Them Pesky Facts

Trump Jr. claims GDP growth never hit 2 percent under Obama — it did 15 times hill.cm/wIdeo2o https://t.co/KS4gPTIOVt

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The Hill (@thehill) July 28, 2018

I knew all these lies were coming (Obama beat 4 percent multiple times in individual quarters and obviously “broke… twitter.com/i/web/status/1…

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Ben White (@morningmoneyben) July 28, 2018

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@DonaldJTrumpJr Is lying a hereditary trait in the Trump Family? Obama broke 2 many, many times. Daddy Trump still… twitter.com/i/web/status/1…

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Maggie Jordan: (@MaggieJordanACN) July 27, 2018

@DonaldJTrumpJr Obama hit over 2% GDP 15 times. He went above 4% GDP four times, including hitting 5.1% in 2014.… twitter.com/i/web/status/1…

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Ahmed Baba (@AhmedBaba_) July 28, 2018

Early Bird Chat

We've come a long way. https://t.co/1VhsZHaXMW

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The White House (@WhiteHouse) November 08, 2016

The Economy Is Growing. Don’t Screw It Up, Congress

Amidst global volatility, Congress should protect the momentum of our growing economy (not kill it). We must avoid shutdown / austerity.

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President Obama (@POTUS) August 27, 2015

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Jason Furman: Second Estimate Of GDP For The Second Quarter Of 2015

Real GDP growth in the second quarter was revised markedly upward, as consumers spent more and businesses invested more than previously estimated. The economy grew at a much faster pace in the second quarter than in the first, with strong personal consumption leading the rebound. At this time in the global economy, it is essential that we continue to do everything we can to maintain America’s domestic economic momentum—including avoiding a return to fiscal brinksmanship or unnecessary austerity by passing an on-time budget that reverses the sequester, increasing investments in infrastructure as part of a long-term transportation reauthorization, and other steps to foster long-term growth.

1. Real Gross Domestic Product (GDP) rose 3.7 percent at an annual rate in the second quarter according to the BEA’s latest estimate, well above the first quarter’s 0.6 percent pace and the BEA’s initial second-quarter estimate of 2.3 percent growth. In the second quarter, the increase in GDP growth was led by a faster pace of personal consumption growth than in the first quarter and a shift from negative to positive net export growth. Structures investment, which declined sharply in the first quarter and was previously thought to have declined in the second, is now estimated to have grown. Overall, real GDP has now risen 2.7 percent over the past four quarters.

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Real PDFP, key indicator of future growth, grew at 3.4 percent over the past four quarters whitehouse.gov/blog/2015/08/2… http://t.co/XKwmpeuTzx

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Jason Furman (@CEAChair) August 27, 2015

Upward revisions to Q2 GDP widespread across business investment, consumer spending, other components http://t.co/ve1YA0QzDD

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Jason Furman (@CEAChair) August 27, 2015

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R&D investment growing at fastest pace since 2007, good news for long-run productivity growth whitehouse.gov/blog/2015/08/2…

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Jason Furman (@CEAChair) August 27, 2015

Q2 GDP revised up to 3.7 percent, much faster than initial estimate and Q1 whitehouse.gov/blog/2015/08/2… http://t.co/jdzSJTpTfa

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Jason Furman (@CEAChair) August 27, 2015

The Economy Is Rebounding. Thanks, President Obama

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Jeffrey Sparshott: Economists React to the May Jobs Report: ‘Unambiguously Positive’

U.S. employers added 280,000 jobs in May, the unemployment rate rose to 5.5% from April’s 5.4% as more Americans joined the workforce, and wages firmed. With the labor market showing signs of strength, all eyes are now on the Federal Reserve, which has pinned interest rates near zero since December 2008. Here’s what economists had to say. “Any doubts about lingering economic weakness in the second quarter, at least as it relates to the labor market, were certainly erased with the release of the May employment report….In addition to the stronger-than-expected headline figure, revisions to prior months were positive 32,000 but perhaps most importantly, the average hourly earnings number increased by 0.3%. As a result, the year-over-year change in earnings is now 2.3%, the highest level since it briefly ticked there in August 2013.”–Dan Greenhaus, chief strategist at BTIG

“Even if one holds a long-term capped growth/secular stagnation view as we do, there can be and indeed are some unambiguously positive economic data in the meantime. Today’s payroll release was certainly one of them.” –Guy LeBas, managing director for fixed income strategy at Janney Montgomery Scott “This 280,000 rise in May payroll jobs, combined with a 32,000 upward revisions to job growth in March and April, reinforces our view that the decline in real GDP in the first quarter was an aberration due mostly to temporary factors and statistical problems acknowledged by the [Bureau of Economic Analysis]….I expect real GDP growth to rebound to at least 3.0% per annum in the middle two quarters of this year on strength in consumer spending, residential and nonresidential (including public) construction and less drag from private energy investment and net exports.” –Stu Hoffman, chief economist at PNC Financial Services “We see this as a very strong report, and it provides strong affirmation that underlying strength in the economy is building as the recovery moves back on track

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Total jobs created during this recovery: Full-time: 8,657,000 Part-time: 47,000 (Time to retire the "they're all part-time" talking point.)

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Justin Wolfers (@JustinWolfers) June 05, 2015

Economists react to the May jobs report: 'Unambiguously positive' on.wsj.com/1ARPeRU via @WSJecon

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David Wessel (@davidmwessel) June 05, 2015

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Hospital giant HCA says OCare grew EBITDA profits by $500 million. Health employment up 100,000 ppl. GOP still says Ocare is terrible. Sigh.

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Kurt Eichenwald (@kurteichenwald) June 05, 2015

It's looking increasingly likely that the economy will be in a sweet spot, humming along near full employment on November 8, 2016.

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Justin Wolfers (@JustinWolfers) June 05, 2015

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Household survey shows employment growth of 272k, which is darn similar to the 280k from payrolls. Whichever way you look at it, good news.

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Justin Wolfers (@JustinWolfers) June 05, 2015

IT'S A RECORD: The US economy has recorded 63 straight months of private sector jobs growth. Previous record was 51 months from 1996-2000.

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Justin Wolfers (@JustinWolfers) June 05, 2015

An Improved Economy. Thanks, President Obama

America's businesses have added at least 200,000 jobs in 12 straight months, the 1st time that's happened since 1977. http://t.co/iY7Pb9l3vG

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The White House (@WhiteHouse) March 06, 2015

The economy has moved from a recession to recovery to resurgence. Investing in the middle class is the way forward. http://t.co/WNuXdf9fSd

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Vice President Biden (@VP) March 06, 2015

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Six years of Obama: 7.8 million new jobs. Twelve years of Bush and Bush: 3.9 million new jobs. Huh.

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Dan Diamond (@ddiamond) March 06, 2015

Barack Obama saved America from death. http://t.co/e6ylF5fo91

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BWD (@theonlyadult) March 06, 2015

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How health care’s 12-month jobs boom looks: · 251,000 new jobs in ambulatory care · 70,000 in hospitals · 35,000 in nursing homes

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Dan Diamond (@ddiamond) March 06, 2015

February unemployment rate, by year 2009: 8.3% 2010: 9.8 2011: 9.0 2012: 8.3 2013: 7.7 2014: 6.7 2015: 5.5 via @BLS_gov

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Nu Wexler (@wexler) March 06, 2015

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UPDATE: Last month, unemployment fell in every state for the first time since 1984 ow.ly/K0JjG http://t.co/LzvNiq49x8

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The Hill (@thehill) March 06, 2015

February marked 12 straight months of job growth above 200,000 thkpr.gs/3630637

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ThinkProgress (@thinkprogress) March 06, 2015

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Construction employment grew +29k, an indicator that the weather wasn't much of a drag on this month's employment report.

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Justin Wolfers (@JustinWolfers) March 06, 2015

Payrolls +295k!!! No revision for December +329k January revised down 18k to +239k Unemployment 5.5% Now THAT'S a recovery.

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Justin Wolfers (@JustinWolfers) March 06, 2015

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Household survey says employment grew +96k; payrolls says +295k. My secret 20:80 formula says underlying growth is +255k. Better than solid.

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Justin Wolfers (@JustinWolfers) March 06, 2015

U.S. factories added 877,000 jobs over the last five years. From 1996-2001, they lost 255,000 1.usa.gov/1GqARFt http://t.co/WKjtetZbBq

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Sudeep Reddy (@Reddy) March 06, 2015

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Sorry Obama haters, labor force participation is improving. My preferred gauge, which controls for demographics. http://t.co/DH66tj7mIt

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Matt Phillips (@MatthewPhillips) March 06, 2015

The unemployment rate fell to 5.5% from 5.7% in January, the lowest since May 2008: usat.ly/1MeFSBf http://t.co/s7AcoWWpwY

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USA TODAY (@USATODAY) March 06, 2015

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The U.S. government added 295,000 jobs in February, extending the best stretch of job creation since the mid-1990s. http://t.co/4QBxxEYuSZ

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  (@MarketWatch) March 06, 2015

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In half the time, jobs have grown 2x as fast under Obama compared to Bush & Bush. twitter.com/ddiamond/statu…

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Dan Diamond (@ddiamond) March 06, 2015

@ddiamond twice as MUCH. Means they grew 4x as FAST

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RunTheBallFruitfly (@sherifffruitfly) March 06, 2015

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@ddiamond been true for several months eclectablog.com/2014/10/fun-fa…

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  (@LOLGOP) March 06, 2015

In 2014: · Construction ↑ 338k jobs · Health care ↑ 309k · Retail ↑ 224k · Manufacturing ↑ 215k · Federal government ↓ 11k jobs

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Dan Diamond (@ddiamond) March 06, 2015

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#ACA "is the biggest job killer we have in America today" @SpeakerBoehner. "US added 295,000 jobs in Feb" @nytimes ?? http://t.co/OgMtEYtgOB

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Martin Bashir (@MartinBashir) March 06, 2015

February becomes the 12th month in a row to have over 200K jobs added bit.ly/1BaOaXn

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Talking Points Memo (@TPM) March 06, 2015

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Employment rate among prime-age workers (ages 25-54) is highest it's been since 2008. http://t.co/vdXOYPiMrT

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Ben Casselman (@bencasselman) March 06, 2015

Fewer people are working part-time. And fewer of THEM are doing so involuntarily. http://t.co/vrLcw3RxeM

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Ben Casselman (@bencasselman) March 06, 2015

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U.S. economy added 295,000 jobs in February; unemployment rate falls to 5.5% from 5.7% nyti.ms/1H63u8h http://t.co/RuiIvPs29n

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NYT Business (@nytimesbusiness) March 06, 2015

For 12 months in a row, the U.S. has added at least 200,000 jobs, a sustained pace unmatched since 1994 and 1995. wapo.st/1EuzAek

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Washington Post (@washingtonpost) March 06, 2015

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Worth noting that all this super strong job growth has happened at the same time tens of millions gained health insurance thru the #ACA.

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Simon Rosenberg (@SimonWDC) March 06, 2015

OBAMACARE IS A JOB KILLER! wait, what? "@CNBCnow: BREAKING: US added 295,000 jobs in Feb; unemployment rate at 5.5%"

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Path2Enlightenment (@Path2Enlighten) March 06, 2015

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Thank you, President Romney! Oh. Wait.

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Eric Haywood (@Eric_Haywood) March 06, 2015

U.S. has now gained 11.5 million jobs since the recession’s lowest point in Feb. 2010.

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Dan Diamond (@ddiamond) March 06, 2015

The U.S. Economy Keeps Progressing. Thanks, President Obama

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Rich Miller: U.S. Retakes The Helm Of The Global Economy

The U.S. is back in the driver’s seat of the global economy after 15 years of watching China and emerging markets take the lead. The world’s biggest economy will expand by 3.2 percent or more this year, its best performance since at least 2005, as an improving job market leads to stepped-up consumer spending, according to economists at JPMorgan Chase & Co., Deutsche Bank AG and BNP Paribas SA. That outcome would be about what each foresees for the world economy as a whole and would be the first time since 1999 that America hasn’t lagged behind global growth, based on data from the International Monetary Fund. About 3 million more Americans found work in 2014, the most in 15 years and a sign companies are optimistic U.S. demand will persist even as overseas markets struggle.

The U.S. is breaking away from the rest of the world partly because it has had more success working off the debt-driven excesses that helped precipitate the worst recession since the Great Depression. “The progress has been far greater in the U.S.,” Glenn Hubbard, dean of the Columbia Business School in New York and a former chief White House economist, told the American Economic Association annual conference in Boston on Jan. 3. The U.S. has pulled ahead of other industrial nations partly because its policy-making has been better, according to Paul Mortimer-Lee, chief economist for North America at BNP Paribas in New York. U.S. budget policy also has been more effective than the euro region’s austerity strategy, which undercut the continent’s economy, Mortimer-Lee added.

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When I went to bed, I curled up tight, scrunched my eyes tight, crossed my fingers, and hoped hoped hoped for a jobs report like this.

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Justin Wolfers (@JustinWolfers) January 09, 2015

"Thanks to the hard work of the American people, the United States of America is coming back." —President Obama http://t.co/d6y4hZqPTA

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The White House (@WhiteHouse) January 09, 2015

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.@LaborSec says he's watching ratio of job seekers to job openings. It's getting better fast. 53eig.ht/1wV0B3T http://t.co/YVcfjbw8h3

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Ben Casselman (@bencasselman) January 13, 2015

Hints of better quality jobs: More construction, more manufacturing, more full-time. 53eig.ht/1wCjVmp http://t.co/02YiIUuHuf

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Ben Casselman (@bencasselman) January 09, 2015

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Prime-age employment rate continues its gradual improvement. http://t.co/PMnrviKla0

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Ben Casselman (@bencasselman) January 09, 2015

"2014 was the strongest year for job growth since the 1990s." —President Obama: go.wh.gov/AtwaKZ http://t.co/d6y4hZqPTA

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The White House (@WhiteHouse) January 10, 2015

You Don’t Know What You’ve Got Until It’s Gone

@RickStrandlof

Jobs? ✔ Economy Growing? ✔ Thank You, President Obama

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Loraine Woellert: Factory Production Rebounds As U.S. Sustains Expansion

Production at American factories rebounded, claims for jobless benefits fell to a 14-year low and households held the most optimistic views in two years, signs the world’s largest economy is overcoming a global slowdown. Manufacturing output climbed 0.5 percent in September, springing back from a 0.5 percent drop the prior month, as factories pushed out more computers, appliances and building-supplies, according to Federal Reserve data issued today in Washington. Other reports showed the momentum is being sustained as the fewest workers since April 2000 filed applications for unemployment insurance last week and more consumers said this month that the economy will get better.

The reports bolster forecasts that the U.S. expansion will survive the weakening in Europe and emerging nations that has roiled global financial markets. American consumer spending, which accounts for almost 70 percent of the economy, is likely to strengthen as employment keeps growing and confidence climbs. Ford Motor Co. is among those automakers that remain upbeat. The second-biggest U.S. carmaker is adding workers at its Dearborn, Michigan, plant as it prepares for its new aluminum-bodied F-150 pickup. The truck is scheduled to arrive in showrooms by the end of the year. “These new jobs will help meet anticipated customer demand,” said Joe Hinrichs, Ford’s president of the Americas, during an Oct. 13 announcement. The company has hired more than 23,000 employees since 2011.

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Industrial output in the U.S. increases by the most since November 2012: bloom.bg/11tnhj2

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Bloomberg News (@BloombergNews) October 16, 2014

The Deficit Is Falling? You Can Thank President Obama

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Brett Logiurato: The Budget Deficit Just Fell To Its Lowest Level Under Obama

The US budget deficit fell to about $483 billion in fiscal year 2014, almost a $200 billion drop from the previous year and the lowest level of President Barack Obama’s six years in office. The US Treasury Department released the official figures on Wednesday, generally confirming figures released by the nonpartisan Congressional Budget Office last week. It’s the smallest deficit recorded since 2008.

FY2014 was the fifth consecutive year the deficit declined as a percentage of GDP. It is now an estimated 2.8% of GDP, a percentage that puts it below the average of the past 40 years. The Treasury’s figures chalked up the shrinking deficit to increased revenues from taxes and slowed growth in government spending. “It’s really a rise in revenues because of economic growth, because of the policies the president pursued, that we’ve made progress on the deficit,” said Shaun Donovan, the director of the Office of Management and Budget.

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Healthcare? Check! Jobs? Check! Deficit? Check! Report: Lowest Deficit Since 2008 read.bi/1sSMuOq http://t.co/LZn4wrD5fh

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Kennett Area Dems (@KennettDems) October 16, 2014

That Hopey Changey Thing Is Working Out Great. Thanks, President Obama!

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Rolling Stone: The Obama Hope And Change Index: 6 Years Of Progress, By The Numbers

Peak unemployment, October 2009: 10 percent
Unemployment rate now: 5.9 percent
Consecutive private sector job growth: 55 months
Private sector jobs created: 10.3 million
Federal deficit, 2009: 9.8 percent of GDP
Deficit in 2013: 4.1 percent of GDP

Average tax rate for highest earners 2008: 28.1 percent
Average tax rate for highest earners 2013: 33.6 percent
Banks regulated as too big to fail, 2009: 0
Banks regulated as “systemically important financial institutions” — a.k.a. too big to fail — 2014: 29
Billions returned to consumers by Consumer Financial Protection Bureau enforcement: $4.6 billion
Americans compensated for being swindled by banks, lenders and credit card companies: 15 million
Dow Jones close, inauguration day 2009: 7,949
Dow Jones yesterday: 16,719

Required MPG (miles per gallon) for cars when Obama took office: 27.5
Required MPG for light trucks/SUVs when Obama took office: 23
MPG requirement by 2016 for cars, light trucks/SUVs: 35.5
MPG required by 2025: 54.5
Gigawatts of wind power installed when Obama took office: 25
Gigawatts of wind power installed through end of 2013: 61
Peak summertime solar power generation June 2008: 128 gigawatt hours
Peak summertime solar power generation June 2014: 2,061 gigawatt hours
Coal burned in electrical generation 2008: 1 billion short tons
Coal burned in electrical generation 2013: 858 million short tons
Reduction: 14.2 percent
EPA-proposed CO2 reductions for power sector by 2030: 30 percent

Pell grant funding 2008-2009: $18 billion
Pell grant funding 2013-2014: $33 billion
Adults gaining insurance under first year of Obamacare: 10.3 million
As a percentage of the uninsured: 26
Annual cost for birth control prior to Obamacare: Up to $600
Annual cost for birth control under Obamacare-compliant policies: $0
Prescriptions now required to obtain emergency contraception: 0
2009 projection for Medicare going broke: 2017
2014 projection for Medicare going broke: 2030

Troops in Iraq, inauguration day 2009: 144,000
Troops in Iraq today: 1,600
Osama bin Ladens alive 2009: 1
Osama bin Ladens alive 2014: 0
Troops in Afghanistan, day, 2009: 34,400
Troops pledged in Afghanistan by end of 2014: 9,800
Guantánamo detainees inauguration day 2009: 242
Gitmo detainees today: 149
Crack vs. Powder cocaine-crime sentencing disparity when Obama took office: 100:1
Crack vs. Powder disparity today: 18:1
Drug offenders eligible to seek early release under new sentencing guidelines: 46,000

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