President Donald Trump’s State of the Union address consisted of little more than taking credit for everything that’s going well. He seemed proudest of how the US economy and stock market have fared under his presidency.
THIS. Janet Yellen was the person in government most responsible for the good economic news Trump is touting tonight, and yet he declined to reappoint her to Fed Chair. https://t.co/bIbFbyAOm1
— Ezra Klein (@ezraklein) January 31, 2018
Donald Trump isn’t wrong that the economy is doing pretty well right now. The unemployment rate is 4.1 percent, GDP is strong, and the stock market is in great shape — with the S&P 500 already up about 6 percent this year alone.
What he’s… not quite right about is that he deserves credit for it our economic upswing. Trump inherited an economy and a stock market that Federal Reserve Chair Janet Yellen played a huge role in helping to shape and revive. It’s Yellen he should’ve been thanking, rather than praising himself. Instead, President Trump is replacing her.
Janet Yellen was the first woman to lead America’s central bank and is closing out her tenure with a track record that puts her among the very best leaders the Fed has ever had. If the unemployment stays at its current level until she leaves on Saturday, Yellen will put a bow on her time with the fed Fed by way of the lowest final unemployment rate of any Fed chair since William Martin in 1970.
Per Washington Post: “If unemployment drops below 3.9 percent by February (when she is scheduled to depart), she will conclude with the lowest jobless rate of any Fed chair since Thomas McCabe finished his stint in 1951 with unemployment at 3.4 percent.”