re: When a lib says Trump inherited a hot economy.

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I understand the talking point, but I’m asking for specifics besides the tax bill.

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deregulation and repatriation is why domestic investment and domestic manufacturing are resurgent. Its literally the magic wand that Obama said didn't exist when he promised those jobs weren't coming back...

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deregulation and repatriation is why domestic investment and domestic manufacturing are resurgent. Its literally the magic wand that Obama said didn't exist when he promised those jobs weren't coming back...


So no specifics just repeating Trump’s talking points?

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um, you asked beyond the tax breaks, I gave you deregulation and repatriation which are both specific policies, aside from the tax breaks, that are having a dramatic impact on our economy.

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Also the speech you are referencing from Obama is highly out of context. Many types of manufacturing jobs will indeed never come back because they don’t exist anymore on a large scale anywhere.

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Obama specifically stated that the coal industry was dead, and in fact that he was killing it. He also stated on multiple occasions that manufacturing jobs in general weren't coming back....

it was all bullshite, that in his defense, he probably didn't even understand.

The biggest obstacles to American Manufacturing was all the red tape our bureaucracy creates, the high rate of taxation and the fact that our exports haven't had a level playing field for decades...

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When a lib says

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anything I don't listen

The economy was finally starting to bubble upwards in the last year of Obama ONLY in anticipation of the Socialist finally being gone and hopes that foot of government would be taken off the throats of business owners with deregulation

Manufacturing jobs are back and Obama said they were gone forever

GDP over 4% and Obama said it’ll never get over 3% again

Obama said “you didn’t build it, they government did” and we are back to building it

Barrack Hussein Obama was the worst president we could have ever hoped to not have

He was totally unqualified

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I understand the talking point, but I’m asking for specifics besides the tax bill

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Much of it is attitudinal. e.g., Wall Street is anticipatory. Market trends often predate the economy at large. The market surge immediately after Trump's election is telling in that regard. Obviously, it occurred before the guy had done anything in office. So merely getting elected, and the agenda he promised was a start.

Corporate expansion is powering economic growth. CE in turn is being fueled both by tax cuts and deregulation. Eventually, fairer international trade policies will add further. Regulation reform/reduction is a big deal. One corporate mogul on CNBC characterized it as "the period of corporate waterboarding" finally being over.

It's impossible to address each Regulation reform/reduction individually here.
During the Obama Era, many were placed or proposed with very best of intentions. Not being sarcastic. Let's take one example which in my estimation is a mixed bag: Obama’s New Fiduciary Rule. Obama’s new fiduciary rule was supposed to ensure financial advisors adhere to an “impartial conduct standard.”
Sounds great!

To accomplish its stated purpose the rule entailed advisory fee regulation, regulations on statements provided to clients, and required documentation demonstrating advice was in the best interest of the client. In reality, it created a more complicated relationship with financial advisors. In exchange, it might have had an effect on bad actors, but at the expense of extensive time-consumption added throughout the field. For clients, requisite paper trails and obligatory financial review would result in higher fees.

Good? Bad?
It's a mix. Regardless of benefit, it was more time-consuming, tedious, bureaucratic, and expensive.

For folks who cede accounts to advisors with little involvement or oversight, Obama's Rule might help. As a person very detail oriented in financial handling, fees, risk and return, the proposed fiduciary rule would cost me more money for virtually no return.

There are many summaries of Trump's deregulatory push.

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Research
May 21, 2018
The Trump Administration’s Deregulatory Progress And Forecast

EXECUTIVE SUMMARY

Covered rulemakings in the Unified Agenda have a current deregulatory-to-regulatory ratio of 3.75 to 1, exceeding the Trump Administration’s goal of 2-to-1.
Executive agencies have exceeded the Trump Administration’s annualized savings target by $517.4 million.
Looking forward, executive agencies are on target to double their annualized savings goal of $686.6 million.

INTRODUCTION

In releasing the Spring 2018 Unified Agenda of Regulatory and Deregulatory Actions on May 9th, the Trump Administration stated that the agenda demonstrated its “ongoing commitment to responsible regulatory reform and progress toward eliminating unnecessary regulatory burdens.”

Indeed, the Trump Administration is making substantial deregulatory progress, as this initial review published by the American Action Forum notes – both in terms of the number of rulemakings and the estimated costs and savings included in published final rules.

While there are 2,226 active rulemakings currently underway at federal agencies, this study focuses on those rules that have received a designation under Executive Order (EO) 13,771. That order requires executive agencies to reduce regulatory burden and meet cost savings targets by using deregulatory actions to cancel out costs of new, significant regulatory actions.

LINK

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The effects?
Obama scoffed at the chance of annual economic growth exceeding 3%. He scoffed at possibility of reopening steel and manufacturing plants. He asked of Trump "What's he going to do, wave a magic wand?" Assuming a HRC Presidency, many economists were predicting a recession in the 3rd/4thQ of 2017. Comparing those predictions with the reality of Trump's economy speaks volumes.

I am not a liberal. Trump inherited a good economy. More jobs were created in Inama’s last year of 2016 than Trump created in his first year of 2017. Fact, and unemployment was in the low 4’s. The tax overhaul , the promise of it, and enactment of it put jet fuel on the economy and credit goes to Trump and the Republican Congress for passing. So credit should go to both Obama and Trump , but it is wrong to claim that Trump inherited a hot mess of an economy. Obama inherited a near depression and worked us out of it of which most of you give him zero credit. FYI, I am not a big Obama fan, but the narrative that you are promoting is just not true.

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And those graphs and charts would show that Trump did indeed inherent an economy in decent shape. As evidenced by the past two years it obviously still had more room to grow and may continue to grow. However to pretend like Trump inherited an economic wasteland and has created miracles in the market is objectively false.

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Why did the FED basically have to keep the discount rate at ZERO during Obama's entire term? Why did they start raising rates only after Trump got into office?

Any slow growth that happened during the Obama's was because of FED policy of low rates and QE1, QE2, and QE3.

The FED basically "covered up" the shat show that was Obama's economic policy.

If rates were allowed to "normalize" under Obama you would have seen his economy for what it was....a disaster.

Obama was a hot mess. No real life experience running anything. Everything he knew he took from the faculty lounge. I doubt he could run a lemonade stand.

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Trump inherited a good economy.

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Trump inherited an economy locked into sub-3% growth in perpetuity. If you consider that a "good economy" so be it.

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More jobs were created in Inama’s last year of 2016 than Trump created in his first year of 2017. Fact,

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Trump was constrained by the fact 3/4ths of 2017 was conducted under Obama's budget. Right?

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Fact, and unemployment was in the low 4’s

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Albeit with unprecedented numbers no longer counted . . . NILF.

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it is wrong to claim that Trump inherited a hot mess of an economy.

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Who is doing that? The economy was tepid.

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Obama inherited a near depression and worked us out of it of which most of you give him zero credit.

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The threat of Depression ended 4months before Obama took office. He did inherit a bad economy. What did he do about it? Obama piggybacked on W's policy for 4yrs. He subsequently relied on Yellen tossing free money into the economy to fuel anemic growth.

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Obama inherited a near depression and worked us out of it

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Obama "worked" us out of it?


I can't quite buy into that one, but I'm sure if the press said it, it must be true

Thanks, NC_Tigah. That was the kind of specificity I was looking for. Also as one who has leaned libertarian in the past, a long list of deregulation tends to tickle my ears.

I guess the one area I would quibble with is that none of this has occurred. I understand the anticipatory aspect you mentioned, at least as is relates to the stock market, but I question how much “anticipation of change” really affects GDP and other expansion. I can be swayed here though.

In terms of Obama scoffing at greater than 3% growth, I’m going to have to guess he was being informed by a number of economists who view greater than 3% growth in a developed economy to be the exception than the rule (i.e., he was in good company with that statement). I’d also need to go back to see what Obama actually said and in what context as it has become so politicized at this point.