BUSINESS & AG LIFE
WEDNESDAY, NOVEMBER 13, 2019
THE OBSERVER & BAKER CITY HERALD — 3B
Trump claims credit
for economy, jobs in
New York speech
By Josh Boak and Zeke Miller
The Associated Press
NEW YORK (AP) — Despite a
slowing economy, President Donald
Trump declared Tuesday that
the United States was enjoying a
“boom the likes of which we have
never seen before!”
Trump told the Economic Club of
New York that “we have delivered
on our promises — and exceeded
our expectations by a very wide
margin.”
His remarks were delivered to
an audience of powerbrokers and
affl uent business leaders, but his
political future may depend on
whether voters in the Midwest and
Sunbelt believe that he has fought
for their own fi nancial well-being.
The president faces reelection
next year in a relatively healthy
economy, yet student debt, high
medical costs and rising inequality
have given Democrats seeking the
presidency inroads to say that only
a privileged few have genuinely
benefi ted from the Trump era.
“Our democracy has been hi-
jacked by the rich and the power-
ful. They make it work for them-
selves, and they leave everyone
else behind,” Massachusetts Sen.
Elizabeth Warren told a major
Democratic Party fundraiser and
dinner in Iowa earlier this month.
Despite his congratulatory rheto-
ric, Trump has not fulfi lled many
of his grandiose promises for the
economy.
Growth in the most recent quar-
ter slowed to an annualized 1.9%
— a far cry from the gains of “4%,
5% and even 6%” that Trump said
his 2017 tax cuts would make pos-
sible. The president has not been
able to boost the U.S. steel industry
with tariffs, while coal has been
supplanted as an energy source by
natural gas.
Unemployment is near a fi ve-
decade low of 3.6%, a point of pride
for Trump. The job gains defi ed
the forecasts of many government
economists who anticipated less
hiring due to an aging population.
Yet the falling jobless rate is also a
continuation of a trend that started
during Barack Obama’s presidency
as the economy has been expand-
ing for more than a decade, the
longest period of growth in U.S.
history.
“The economy was growing
before he took offi ce,” Andy Green,
managing director of economic
policy at the Center for American
Progress, a liberal think tank. “It
was creating jobs before he took
offi ce. It’s been creating fewer jobs
since he took offi ce. The stock mar-
ket has gone gangbusters. What he
Seth Wenig/The Associated Press
President Donald Trump declared told the Economic Club of New York Tuesday that “we have delivered
on our promises — and exceeded our expectations by a very wide margin.”
has done is deliver for the corporate
interests that put him in offi ce.”
The president took a combative
tone at times, dubbing China a
cheater on trade even as he seeks
an initial settlement to calm an
18-month trade war that has hurt
U.S. manufacturing output as
tracked by the Federal Reserve and
industry groups.
The administration has launched
tariffs and threated additional
import taxes, disrupting supply
chains even as the overall U.S.
trade defi cit has increased 15%
during the Trump administration.
“I will not say the word ‘cheated,’
but nobody has cheated better than
China,” said Trump.
Trump also attacked the Federal
Reserve for not slashing a bench-
mark interest rate to a near-zero, a
level that historically would have
signaled an economy in crisis. But
the president sees European na-
tions with negative interest rates
on their government debt and
views that as free money that puts
the United States at a competitive
disadvantage.
“Give me some of that money,” he
said. “I want some of that money.”
The president also went after
Democrats who have favored plans
to address inequality and climate
change, suggesting that that the
economy would be crushed if he
lost re-election in 2020.
“The people we’re running
against are crazy,” Trump said.
“They’re crazy.”
He addressed the club in the
same midtown Manhattan ball-
room where he celebrated his elec-
tion to the White House in 2016.
When the applause was slow in
coming after Trump declared he
had delivered on his promises, the
president jokingly said, “Thank
you. I was waiting for that. I almost
didn’t get it.”
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