Trump (a friggin crybaby).....says he can’t compete with Obama’s economic record if the Fed raises rates. “How the hell do you compete with that?” Trump says. “And Obama — remember, this is very important — Obama had zero interest.”
Barack Obama got low interest rates when he was president, which is why Obama’s numbers were as good as they were (not much!). Just think how great the economy would be doing now under Trump (and it’s the best economy ever, by far) if only the Fed wouldn’t raise interest rates so much.
Obama was a lucky duck, because the economy was falling like a rock when he came in. The economy declined 8.4% and 2 million workers lost their jobs the quarter before he took office. That gave an Obama an advantage because it could only go up from there, says Trump, who inherited an economy that was growing about 2%, with 2.5 million new jobs in the previous 12 months. The Fed had already raised rates twice to a range of 0.50% to 0.75%.
“You give me zero interest rates and you show me my numbers with zero interest rates,” Trump says. “Anybody can do that with zero interest... He had phony numbers because it was based on zero interest.”
It’s so unfair. “So I have a hot economy going. Every time we do something, he raises rates.”
Even though the economy is the best ever, it can’t handle higher interest rates right now, Trump says. Higher rates will make it harder to buy a house, or a car (or a casino). All that money going to pay higher interest rates could be used to pay down the debt instead, which is totally what Trump would be doing now, because the tax cuts really did pay for themselves, just ask that nice Kevin Hassett if you don’t believe him.
“So we had a good quarter. We had a good quarter. We’re making — boom! and we have an interest-rate hike.”
It’s just not fair. Obama has an economy that’s in the crapper, and he gets low interest rates. But Trump has the greatest economy ever, the best jobs numbers you ever saw, and what’s his reward? Boom! Higher interest rates! |
