https://www.wsj.com/articles/remember-the-trump-economy-11598396570?mod=opinion_lead_pos1
Joe Biden is running on his record in the Obama Administration of staging a turnaround after an economic crisis, and last week we reminded readers there’s less to that record than the spin. Conversely, there’s more to President Trump’s economic achievements in his first three years than his detractors admit, and this debate is crucial to how well the economy recovers after Covid-19.
Mr. Biden and the economic left claim Mr. Trump inherited a long expansion, and nothing much changed. But recall that Mr. Trump was able to win in 2016 in part by running against the “secular stagnation” that liberals said was inevitable. The Obama-Biden recovery was the slowest in decades, and by the second half of 2015 it was losing steam and came close to a recession in 2016.
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Mr. Trump promised to spur growth again, and his win immediately revived animal spirits. The NFIB Small Business Optimism Index, which had languished below 100 for all but one month of President Obama’s tenure, jumped 10 points to nearly 106 in December 2016. The OECD’s Business Confidence Index showed a similar flip from pessimism through most of 2015 and 2016 into growing optimism. The University of Michigan’s consumer confidence survey quickly exceeded its Obama-era high.