Monday, October 1, 2018

Kudos . . .

. . . to whom?  (Let's get this straight) . . .

". . . The Dow. . . set an all-time high 70 times in 2017—once every five days—while the unemployment rate has neared an all-century low. . . Is this happening because of President Trump? Yes, according to President Trump. . . Like so many miracles, this is revisionist history. . . Even if Trump’s first 100 days had produced a bevy of new legislation, it typically takes about a year for policy to affect national economic statistics. But Trump’s first 100 days produced no major legislation, despite effectively unwinding Obama-era regulations for labor, environmental, and consumer protections. Instead, Trump is treating the U.S. economy the way he might treat the licensing of a fully built hotel: He has slapped his surname on the facade and shifted around the interior decor. But the foundation, scaffolding, and architecture of the thing either preexisted his term or are beyond his control. . . The most important reason for this global boomlet is somewhat boring: After eight years of central banks printing money to help businesses and companies recover from the global financial crisis, the entire world finally seems to be growing. Global trade in 2017—which has little to do with White House policy—has grown at its fastest pace in the last five years. . . Claiming individual credit for global phenomena is a risky long-term strategy for any president. If the price of energy plummets, the White House will find that the Trump miracle will end, through no fault of Trump. Between 2010 and 2014, Obama presided over a 30 percent boom in mining jobs, thanks to a burst in energy demand and a fracking revolution whose technology was decades in the making. Two years later, all of that net job growth had disappeared, as the global price for natural gas plummeted. Obama wasn’t the captain of the global market for energy; he was merely a powerful bystander. That’s just how it is: The president depends on the economy far more than the economy depends on the president. . ."

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