Former President Barack Obama reminded everyone who is really responsible for the current economy with a single tweet marking the anniversary of the Recovery Act.
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. pic.twitter.com/BmdXrxUAUf
— Barack Obama (@BarackObama) February 17, 2020
Trump’s biggest contribution to economic policy was a massive tax cut for the wealthy and corporations that he promised would generate 6% growth, jobs, and pay for itself. None of these things have happened. Growth has slowed, the tax cut has blown a trillion-dollar hole in the deficit, and the wave of good-paying jobs never came. The Trump tax cut had no positive impact on jobs.
Trump’s first three years of job growth are worse than Obama’s, as the economy is slowing under the current president.
The credit for the growth that has been achieved belongs to Barack Obama. Trump hasn’t created the greatest economy in history. He has ridden Obama’s coattails and sabotaged growth with a massive tax cut for the wealthy and corporations that are so toxic that even Republicans won’t campaign on it.
The economy was primed for takeoff when Obama left office, but under Trump, the middle class and poor are being left behind as prosperity is a gated community for the rich only.