Joe Biden is running on his record in the Obama Administration of staging a turnaround after an economic crisis, and last week we reminded readers there’s less to that record than the spin. Conversely, there’s more to President Trump’s economic achievements in his first three years than his detractors admit, and this debate is crucial to how well the economy recovers after Covid-19.
Mr. Biden and the economic left claim Mr. Trump inherited a long expansion, and nothing much changed. But recall that Mr. Trump was able to win in 2016 in part by running against the “secular stagnation” that liberals said was inevitable. The Obama-Biden recovery was the slowest in decades, and by the second half of 2015 it was losing steam and came close to a recession in 2016.Mr. Trump promised to spur growth again, and his win immediately revived animal spirits.
In its first two years, Mr. Trump pursued two major policy shifts. Instead of raising taxes as Obama-Biden did, he cut them. The 2017 Tax Cuts and Jobs Act passed by a GOP Congress restored global competitiveness to the U.S. corporate tax code, years after even European governments cut their marginal rates. Rationalizing taxation of overseas profits encouraged companies to repatriate foreign earnings to fund investment, increase wages, or return to shareholders for other uses.
Tax reform also encouraged business investment by allowing immediate 100% expensing of capital spending. The result of these measures was a capex surge, with job creation and productivity gains in its wake.
opinion Why doesn't he cry like a fat baby and blame Obama? Trump's covid 19 stuff ups. Please share & Enjoy!
opinion The great economy still is a great economy the only obstacle is the Democratic Party they are the negative force they disgust me their economy is to make America poor and give them food stamps while their leaders enjoy the country clubs and their castles
opinion Definitely! 2019 is the Goldilocks economy, really good until thanks but no thanks to China for this pandemic.
opinion Except, it was the Obama-Biden economy.Remember ?
opinion No... it happened in spite of this jackass.
opinion Too bad for him and us he screwed up Covid and ruined economy. But let’s pretend that didn’t happen and make excuses for his declining gdp before Covid. Btw, the energy boom started in 2012 because of a technology called fracking. We were energy independent in 2012.
opinion The so-called Trump economy only continued the upward Obama trend. In fact, more jobs created under Obama’s last 3+ yrs then under 3 yrs of Trump. So your argument is without facts. Trump GDP is same as Obama. But he never reached Obama 4.6 quarter, ever.
opinion pure bs...look at any indicator available in the Fed’s FRED database. At BEST, before covid-19, the various indicators grew at the same rate as they did post-2011 during Obama. Why is the WSJ home to so may shysters ?
opinion Trump merely continued the Obama growth trends up until Trump crashed the economy.
opinion The Trump/QAnon/Cultist group formerly known as the Republican party is very much in charge. with their smoke and mirrors philosophy of being fearful of everyone in our country except any Russians or grifters.
opinion Covid19 was not Trump’s fault; however, his being unwilling to address it early caused considerable damage.
opinion The one he inherited from and then rode the coattails on Obama you mean?
opinion The Trump economy was built on the shoulders of the Obama-Biden economy. Check the markets, check the job numbers, check GDP. Check every economic measure. Don’t tell me about the Trump economy without the Obama-Biden economy...
opinion It's sad to see this type of vaporware. In Jan 2017, when Obama left office - unemployment was 4.8% & participation rate was 62.9%. In Jan 2020, 3.6% & 63.4%. The surveys are not quantitative measures but sentiments. So no, facts & reality doesn't back your assertions
opinion Pre-Covid doesn't exist any more. tRump and the Republicans have no plan for getting the present (and future) economy back on track.
opinion Bullsh-t
opinion LOL...other than that Mrs Lincoln, how was the play. Also, if you look at the real numbers...the Trump-Biden Administration’s economic success dwarfs Trump.
opinion You guys are pushing hard for Trump. There was very little difference in the Obama/biden economy and the pre void trump economy. He gave a huge corporate tax break that inflated stocks and potentially lengthened cycle
opinion LOL STFU WITH THAT NONSENSE AND TELL YOUR OWNER rupertmurdoch TO EAT SHIT!
opinion If the Trump economy was so great how come after two weeks of a collapsing economy due to Covid miles and miles of people waiting for food. Obviously the Trump economy only benefitted a segment of the workers. Gross income inequality is not prosperity
opinion Oh? By what standard? Obama came into power in the aftermath of Bush's Great Recession while Trump came into power with a recovering economy left him by Obama, who came into being at home plate with two strikes while Trump was rounding third base after a walk. Context, please!
opinion Trump’s tax cut pumped the economy but due to the deficit was not sustainable! So what would he do for a 2021 encore?
opinion You mean the Trump give away to the wealthy economy.
opinion You might think the one thing the idiots on the WSJ editorial board would understand is the economy . . . But you’d be wrong. Dumbest editorial pages in the country. FuckingMurdoch
opinion BS. Who set the stage for him? Who fixed it for him to ride the wave? What about the recession-level deficit he created? Want to make such a statement, get your facts straight. Once again, the once respected shows it became a echo chamber for special interests. Sad.
opinion Has to be an opinion piece. As I recall Obama-Biden rescued the Bush tragedy and Donald Trump as driven the Obama-Biden successful into the rocks. Maybe it’s just my perspective.
opinion I remember the deficit growing faster than wages. I remember huge bailouts for farmers.
opinion You wish.
opinion realDonaldTrump domestic economic record abysmal, especially after giving away trillions to corporations. It went NOWHERE. Once the Markets catch up to the economy, we’re gonna be in a world of sh*t!
opinion The problem is spin and options vs facts and truth.. trump was a denying Late Loui who lost the window of opportunity/defunded our pandemic response team to contain it. Everything done afterwards was too little too late
opinion The last time Biden was in office, more wealth was created for our country than at any other moment in history.
opinion We're there any measures that substantively Reversed under the Trump economy, or were they all just a continuation of trends established since 2010?
opinion He barely continued the upward trend that began under Obama. We’re supposed to say he was better for not wrecking it (until he did?) Give me a break.
opinion Obama’s last 6yrs unemployment dropped 5% and cut deficit spending in half In 1st 3yrs Trump lowered unemployment 1.3% and set deficit spending record Trump spent like pirate on shore leave but never beat Obama’s best yearly growth rate Saying Trump handled economy avoids facts
opinion it does
opinion Uh yeah, NO.
opinion Uhhh, that’s a big NO!
opinion Obama led America out of the Great Recession to economic growth. Trump took a very healthy economy and added tax cuts he claimed will be paid for with economic growth (most economists don’t believe btw). National deficit continues to skyrocket. Edge to Trump? I don’t think so.
opinion Since we're all tossing around meaningless words, loved the article..😆 gewfs
opinion Remember he will leave the office having amassed trillions of dollars in new debt to be paid for by someone other than himself. Where’s the tea party now? Under trump The hypocritican party always finds a lower rung on the ladder of integrity
opinion Bullshit.
opinion The one juiced by huge tax breaks to the wealthy and huge deficits? The one that added fewer jobs snd grew more slowly in the 1st 3 years than under Obama-Biden in the preceding 3 with declining deficits every year? Yeah, I remember. ProjectLincoln VoteBlueToSaveAmerica
opinion Trump regularly takes credit for the strong economy but the expansion began under Obama & Biden.. after they delt with the 2008 global financial crisis.. which was the worst US economic downturn since the Great Depression.. just saying
opinion Bullshit!
opinion It does? Interesting... 😂
opinion Aside from this being a statistical fallacy, Trump’s economy was also juiced off of tax cuts that were leading to a deficit that had exploded each successive year of his presidency but, ya know, carry that maga water I guess...
opinion We've been opened back up in Georgia now for a month. Bars, restaurants, swimming pools. In Athens the last death we had was back in March. The economy is coming back up quickly. So many businesses hiring.
opinion It’s extremely important to note that the deficits under Trump were simply too high.
opinion You’re forgetting the stagnant numbers beginning December and very low by February even BEFORE Covid19 hot. You spin mistruths here
opinion $27 Trillion Deficit. Y’all susposed to be a Finance Newspaper how come y’all never talk about this 😂😂😂😂. wsj = State Run Newspaper
opinion I keep posting this everyday same company employs Tucker Carlson too
opinion Any idiot can create short term economic growth by slashing taxes and setting his government on the path to bankruptcy.
opinion The top 1% were doing great. The rest of us not so much. You need a different metric to assess the economy. Just because the stock market (which is inaccessible to 90% of the US) is doing well, you can't say that the economy is doing well. When people can't afford healthcare...
opinion Unfortunately, a broad review of economic indicators suggest otherwise.
opinion Congratulations on your fact based, quantitative, and balanced summary. It’s too bad anti-Trump folks can’t process any line of reasoning that leads to a diminished Obama or Biden conclusion; even one as patently clear as the two economies these two Presidents stewarded. Smh
opinion Booming economy. Thanks, Obama. Fastest deficit growth DURING a booming economy...thanks, Trump.
opinion
opinion And his lack of managing Covid trashed the economy so that is entirely on realDonaldTrump
opinion What a disgustingly dishonest headline.
opinion WOW all those DEMS complain about trillion $ deficit, RAN TO THE BANK TO CASH THEIR STIMULUS CHECK.
opinion This is all I picture when I hear this kind of Bullsh!t
opinion I'LL BE, THOSE SMART Q MALPRACTICE LAWYERS! 😷! ♪©?
opinion Trumps pre-COVID era was better than Obama-Biden pre-BUSH era iamaveteran usmc
opinion What is good economic policy, one which prompts short term growth or long term growth? I believe slower sustainable growth is more desirable than short term sugar highs which lay the country open to shock like the corona virus. The pursuit of carbon fuels, the expansion of debt
opinion Reason this BS is in opinion pages!!!
opinion This “opinion” reminds me of that old saying...Opinions are like Ass****, everybody has one!
opinion Which GOP loony bin wrote this useless OP-ED?
opinion No shit. Ya think?
opinion Stop kissing Orange Menace's ass! The great tRump economy was 99% about the wealthy and Wall Street!
opinion Except you completely left out the part where Trump inherited a health economy and O had save the global economy. Also, at some point someone will have to pay for cutting taxes for the rich and rolling back regulations.
opinion Is this a lie from the partisan liars at opinion?
opinion Yeah it was built on the Obama foundation from the ruination that was the Bush presidency.
opinion This reads like something Hugh Hewitt would write.
opinion not, obama's administration saved greed capitalism______ the fiscally conservative redudlicans gave trump a 1.7 million $ tax cut______ think they would have given it to obama?______ hell no_____ hypocrites______ wsj.
opinion More wealth was created while Joe Biden was vice president than any other time in our history.
opinion Covid record too - - compare Obama-Biden response to the Swine Flu w/Trump's response to COVID. Its like comparing my basketball skills w/Michael Jordan's - and I've never played basket ball (they call it netball in England & it's played by girls - don't say anything !)
opinion A trillion dollar deficit and less than 2% gdp? That’s not “better”
opinion Are you talking about the growing economy he inherited from Obama?
opinion Oh my God! Is this all you guys care about? What about the lying and the mismanagement of covid-19 and the huge gap between the rich and the poor and the biggest deficit in the history of our country? Give me a break!
opinion Lolololololol!!!!!!!
opinion Until? Until we are in the COVID. What an idiotic a argument. Wake up. We are no longer pre-COVID.
opinion Let’s check the notes. Your lying
opinion Opinion, not a report.
opinion his pre-civid deficit spending was enormous. His tax cut wasn't paying for itself. His job creation growth wasn't better than Obama's.
opinion Market was flat during obamas last two years... as soon as Trump won it shot up🥳
opinion Oh look, a shill piece.
opinion It was unsustainable and was bound to implode before long.
opinion I guess I now know why the term: ignorance is bliss, exists.
opinion But his mishandling the crisis almost wiped out whatever’s he has done before
opinion So the WSJ and Trump now like the uneducated? Total BS
opinion NOPE!
opinion Sure I remember because it was an extension of the Obama/Biden economy.
opinion 'Jimmy Carter’s pre-hostage crisis record gives him a clear edge....'
opinion what a pile of horseshit.
opinion WHAT? Obama had less deficit, more jobs, same growth, and stronger stock market growth. Trump did NOT increase any economic measure. Wall Street Journal is literally Fake News.
opinion There is a reason this bullshit has to be run in the opinion section.
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