The political spin on the economy right now goes like this: Republicans say the United States was in terrible shape until Donald Trump took office and then the economy went from blah to boom. Democrats say “Thanks, Obama.” They argue former president Barack Obama deserves all the credit for pulling the economy out of the Great Recession, and Trump is just riding his coattails.
The reality is somewhere in between.
“Trump was dealt a good hand by Obama, but Trump has also kept the momentum going,” says economist Joseph Brusuelas of accounting firm RSM. Brusuelas said he believes it is “juvenile” to have endless debates over who gets credit because “the Federal Reserve and the business cycle have also played large roles in the recovery.”