On the eve of Thanksgiving, Donald Trump Jr. took it upon himself to offer some unsolicited advice for the dinner table.
Need something to discuss over #Thanksgiving dinner? Try this
Stock markets at all time highs
Lowest jobless claims since 73
6 TRILLION added to economy since Election
1.5M fewer people on food stamps
Consumer confidence through roof
Lowest Unemployment rate in 17 years #maga
— Donald Trump Jr. (@DonaldJTrumpJr) November 23, 2017
While Trump and his #MAGA cronies would undoubtedly love to take credit for the thriving economy, only a tiny fraction of it belongs to him. Most of the credit belongs to Trump’s predecessor, former President Barack Obama.
The stock market is indeed at an all-time high and with that comes the common Trump refrain of $6 trillion having been added to economy. However, we are in the midst of a 104-month old bull market. Trump, for his part, owns only 11 of those months. The other 93 months, unsurprisingly, occurred during Obama’s tenure.
Trump Jr. bragged of the lowest jobless claims since 1973, a reference to an October 19th press release. This was, however, a trend that began when Obama took office. Jobless claims stood at 591,000 when Obama became president, peaking at 665,000 only two months later. By the time he left office, in January 2017, those claims stood at 241,000. In other words, jobless claims fell 59 percent under Obama.
So far, after dropping to 222,000 as of October 2017, Trump is responsible for a 7.9 percent decline in jobless claims, a much smaller rate than that by which it declined during the Obama era.
While consumer confidence is high – a statistic for which Trump took credit even before taking office – it grew primarily under President Obama.
The U.S. Consumer Confidence Index for December surged nearly four points to 113.7, THE HIGHEST LEVEL IN MORE THAN 15 YEARS! Thanks Donald!
— Donald J. Trump (@realDonaldTrump) December 28, 2016
Consumer Confidence fell to as low as 25 after Obama took office in 2009. When he left office, it was at 113.7. Consumer confidence is now at 125.9under Trump. In other words, it has risen 10.7 percent during Trump’s term, versus 354.8 percent during Obama’s term.
Trump Jr.’s claim that 1.5 million fewer people receive food stamps, while true, is also misleading. The declining SNAP benefit participation rate not only correlates with a healthy economy, but it began in 2012, when Obama was president.
In other words, the SNAP participation rate fell by approximately 1.5 million people per year since 2012, making this year’s reduction of 1.5 million people relatively unremarkable.
Finally, Trump Jr. brags about the lowest unemployment rate in 17 years, which decreased from 4.8 percent at the end of Obama’s term to 4.1 percent as of October 2017. In other words, the unemployment rate shrank approximately 15 percent so far during Trump’s tenure. However, when Obama took office, he inherited an unemployment rate of 7.6 percent that ultimately peaked at 10 percent only months later as a result of his Republican predecessor, George W. Bush. The difference, then, between Obama’s peak unemployment rate when he began office to when he finished was 70 percent.
While Trump Jr.’s tweet was certainly rosy, it is grossly lacking in context. But, as Twitter let him know immediately thereafter, the economy can probably be summed up best with these two words: Thanks, Obama.
President Obama was the one who submitted and made the 2017 federal budget that we are still running on and using, and trump hasn’t gotten his new tax plan approved yet, so yeah Obama did help with this.
— Jill Haus… (@JillianNoelle97) November 23, 2017
— Dave L. (@DaveStylee) November 23, 2017
THANK YOU PRESIDENT OBAMA!!!!!
— Snowflake 🦋❄️🌊 (@meandtruman10) November 23, 2017
— N8 Ball 🔞 (@NateC2112) November 23, 2017
It’s called the Obama Effect. pic.twitter.com/EkIwmSwFtU
— Missy (@TheBeiruti) November 23, 2017