As I argued in October of last year, American GDP growth for 2017 would not exceed 2.6 percent. Today, those numbers have been confirmed. Now, the American Left is jumping on the bandwagon, claiming that the economy is doing no better than it was under the sainted Barack Obama’s leadership. This is simply not so. In every measure imaginable, the country is not only doing better, but decisions that President Trump made on his first day in office have set the country up for a positive economic trend going forward. Of course, there is still much work to be done — and neither the Left (nor the declining “Never Trump” Right) are done “resisting” Trump’s agenda.
Also, whatever happens in the economy — despite what President Trump and his acolytes declare in the press — is not entirely the result of President Trump’s actions. For instance, the economy doesn’t wait for a president to take office and then decide whether to expand or contract. That is the decision of the American people, it is the result of centrifugal forces in the global economy, and it relies heavily on the actions of the Federal Reserve, which determines monetary policy for the country.
However, a president can either ameliorate an economic downturn or a president can exacerbate one by calling for (and enacting) policies and regulations that restrain the private sector. The economy was not puttering along under President Obama simply because he wanted it to. Instead, it failed to thrive because he piled on regulations (as well as a hidden tax increase in the form of Obamacare) for years. It discouraged businesses and added to the woes of American workers, thus leading to an overall contraction of the economy, and a decline in overall prosperity (except for the Washington, D.C.-Metro area).
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