Business and investment were so hampered in the Obama years that now the pent-up energy as soon as Trump won!
Trump advisor Stephen Moore explains how the pain of the Obama years contributed to the 3 percent economic growth we are seeing now. Basically, the previous Administration discouraged investment and business growth, so people who wanted to act basically had to sit on their hands and wait for a better opportunity. No one likes being forced into doing nothing for eight years!
Thus, he writes at Newsmax, “Why the Left Has Been so Wrong About the Trump Boom.”
One reason that economist Larry Kudlow and I and others assured Donald Trump that 3 to 4 percent growth was achievable was that Trump could capitalize on the underperformance of the Obama years. Under Obama, business investment fell almost two-thirds below the long-term trend line — thanks to higher taxes on investment. Now, partly in anticipation of the tax cut, business spending keeps climbing.
Maybe the liberal economists and their shills in the media should show some humility. They should acknowledge they were dead wrong about how much Obamanomics was going to grow the economy and about how Trumponomics would crash the economy and the stock market. Or better yet, maybe the rest of us should all just stop listening to them.
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