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| Via Bloomberg |
The White House’s top economist on Monday acknowledged that President Trump had made a false statement hours earlier when he used a pair of statistics to describe the strong economy.The GDP Rate (4.2%) is higher than the Unemployment Rate (3.9%) for the first time in over 100 years!— Donald J. Trump (@realDonaldTrump) September 10, 2018
Hassett, chairman of the Council of Economic Advisers, speaking in the White House press room,
said he did not know how Trump obtained the false information.
"The history of thought about how errors happen is not something I can engage in, because from the initial fact to what the president said, I don't know the whole chain of command," Hassett said.
"I'm not the chairman of the council of Twitter advisers," he added later.
The chart above which only goes back 60 years, shows numerous periods when the unemployment rates was lower than GDP growth.
Since the 70 years that the Labor Department started publishing monthly jobless numbers, the growth rate has been higher than the unemployment level more than 20 percent of the time when compared with GDP, which is reported quarterly.
GDP growth exceeded the jobless rate as recently as the first quarter of 2006, when unemployment was about 4.7 percent and quarterly GDP growth was 5.4 percent, government data show.
-RW
UPDATE
Hassett now says the President added an extra zero by accident.
--- Hassett now says the President added an extra zero by accident. ---
ReplyDeleteAnd y'all should count your lucky stars he didn't add TWO zeros by 'accident'!
Maybe it was a coded message. Ever notice how some of his words are mysteriously capitalized in his tweets?
ReplyDeleteHe does this on purpose.
ReplyDeleteAll. The. Time.
Now to prove how wrong he is, everyone is talking about "his" accomplishments instead of failures.
Maybe he meant months?
ReplyDeleteI bet what really happened was someone told him "... in over a decade" and he didn't understand the difference between decade and century.
ReplyDelete