run up the bills, then run from the scene. How's GDP comparing to the debt? Is all that spare money coming in for the wall?
    The miracle, such as it is, is that he's pulling this off and we're going to be stuck with what's coming.

  • scrappy do DRAPER, UT
    May 17, 2019 3:13 p.m.

    Ha ha people giving Obama for the slowest recovery from depression in modern times

    Policies matter... that’s a fact and Democrats have a tendency towards policies that stifle the economy.... and the new breed of socialists running for president are way worse than Obama.... just remember people clamor to come to the land of opportunity because in theory they will have the liberty to succeed or fail without too much interference from the government.... nobody wants to come to the land of limits, little opportunity and government overreach into their lives.... that’s what they are leaving behind

  • Shaun Sandy, UT
    May 17, 2019 3:00 p.m.

    @2bits

    The context of your original comment was based off how well the economy is doing. Stating that unemployment is down as well as food stamps is an indication that you have bought into the trump numbers but then you chide me for not being skeptical back then.

    But then you state in the comment to me that the trump numbers brag about are probably bogus show you shifted your position from your original comment. Who is not being consistent?

    My original comment was basically pointing out that Trump is using the very same metrics to give credibility to his presidency that he called bogus during his campaign.

    Your comment was basically a strawman argument because my comment was pointing out Trumps manipulation of the numbers not what the unemployment rate was during the Obama administration.

  • 2 bits Cottonwood Heights, UT
    May 17, 2019 1:23 p.m.

    Shaun,
    I don't blame you for being skeptical back then. You were skeptical back then too... right? Not just now.

    Just checking if you are consistent.

    The numbers were bogus back then. And they probably still are. So it's good to be skeptical now (and back then).

    The reason many stopped trusting the unemployment numbers back then was... the Bureau of Labor Statistics decided to stop counting people who stopped looking for work. That changed the numbers significantly (making it look significantly better than it did before for the Obama Admin). I think they are still not counting the people who stopped looking. So yes... they are still bogus numbers.

    Google "Don't Be Fooled, The Obama Unemployment Rate Is 11% - Forbes"...
    ---
    To read details about what changed in the method of counting the unemployed when Obama was President.

    The numbers were being cooked back then (so the media could report numbers that made the admin look good). They are probably being cooked today as well. So yes, be skeptical of those numbers. They can be manipulated to make the administration look good. And Trump isn't above doing that (neither was Obama BTW)

  • Esquire Springville, UT
    May 17, 2019 12:52 p.m.

    Economic miracle? It's Obama's economic miracle. He took the worst recession since the Great Depression and turned it around. As for Trump, he has been lucky that the Federal Reserve has ignored his mandates, as have some of the lower level federal agencies. Trump seems bound and determined to tank the economy, which I hope is based on incompetence and not some malevolence on his part.

  • Shaun Sandy, UT
    May 17, 2019 10:47 a.m.

    @2bits

    During the campaign trump said the government numbers on unemployment were fake and that the unemployment numbers were more like 20 percent and then he wins the presidency and poof unemployment for every category that was never mentioned before is record earth shattering low.

    Excuse me for being skeptical.

  • Roland Kayser Cottonwood Heights, UT
    May 17, 2019 10:32 a.m.

    Under Obama, unemployment went from 10% to 4.6%. Under Trump it's gone from 4.6% to 3.6%. That's nice, but not earth shattering.

  • 2 bits Cottonwood Heights, UT
    May 17, 2019 10:21 a.m.

    Kinda expected to see this guy get blasted for defending Trump or the current economy numbers. I'll check back later.

    While I'm here... I like that unemployment is down. Food stamp enrollment is down.

    I wish he would lay off using tariffs though. They just cause trade wars (something a good economy doesn't need). Unless he's able to find a way for Tariffs to do something good for the economy (something that's never been done before)... I wish he would stop using them.

    I know China has abused America and American companies and pirated our ideas and products for years... but tariffs still don't work to fix that.

    We've tried talking to them. Every Administration in my lifetime has talked to China and tried to get them to play fair. It hasn't worked (yet). But tariffs don't work either.

    Tariffs are a bandaid on the problem. And a bandaid that can make the problem worse.

    When China has to pay their people what we pay our people... they won't be able to undercut us so much in the market place. But Tariffs don't fix that. And I don't expect China to take any measures to fix that problem (their people's wages) any time soon.