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Obama has not caused the Trump economy: Art Laffer - YouTube
Channel: Fox Business
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president obama taking credits in a
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tweet for the economy and jobs recovery
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here it is 11 years ago today near the
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bottom of the worst recession
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generations
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I signed the Recovery Act paving the way
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for more than a decade of economic
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growth and the longest streak of job
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creation in American history former
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Reagan economist art Laffer is with us
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now all right art you saw that tweet how
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much credit does President Obama deserve
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well President Obama is a fine man and
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but he's not an economist he did inherit
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a very very bad economy and he was able
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to take from the trough a very slow
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growth pack the slowest recovery in the
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US history but he did bring it back it
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did come but what's really happened as
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Donald Trump is an economist he really
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understands the economy far better than
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a President Obama did and you have seen
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a continuation in the surge in this
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economy that is second to none
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Obama has not caused the Trump economy
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let me just put it that way very simply
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Trump has caused the Trump economy and
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deserves all the credit for it his
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policies are right on mark and he's done
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a great job and they really are his
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policies President Trump understands the
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economy Obama didn't and I don't think
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Obama was well served by his economic
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advisors during his eight years in
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office all we at this moment the best
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game in town and I'm referring now to
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the economy of the United States seems
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to me that China Europe Japan are all
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reeling either from their own policies
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or from tax increases or from the virus
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and we're not what do you say yeah I
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think that's very true I mean of all the
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major countries there may be some little
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something somewhere like Marie Nia or
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something but this economy is doing
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really really well for a large economy
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it's run exceptionally competently and
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the president Trump deserves all the
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credit for this I mean he has great
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advisors as well Larry Kudlow as you
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know and Steve minutiae 'nor are just
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phenomenal advisors they understand the
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economy and they fit just perfectly with
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President Trump making it just a window
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in win-win for everyone
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trade has come through tax cuts for
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deregulation it's all there
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okay now that's the economy look at the
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market since president Trump's election
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all of the indicators whether it's the
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Dow the S&P and the NASA car on the
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screen now the Dow is up 59 percent the
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S&P is up 57 percent the Nasdaq is up a
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whopping 86 percent since the 2016
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election so again you're laughing the
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look in terms of stock market
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performance we are still the best game
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in town I know it is amazing you know
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after seven years of a recovery a very
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tepid recovery as I mentioned under
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Obama was the slowest recovery in US
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history but there after seven years of
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recovery all of a sudden you get this
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boom in the stock market which is
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incredible you get the growth of the
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u.s. staying at very high rates you get
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tax revenues coming in nicely you keep
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inflation under control
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I mean what's more to ask this is the
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this is the Goldilocks economy if I've
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ever seen one and it's because President
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Trump understands economics we're
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getting the trade deals we're getting
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all of this stuff way late in a recovery
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so it's the I think it's the longest
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recovering US history I think yeah it's
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all because of Trump now look at this
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one it's all because of trauma believe
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me okay
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okay this is more ammunition for you a
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new Gallup poll says most people say
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they are better off now than they were
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four years ago does that remind you of
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anyone in your in your past there are I
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remember when the president you are you
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better off than you were four years ago
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with Jimmy Carter and of course everyone
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knew the answer you know and then he did
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it again in 84 I was an executive
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committee of the reagan-bush Finance
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Committee back then and on his economic
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policy advisory board when he said
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aren't you better off and of course
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everyone know yeah we are we're much
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better off and the same thing is true
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with Trump I mean with Trump is he we're
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much better off than they were I think
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that 61% steward is the highest right in
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there along with John F Kennedy and
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Ronald Reagan right at the very tippy
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top of the performance of that Gallup
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poll and it's just amazing and it's
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really true Trump really knows how to do
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economics and he's done a great job okay
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real last question real fast if any of
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the front-running Democrats any of the
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Democrat
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two in the race if any of them won would
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we still grow the economy not if not if
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they carried out their promises we
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wouldn't we'd have a terrible crash the
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thing that shocks me Stewart and if I
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can be very honest with you as you know
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I've been a Democrat or a Republican
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over the years I'm really just economics
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I'm a Kennedy Democrat I voted for
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Clinton twice the Democrats don't have
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to do this suicide economic march they
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don't it's not part of their DNA it's
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not part of their history but all of
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them have decided that they're going to
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hate everything that Trump did and
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therefore they go against this wonderful
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economy which they don't have to do if
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one of those Democrats decided to be a
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pro-growth Democrat like Kennedy or like
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Bill Clinton or like some of these
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others they could sweep the field but no
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no no they've got to hate Trump on every
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single line including the very wonderful
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job he's done on the economy I mean he's
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spectacular and they were all saying
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it's awful which is just stupid I'm on
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the face of it okay
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I have no foot nothing further to add I
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laugh oh thank you very much indeed
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so thank you Stewart isn't it wonderful
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yeah great all terrific thanks I'll see
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you soon check
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