Is it really that hard to understand that unproductive public spending lowers productivity?

Is there anyone anywhere who actually believes that the present recovery in the US has anything to do with Obama? Actually there are lots of people just as ignorant as that, amongst whom is Obama himself. I get the same level of irritation when I read how economic “managers” here in Oz wonder why productivity growth is so pathetic and real wages are falling even as they see before their eyes the construction of streetcars in Sydney, trains in Melbourne and the diversion of tens of billions of dollars into preventing a non-heating planet from heating. Anyway, this is Trump v Obama on why the American economy has been rising since Obama left the presidency.

President Trump fired back Monday after former President Barack Obama, in a subtle swipe at the commander in chief, claimed credit for the economic gains in both their terms.

Obama tweeted Monday morning to note the anniversary of his signing the 2009 economic stimulus package.

“Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history,” Obama tweeted, alongside a photo of his signature on the bill.

But, the Trump campaign, in a statement to Fox News, countered that the economy was recovering only because of the actions Trump took to undo his predecessor’s policies.

“President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy,” Trump campaign national press secretary Kayleigh McEnany said. “Obama and Biden orchestrated the worst economic recovery in modern history.”

Actually, everyone else did more or less the same as Obama, Australia included, with more or less the same results. Modern macro is about as disastrous as a policy can be, although we may yet see Modern Monetary Theory given a try by one of the socialists now running for President as a Democrat.

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