Data does not support critics' claim that Trump economic growth is part of world wide trend
Remember when everybody said that the "unexpectedly" strong economy under President Trump had nothing to do with his policies? He was just lucky because the global economy was booming, they said. Well, that attempt to dismiss the Trump boom just fell by the wayside.There is more including several quotes from critics who turned out to be dead wrong about Trump's economic boom and those responsible for it. It is interesting to see those who were telling us the Obama's economic doldrums were the "new normal" try to credit him with teh growth engendered by deregulation and tax cuts. Those on the left are still trying to justify control freak regulations and confiscatory taxation.
Every three months, CNBC surveys its Global CFO Council to get their reading of the global economy. The council is comprised of Chief Financial Officers of the world's largest 113 companies that combined are worth nearly $5 trillion.
The latest survey shows that these CFOs see only one economy in the world that is currently improving. The United States.
They rate every other nation or region one as either "stable" or "declining." That includes the UK, the Euro Zone, Canada, Japan, China, Russia, Latin America, the Middle East, Africa.
The fact that the U.S. appears to be pulling away from the rest of the world hasn't gone unnoticed, at least not in the White House. At a speech last week at the Economic Club of New York, Trump's top economic adviser, Larry Kudlow, said "the U.S. is the hottest economy in the world today. We're crushing it."
But wait a minute.
For some time now, the "experts" have been telling us that the U.S. was just riding a global growth wave. The improved economy here had nothing to do with Trump's deregulatory efforts, or his pro-growth tax cuts, or the sharp uptick in optimism once he got elected.
Trump, they said, deserved as much credit for the economy as a lottery winner does for picking the right set of numbers.
Now it appears that the U.S. economy is accelerating, while the rest of the world is in neutral.
Of course, this is just one of the ways Trump's critics have tried to explain away the current boom, or at least deny that Trump has anything to do with it.
For example, there's been a rash of stories claiming that everything happening today is simply an extension of the economy under President Obama.
As we've noted in this space, the only way to make that claim is to entirely ignore Obama's last year in office, when the economy, after years of historically sluggish growth, gave unmistakable signs of slowing down even more.
GDP growth was in decline in the last two quarters. The stock market had been flat for a year. The unemployment rate was stuck. Median family incomes were flat. The economy kept falling short of expectations.
Back then, the very same people now crediting Obama for today's boom were telling the public that the country was in a "secular" period of slow growth.