Letter: Trump inherited a growing economy

The country President Donald Trump inherited is a far distance from the one Barack Obama inherited, despite all of the lies and fearmongering. Reports from economists, the Federal Reserve and other experts indicate that the country is in great shape.

We are moving toward full employment, defined as an unemployment rate around 3 percent or slightly above. The economy is humming along so well that the Federal Reserve will likely raise the interest rate.

The economy added jobs for a record 75 consecutive months. Nearly 11 million jobs have been created. In 2015, median household income jumped 5.2 percent — the largest one-year growth since 1967.

If gross domestic product growth is the benchmark for Americans’ financial well-being, the Trump administration inherited an economy that is well on its way to fulfilling his campaign promises. Eight years after the financial collapse, many forecasters see the economy starting to hit on almost all cylinders.

The 2016 GDP ended at a 3.2 percent annualized rate. That’s just 0.8 of a percent shy of Trump’s long-range target.

Corporate profits are running at near-record levels.

If the recovery continues to build momentum, will history credit Trump or Obama?

Trump would not be the first president to take credit for the accomplishments of his predecessor. Much of the groundwork for the 1980’s prosperity of the Reagan administration, for example, was laid by the policy of double-digit, inflation-killing interest rates engineered by Fed Chairman Paul Volcker in the Carter administration.

This story was originally published March 7, 2017 at 7:37 PM with the headline "Letter: Trump inherited a growing economy."