In 2016, when Donald Trump was running for President, he offered a new economic plan which included drastic tax cuts, the elimination of a great deal of regulation, and a challenge to China’s continued rise in the global economy. Many on the left including President Barack Obama scoffed at Trump’s economic goals, stating that they were “impossible.” Remember, Obama tried to take credit for leading (and you’ll hear this in Obama’s own voice because you’ve heard it so many times) “the greatest economic recovery since the Great Depression.”
Let’s start with showing that TARP, the Troubled Assets Relief Program was signed into law by then-President George W. Bush in October 2008, before Obama’s election. Certainly, Obama did pass the American Recovery and Reinvestment Act in 2009 along with additional bailouts for the Auto Industry, but most of that investment into the economy was lost to shifts of manufacturing to foreign locations. During the Obama Administration, just General Motors closed 15 manufacturing facilities in the United States. This of course, after the US Government spent billions in bailing out the company. TARP, which led the recovery effort, wasn’t even an Obama-era policy. Obama wants to claim recovery from the day he took office to well after he left, yet won’t offer either Bush or Trump, his bookends any credit. Why are we supposed to believe that Obama’s recovery started the day he took office, but not Trump’s? If “Obama’s recovery” lasted into the Trump administration, would not have Bush’s lasted into Obama’s?
Over the last four years, Trump has broken through wall after wall of impossibility according to the left. First, the Dow broke 20,000, then 25,000. Each time, Democrats kept saying how it was leading to a massive economic downturn, and that when the Dow went up, only the rich got richer. They continually spun some narrative that Trump was just lining his pockets and those of his rich buddies, and any gains in the economy were just a mirage.
As SARS-CoV-2 spread across the globe and the American economy took a dive, the left practically had a collective orgasm as a result of the tumble of the market. When the market dipped below 19,000 in March 2020, they all crowed about how it was Trump’s economic policies that put us there. There were predictions that the economy would take years to recover to the point it was before the virus and placed the blame at the feet of Trump.
Now here we are, celebrating the DJIA breaking 30,000, again a feat we were told was not possible. Remember, in March when the Dow fell from 29,551 to 18,591 erasing all of Trump’s stock market gains since 2017, the left was convinced that they had proven Trump’s economy to be a myth. Not only did the stock market recover, but it also recovered in just 8 months. That wasn’t Joe Biden. That wasn’t the Democrats. That was President Trump’s doing. For comparison, it took Obama over 4 years to recover 7,000 points in loss from 2008, or roughly 50% of the market.
Let’s be clear, Biden isn’t President. He has done nothing to “fix” the economy. Any promises of “stability” from the proposed Biden Administration if anything, promise market stagnation, not growth. That hasn’t stopped the left from claiming these gains on behalf of Biden. Even Biden was out tweeting that “America is back.” The only thing that is back is the economy, and there’s only one person who owns that: President Donald J. Trump.