James Woods is back on social media and he wasted no time in shutting down Barack Obama. Recently Obama made a weak effort to take credit for President Trump’s economy but James Woods was not having it.
“Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history,” Obama tweeted out before he was quickly taken to task by darn near everyone.
James Woods didn’t wait long, and blasted the Ex-President: “The notion that you did anything but destroy this nation’s economy is beyond hilarious.”
“Those jobs are never coming back. What’s he going to do, wave a magic wand?”
“Yes, @realDonaldTrump did exactly that. Your only sad legacy was your blatant lies about ObamaCare.”
The Washington Post reported that beyond the stark difference between Obama-era GDP and today’s, let’s consider the boom in job creation spurred by that accelerated growth. When Obama left office, the economy had 2 million more people unemployed than job openings. In March, the most recent month for which the data are available, after 25 months of the Trump administration, there were 1.3 million more job openings than people unemployed. And that is with the unemployment rate at a 50-year low and more people working than at any time in the nation’s history.
March was the 13th consecutive month the U.S. economy produced more job openings than there were people unemployed. The first time that happened since the Bureau of Labor Statistics began reporting the data in 2000 was, well, 13 months ago. It didn’t happen once during the Obama administration.
Let’s look at what Obama-Biden bequeathed to the Trump administration on wages. When they took office in January 2009, wages were growing at 3.6 percent — and that was during the recession. By May of that year, the number had dipped to 2.9 percent. There was not a single month throughout the remaining 91 months of the Obama administration when wage growth hit even 2.9 percent — and only two months when it managed to hit 2.8 percent. When Obama-Biden left office in January 2017, wage growth was 2.4 percent. That is their legacy on wages.
With employers in the Trump era competing for workers to fill plentiful job openings, the country in April experienced its ninth straight month of wage growth at or above 3 percent. A recent survey of economists found that nearly 70 percent expected even faster wage growth over the coming year.
As the economy grows and wages rise, tax revenue is also increasing because of — not despite — the Republican tax cuts. Through the first seven months of this fiscal year, revenue is up 7 percent over the same period in fiscal 2016 (the last full fiscal year before the tax cuts). Unfortunately, spending has increased by 13 percent.