Did President Trump inherit the strong economy that President Obama left behind? Yes, he did.
Trump said he inherited the worst economy possible after Obama left office — and he saved our nation and the world from the greatest depression?
He also said he was re-elected.
I do recall that President George W. Bush and the Republicans were in office during the start of the Great Recession. According to Business Insider, the nearly-worst economic decline in U.S. history was caused by the housing market’s collapse, low interest rates and easy credit, followed by insufficient regulation by Republican agencies.
Republicans didn’t do due diligence, followed by thousands of toxic subprime mortgages that crashed when owners could not pay them.
“Economists cite as the main culprit, the collapse of the subprime mortgage market — defaults on high-risk housing loans — which led to a credit crunch in the global banking system,” Business Insider notes — all the results of the Republican Party.
When Obama became president, the economy was experiencing what Federal Reserve Chairman Ben Bernanke called “the worst financial crisis in global history, including the Great Depression.”
All caused by the Republicans.
In the last quarter of 2008, under Republicans, the economy hemorrhaged 2.6 million jobs.
After eight years, the Democrats gave Trump a strong economy, millions of jobs, and a health care system for the working class — which Trump never did.
The Republican chairman of the Council of Economic Advisers under Bush states that the economy was in fine shape at the end of Obama’s administration.
John Wade, Lewiston
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