President Donald Trump was owned by Twitter when he tried to claim credit for a housing market boom made possible by the policies of his predecessor, President Barack Obama.
It all started with this tweet.
Home Sales hit BEST numbers in 10 years! MAKE AMERICA GREAT AGAIN
— Donald J. Trump (@realDonaldTrump) December 21, 2017
But Twitter was having none of it.
That will change due to SALT & mortgage interest deductions being eliminated in tax scam bill. Market will tank with ripple effects felt in the construction, equipment & building materials industries. Refinances gone. Housing Crisis Courtesy of Trump!
— Melanie (@Melynn309) December 22, 2017
Yep. Thanks Obama for bringing the country out of the recession and turning around the economy. Trump you JUST passed your 1st large legislation bill. You can't take credit for housing. You haven't even been in long enough to have an effect on the market.
— Joey Griffin (@JGr02) December 21, 2017
If your an old white billionaire in high stakes real estate market yesterday was awsome. The strangle hold of the 1% on 90% of the wealth of America. Trump promised to be a man of the people. What he didn't say was who he considers people.
— Andrew Morgan (@mmmdounut) December 21, 2017
Wait to see what happens to the housing market when Homeowners can no longer deduct their property taxes… Things will drop like a rock, thanks to you.
— Brian Krassenstein (@krassenstein) December 21, 2017
One Twitter user also drew attention to a rather inconvenient quote from Trump in 2006. Oh yes, and this Twitter user wrote this one day before Trump’s ill-conceived housing market boast.
"I sort of hope [the housing-market collapse] happens because then people like me would go in and buy. If there is a bubble burst, as they call it, you know you could make a lot of money." –Donald J. Trump, 2006
— Presidential Quotes (@POTUS_Quotes_) December 21, 2017
Of course, Twitter also contained many Trump supporters who refused to let a little thing like lack of evidence stop their president from boasting without challenge.
Thank you President Trump for making the Real Estate market great again!! #winning
— Melissa (@MelissaBurges7) December 22, 2017
It is easy to forget not only that the housing market bubble contributed to the economic crash of 2008 and subsequent Great Recession, but that Obama’s policies were largely responsible for the economy to reach sufficient health that the housing market could be as robust as it is today.
“It is easy to forget how close the US economy came to an outright depression during the crisis. Indeed, by a number of macroeconomic measures… the first year of the Great Recession… saw larger declines than at the outset of the Great Depression in 1929-30,” explained the Economic Report of the President released earlier this year.
The Financial Times noted that “the performance of the economy has been remarkable. The unemployment rate has consistently fallen faster than expected. U.S. business has also added 15.6 million jobs since private-sector job growth turned positive in 2010. Real wage growth has been faster in the present cycle than in any since the early 1970s.”
