“If the question is when markets will recover,” Paul Krugman wrote the day after Trump’s victory, “a first-pass answer is never.” He was wrong, just like the conservative pundits who kept predicting Zimbabwe-style hyperinflation, Greece-style debt crises, and other economic horrors on Obama’s watch.įor the past three holiday seasons, I’ve documented the failure of those horrors to arrive in my annual Everything Is Awesome essays, which, Lego Movie-inspired headline hyperbole aside, made the cheery case that most things in America were getting better. In other words, America’s steady upward economic trajectory has continued under an unconventional new president, confounding the liberal pundits who predicted insta-doom. Inflation and interest rates are still low. The Dow, which nearly tripled to nearly 20,000 under Obama, has kept rising to record highs of more than 24,000 under Trump. And here are some more good figures: Unemployment, which dropped from 7.8 percent to 4.8 percent under Obama, has kept dropping to a 17-year low of 4.1 percent under Trump. OK, OK, the economy actually did hit 3 percent quarterly growth eight times during President Barack Obama’s time in office.
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