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“Con job”: Trump Responds To Obama Taking Credit For Booming Economy

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President Trump responded Monday night, calling Barack Obama’s claim that his prior administration is responsible for the booming US economy a “Con job”.

“Did you hear the latest con job?” Trump tweeted, explaining that “Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration.”

“He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing.” Trump noted.

Trump also noted that he “had to rebuild our military, which was totally depleted.”

“Fed Rate UP, taxes and regulations WAY DOWN.” The President continued.

“If Dems won in 2016, the USA would be in big economic (Depression?) & military trouble right now. THE BEST IS YET TO COME. KEEP AMERICA GREAT!” Trump concluded.

The President was responding to the below tweet from Obama, sent on President’s Day, which claimed that Obama’s Recovery Act “paved the way for more than a decade of economic growth and the longest streak of job creation in American history.”

As Trump urged, however, the economy under Obama was the most worst since World War II, despite being largely propped up by the Federal Reserve’s unprecedented decade-long zero percent interest rates during his two terms.

The White House also issued a statement responding to Obama.

“President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy,” read the statement from Kayleigh McEnany, the Trump campaign’s national press secretary. “Obama and Biden orchestrated the worst economic recovery in modern history.”

“By contrast, though, deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans and many other hard-working Americans,” added McEnany.

And, it’s not just Trump and Infowars pointing this out.

The Wall Street Journal recently asked 68 economists who was responsible for the booming economy and the consensus was that it is “President Trump, and not Obama, who should be taking a bow.”

It has been blindingly obvious for years that Obama did not seed the current recovery. “The Obama recovery of the last seven years remains the worst in postwar American history,” a Forbes article from 2016 noted.

Others were quick to respond to Obama’s phoney claim:

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Economy

Rand Paul: Democrat ‘Class Warfare Wealth Tax Will Destroy Our Country’

“The class warfare people need to get a grip on what happens”

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Senator Rand Paul has warned that a Democrat proposed ‘wealth tax’ is fundamentally “un-American” and will kill off entrepreneurship.

Appearing on Fox Business, Paul spoke about the ‘extreme’ plan being pushed by Sen. Elizabeth Warren, urging that “A wealth tax will destroy our country.”

Watch:

“It’s not good for our country,” Paul said explaining that “This class warfare, punitive stuff that some of these Democrats want – it’s un-American.

“It’s bad for business and it’s bad for everybody,” Paul continued, adding “Because capitalism uplifts all.”

The plan would see higher taxes on the “rich”, with Bloomberg News analysis concluding that the 100 richest Americans would have their income shrink by $78 billion per year.

The plan would impose a 2% annual tax on the net worth of households worth $50 million and above, as well as an additional 1% tax on holdings of $1 billion upwards.

Paul argued that “capitalism, trade and division of labor” in the US means it has a poverty level that is one of the lowest internationally.

The Senator pointed to other countries that have attempted wealth taxes, and failed.

“The class warfare people need to get a grip on what happens,” Paul declared, adding “When they take over, we become Venezuela and I don’t want that for our country either.”

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Economy

China Created More Billionaires Than Every Other Country Combined During Pandemic

259 new billionaires broke into the club during 2020.

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Qianlong.com via Getty Images

Continuing its rapid post-COVID economic recovery, it has been revealed that China created more billionaires in 2020 than the rest of the world combined.

According to the Hurun Global Rich List, 259 billionaires broke into the exclusive club, meaning China now boasts a total of 1,058 billionaires and is the first country in the world to break the 1,000 level.

In comparison, the United States created 70 new billionaires in 2020, although people who were already billionaires like Jeff Bezos and Bill Gates saw their profits surge during the pandemic.

“China – the country where Covid first emerged and which has been accused of covering up its early spread, leading to the pandemic – has seen its economy boom while the rest of the world’s finances have been hammered by the disease,” reports the Daily Mail.

As we highlighted back in December, China is also set to outstrip every other country in terms of GDP growth over the next two years.

“A graph proposing GDP projections for various nations and areas showed that China was the only nation on the list to enjoy real GDP growth in 2020, with 1.8%, 8% in 2021 and 4.9% in 2022,” reported Sputnik.

In reality, China ended up posting even better numbers for 2020 with a 2.3% GDP rise, the only major economy in the world to grow at all last year.

“In comparison, the United States, having suffered a 3.7% drop in 2020, is set to achieve 3.2% and 3.5% real GDP growth in 2021 and 2022 respectively.”

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Viral Reddit Post From ‘Robinhood Insider’ Claims White House Pressured Broker to Block Buying of GameStop Shares

WallStreetBets community warns post may be a ploy to panic people into selling.

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A post claiming to be from a Robinhood employee that has gone viral on Reddit alleges that the White House put pressure on the broker to halt buying of GameStop shares.

Retail traders were left fuming earlier today when Robinhood and other trading platforms curbed buying of stocks that the Reddit community WallStreetBets has targeted in its bid to bankrupt hedge funds.

Many saw this as a blatantly corrupt, and potentially criminal, move to rig the rules in order to protect the interests of multi-billionaire Wall Street financial interests that stand to lose vast sums of money if the stocks don’t plummet in value.

Now a person claiming to be a Robinhood employee claimed on Reddit that the Biden administration contacted the broker to pressure it to close trading on GME. The post has since gone viral, receiving over 23,000 upvotes.

The full post is reprinted below;

I work for Robinhood. Don’t kill me.

Low-level, technical shit, comp sciences major, not finance side.

Guess what we overhead today?

Vladimir, yes founder Vladimir, and the C-Suite, received calls from Sequoia Capital and the White House that pressured into closing trading on GME etc. I guarantee you the same took place at E-Trade and the others who closed trading.

File reports on the SEC page. If I wasn’t scared to be out of work in a pandemic I’d quit. I’m disgusted. We all need to rise up, this is as bad as it gets when we talk about how the rich get one set of rules, and the rest of us get screwed over, and over, and over again left to bail them out and pick up the tab for their trillion dollar tax breaks. We need to pile pressure on every government and financial institution involved in this travesty of justice.

I’m taking a massive career risk even posting here but fuck these motherfuckers.

The Biden White House said it was “monitoring” the GameStop situation yesterday but hasn’t announced any action publicly.

Over on the WallStreetBets Reddit forum, the consensus seems to be that the post is not believable, and may even be a ploy to panic GameStop stock holders into selling.

Meanwhile, in an email sent out in the last hour, Robinhood says it will allow “limited buys” of GameStop and other similar stocks tomorrow.

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