Here’s another Big Lie the president and his friends at Fox News are singing this week, claiming that 2017’s 5,000 point increase on the Dow Industrial average is the best growth ever! But, that’s not how you measure growth. On a percentage basis, Trump’s past year was not nearly as good as the Dow’s growth during Obama’s first year. Just another way that Trump and his friends lie to you each and every day.
In a news segment on MSNBC, “White House Takes Credit for Market Rally, but the Numbers Tell a Different Story,” Steve Ratner explains how the Trump White House lies about its economic accomplishments by citing the growth in the Dow in points, rather than in percentage growth.
In fact, the Dow in the first eleven month’s of Obama’s presidency, far outpaced the growth experienced under the first eleven month’s of Trump’s And when comparing the S&P 500, Obama outperformed Trump by twice as much.
Trump likes to brag about his accomplishments, but most of the run-up on the Dow this year has been a continuation of the eight-year trend that Obama kicked off in 2009. Obama’s stimulus package, the American Recovery and Reinvestment Act of 2009, poured $1 trillion dollars into the economy at a time when consumer demand had completely dried up. This kickstarted the stock market and it also allowed the US economy to recover at a much faster rate than in Europe, where every single country implemented austerity, the opposite of what Obama and the Democrats did to save the US economy.