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Trump takes credit for sustained U.S. economic growth in report to Congress

The president's report Thursday credits the Trump administration with all of the domestic economic growth of the last three years. File Photo by John Angelillo/UPI
The president's report Thursday credits the Trump administration with all of the domestic economic growth of the last three years. File Photo by John Angelillo/UPI | License Photo

Feb. 20 (UPI) -- President Donald Trump released his economic report Thursday, which hails his administration for stimulating a robust U.S. economy -- and seeks to dispel any notion that former President Barack Obama had any hand in what's now been a several-year run of prosperity.

The president's report, written for Congress, said the moves made by his government over the last three years have directly influenced the strong U.S. economic performance.

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"My administration has championed policies to restore the United States' economic strength, propelling growth to levels far exceeding pre-election expectations," it states. "These results did not come about by accident. Instead, they were supported by our foundational pillars for economic growth that put Americans first, including tax cuts, deregulation, energy independence and trade renegotiation.

In the 441-page report, Trump dismisses Obama-era stimulation efforts after the United States emerged from the financial crisis in the early 2010s.

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Tomas Philipson, chairman of the White House Council of Economic Advisers, told reporters on a conference call Thursday that ongoing economic growth is not merely a continuation of Obama administration policies and efforts.

"The Trump economy has basically shattered [fiscal] projections on pretty much all dimensions," he said.

The president's report says real gross domestic product growth of 1.4 percent, or $260 billion, is greater than it had been projected -- as are wages per household, the labor market and national unemployment.

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"One of the most important reversals pre- and post-elections was that the previous part of the expansion saw inequality rising in the U.S.," Philipson added. "But the Trump economy has delivered so-called inclusion growth, with the working class seeing the largest increase in wealth growth compared to the upper classes."

Obama said in a tweet Tuesday that legislation under his administration paved the way for "more than a decade of economic growth and the longest streak of job creation in American history."

The tone of Thursday's report, some observers say, is clearly influenced by the upcoming presidential election -- a time when many voters vote with their pocketbooks.

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