Joe: The truth of the matter is, Donald Trump inherited a growing economy from President Obama and m

[soothsayer]

Link to tweet

?s=21

Joe Biden
@JoeBiden
The truth of the matter is, Donald Trump inherited a growing economy from President Obama and me. And just like everything else he inherited in his life, he squandered it.

[blm]

1. Good frame

[2naSalit]

2. K&R

[Nexus2]

3. Say that to a Trump supporter or surrogate and watch the rage flow

Like in a recent MSNBC (why do that interview hardcore Trump supporters, all they do is read the campaign's talking points loudly and quickly) where a Trump campaign surrogate (Vernon Jones) ranted for a good minute when the Obama economy was brought up, how it was Fake News and how slow and sluggish things were until Trump came to office and apparently it took off like a rocket

[sandensea]

4. And those figures are NOT in real terms

Were they adjusted for inflation (even the understated 'chained prices' used to measure real GDP), REAL per capita GDP would be at 2007 levels.

But of course more unevenly distributed.

[progree]

5. How do you know these aren't inflation-adjusted?

Last edited Wed Aug 5, 2020, 10:31 PM - Edit history (1)

The BEA always report the "real", i.e. inflation-adjusted figures in their headlines and main summary, though deeper down they also report the actual un-adjusted "current-dollar" figures too.

Edited to Add:

I found this from FRED

Link to tweet

[sandensea]

6. It does appear to be correct up to Q4 2019 - but then misses the mark badly in 2020

Real GDP covered by that chart (Q2 2009 - Q2 2020) grew by 13.7%, whereas population grew by 7.5% - giving us a 5.8% increase in real GDP per capita over that period.

The first chart, however, appears to show a 9% improvement (your second one is absolutely accurate).

That said, I'm not exactly sure where they got that 9% figure, given that nominal GDP over that period grew 35.2% - or 25.8% per capita.

Perhaps from a deliberately fudged OMB chart? (you know how Cheeto loves fudge!)

[progree]

7. Thanks much for the deep dive into this n/t

[sandensea]

9. And thank you for your great research

One economics aficionado to another, eh?

[progree]

10. 😂😂😂 /nt

[SnowCritter]

8. I don't like this type of ad

If you're not watching the TV (you're in another room or have it on for background noise) all you hear is Trump's voice - you don't see the graphic.

Then again, when *I* hear IQ45's voice I automatically assume he's lying.

Just my 5 cents.