Published: Tue, September 11, 2018
Markets | By Otis Pena

White House's selective reading on economy

White House's selective reading on economy

If this statistic seems dubious, that is because it is categorically false; there have actually been 63 fiscal quarters across the past 60 years in which the unemployment rate was lower than the rate of growth for the gross domestic product, or GDP.

Hassett responded to this error by quipping, "I'm not the chairman of the Council of Twitter Advisers". "I complained plenty about Fox News, but you never heard me threaten to shut them down, or call them 'enemies of the people'". "From the initial fact to what the president said, I don't know the whole chain of command", Hassett told reporters on Monday.

The White House's chief economic adviser, Kevin Hassett, admitted that Donald Trump had been wrong to claim that GDP growth was higher than the unemployment rate for the first time in 100 years.

It also wasn't clear why Trump focused on those numbers.

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In the 70 years since the Labour Department started publishing monthly jobless numbers, the growth rate has been higher than the unemployment level more than 20% of the time when compared with GDP, which is reported quarterly. "It's the highest in 10 years". Yet it was 50 words about the media that undercut Obama's credibility with the absurd claim that he - unlike Trump - didn't "threaten the freedom of the press". He said the "100 years" statement was a mistake Hassett himself could not explain.

And while President Trump lying is a daily event, Fox News correcting or chastising him for lying is rare.

This wasn't the first time Hassett has weighed in on a presidential tweet. Trump wrote on his Twitter account. That broke precedent. Administration officials have historically avoided commenting on such sensitive information before it has been released to the public.

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