President Trump on Monday accused former President Obama of “trying to take credit” for the strong economy.
The president tweeted in response to Obama’s commemorating the 11th anniversary of the American Recovery and Reinvestment Act, “paving the way for more than a decade of economic growth and the longest streak of job creation in American history.”
“He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing. NOW, best jobs numbers ever,” Trump responded. “Had to rebuild our military, which was totally depleted. Fed Rate UP, taxes and regulations WAY DOWN.”
The Trump campaign also criticized Obama’s tweet, saying in a statement to The Hill that the economy is recovering because of Trump’s efforts, not Obama’s.
“Obama and Biden orchestrated the worst economic recovery in modern history,” Trump campaign national press secretary Kayleigh McEnany said in the statement. “By contrast, through deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record.”
McEnany added that “it’s no wonder Democrats seek to take credit for the Trump economy after eight years of betraying blue-collar workers and inflicting pain upon the middle class as Americans everywhere suffered.”
Democrats have repeatedly said that Trump simply inherited a strong economy that was repaired by the Obama administration after the downturn that began in late 2007.
Obama and his supporters have praised the $787 billion American Recovery and Reinvestment Act, passed 14 months after the beginning of the worst recession in American history, for stabilizing the economy.
The unemployment rate fell under Obama’s administration after reaching a high of 10 percent in October 2009. It has continued to fall under Trump, reaching its lowest point in the past 50 years.
Updated at 8:40 p.m.