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America Will Never See 3% Economic Growth Again

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President Trump Donald TrumpNevada county to consider counting all ballots by hand Omarosa hit with K penalty over failure to file fiscal disclosure Trump says he's 'surprised' Putin ordered Ukraine invasion More than on Monday criticized former President Obama for a 2016 claim that Trump would need a "magic wand" to deliver on his promises to boost U.Due south. manufacturing employment.

In a Monday tweet, Trump misquoted Obama's June 2016 criticism of his economic calendar that came shortly afterward Trump had all just officially clinched the Republican presidential nomination.

Trump quoted Obama equally saying "President Trump would demand a magic wand to get to 4 percentage Gdp" at a PBS Newshour boondocks hall issue in 2016.

"'President Trump would need a magic wand to get to 4% GDP,'" stated President Obama," Trump tweeted. "I approximate I have a magic wand, iv.ii%, and we will practice MUCH meliorate than this! We have simply begun."

Trump appeared to be referencing remarks Obama made about manufacturing employment, not economic growth, during the 2016 boondocks hall .

During the town hall event, Obama referenced Trump's promise to woo American companies into manufacturing goods in the U.S. without saying the and so-candidate's name.

"Well, how exactly are you going to do that? What exactly are you lot going to do? In that location'southward no answer to it," Obama said, referring to Trump's campaign rhetoric.

"He simply says, 'Well, I'thousand going to negotiate a improve bargain.' Well, what, how exactly are yous going to negotiate that? What magic wand practice you take? And, usually, the answer is he doesn't accept an answer."

Trump was besides criticized during the 2016 campaign for pledging to increment the almanac growth rate to 4 pct of gross domestic production (Gdp), a step not experienced in the U.S. since 2000.

Many mainstream liberal and conservative economists said the U.Southward. was far too developed to sustain 4 percent annual growth and said the country'south long-term growth charge per unit would be closer to 2 percentage of Gdp.

The U.South. economic system grew by 2.3 percent of Gdp in 2017, and it expanded past 4.2 percent of GDP in the second quarter of 2018 on an annualized basis. Trump and peak White House aides have pointed to the rise as proof that the president'southward skeptics were incorrect, only the U.South is still not on pace to attain the president's goal of iv percent average growth throughout 2018.

Trump and Republican officials lashed out at Obama throughout the weekend after the quondam president blasted his successor and the GOP on Friday in a fiery spoken communication as he hits the entrada trail ahead of the 2018 midterms.

Obama targeted Trump for taking credit for the strong economy.

"When you hear how great the economy is doing right now, let's just remember when this recovery started," Obama said in remarks at the University of Illinois .

"When the monthly job numbers come out suddenly Republicans are saying it's a phenomenon," Obama said, seeming to note that the same Republicans lashed out at similar numbers during his presidency.

Trump on Friday fired back at Obama during a entrada voice communication in Montana, claiming that the U.Southward. economy would at present be in a deep recession if Autonomous presidential nominee Hillary Clinton Hillary Diane Rodham ClintonOvernight Defense force & National Security — Presented by AM General — Prepping for Zelensky'south big speech White House scoffs at Russian sanctions Hillary Clinton thanks Russia for 'Lifetime Accomplishment Award' of sanctions More had won the 2016 election.

Just, economists had projected the U.S. economy to grow closer to ii percent in 2018 earlier Trump'south election, non shrink, as the president said it would.

Trump and Republican lawmakers are touting low U.South. unemployment, accelerating growth and ascension consumer confidence as they attempt to maintain control of Congress in the midterm elections.

Democrats take largely given Obama credit for the electric current strength of the economic system while blaming Republicans for brackish wages and rising economic inequality.

Trump also erroneously said that the U.Southward. unemployment rate, at iii.9 percent as of last calendar week, had sunk below the Gross domestic product growth rate, four.2 per centum in the 2d quarter, for the first time in 100 years.

However, the U.S. growth rate has been college than the unemployment level more than than twenty percent of the time since the Labor Department began reporting employment data 70 years ago, according to Bloomberg.

Play a joke on News research as well reported that at that place have been 63 quarters since 1948 when the growth rate exceeded the unemployment rate.

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Source: https://thehill.com/policy/finance/405878-trump-bashes-obama-for-2016-magic-wand-comment-about-economy

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