White House adviser admits Trump got his facts wrong in economy tweet

He retweeted Obama on Jimmy Kimmel's'Mean tweets segment of his late night show

He retweeted Obama on Jimmy Kimmel's'Mean tweets segment of his late night show

Barack Obama's recent denunciation of President Donald Trump's treatment of the press overlooks the aggressive steps the Justice Department took to keep information from the public when he was president.

In his comments with Fox Business, Wolfers did not see any significance in comparing the two figures as not only are they managing different things but they're two different types of statistics, with GDP measuring a rate of change and unemployment being a level.

Standing behind the same podium where the former White House press secretary Sean Spicer once falsely claimed that Trump's inauguration drew the largest crowd there had ever been, Hassett thanked the reporter for the chance to set the record straight. Of course, that statement was nonsense - the GDP has been higher than the unemployment rate on 185 occasions since 1948, as noted by the New York Times.

Gross domestic product increased at a 4.2 annualized rate in the second quarter of 2018, and the unemployment rate was 3.9 percent in April, 3.8 percent in May and 4.0 percent in June.

The overall U.S. economy grew at a 4.2% annual rate in the second quarter.

"And at some point, somebody probably conveyed it to him, adding a zero to that, and they shouldn't have done that", he said.

"It certainly not a natural comparison", Wolfers said. It's not one that a macroeconomist would make.

Yet, in another unusual twist, Mr Trump's popularity has been consistently and historically low despite the relatively good economic times.

The unemployment rate is a monthly reading on the percentage of people in the labor force who are looking for work. When economists talk about GDP growth, they're not talking about a snapshot of a current condition.

"You go into these small towns in Pennsylvania and, like a lot of small towns in the Midwest, the jobs have been gone now for 25 years and nothing's replaced them". Quarterly GDP growth is also adjusted to come up with the annual rate.

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