Markets

Top White House economist says Trump's GDP and unemployment claim was wrong

Top White House economist says Trump's GDP and unemployment claim was wrong

TRUMP, in a tweet: "The GDP rate (4.2 percent) is higher than the Unemployment Rate (3.9 percent) for the first time in over 100 years!"

Often Sanders has come out with a statement on behalf of the White House when these issues have arisen, but the White House has not yet responded to requests for comments.

In a rare breaking of ranks, Fox Business host, Charles Gasparino, called out President Donald Trump on Tuesday, writing on Twitter, "when was the last time [Donald Trump] said something that wasn't filled with utter bull s**t?"

"I'm glad it's continued, but when you hear about this economic miracle that's been going on, when the job numbers come out, monthly job numbers, and, suddenly, Republicans are saying, 'it's a miracle.' I have to kind of remind them, actually, those job numbers are the same as they were in 2015 and 2016", he said during a speech in IL.

Kevin Hassett, chairman of the Council of Economic Advisers, speaks during the daily press briefing at the White House, Monday, Sept. 10, 2018, in Washington.

"If you look at the collective body of evidence, the notion that what we're seeing right now is just a continuation of trends is not super defensible", Hassett said.

Recessions bookended the start and end of George W. Bush's presidency and marked the end of George HW Bush's.

Serena Williams birth complications: What happened?
Williams accused him of being tougher on her because she is a woman, and at one point called him a "thief". Williams will face Naomi Osaka Saturday at 4 p.m.

It also wasn't clear why Trump focused on those numbers. Instead of taking to Twitter for a blistering attack, he joked that Obama's speech put him to sleep.

On Sunday, Trump said in a tweet that "the Stock Market is up nearly 50% since Election". "And it's not surprising then they get bitter, they cling to guns or religion or antipathy toward people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations", Obama said in April of 2008.

Despite Trump's incorrect tweet, both figures are good for Trump, with the GDP growth rate the highest in nearly four years and the unemployment rate the lowest it has been in nearly 18 years.

HASSETT: "The correct number is 10 years".

The economy grew at a 4.2% rate in the second quarter, the fastest since the third quarter of 2014 - again, under Mr Obama. They said it was Obama, not Trump, who first used rhetoric to pit groups of Americans against each other.

That's not the case for the S&P 500 Index, which has increased about 35% since Trump was elected on November 8, 2016.

But hourly pay for mid-wages workers in that time has risen only a paltry 0.5%, he said. "What magic wand do you have?" he asked.


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