Thursday, Fox News host Neil Cavuto cut away during a speech by President Donald Trump on deregulation to fact-check his claims that former President Barack Obama had enacted “job-destroying regulations.”
Cavuto said, “I do want to clarify a couple of things he said, that no president in history has cut regulations as much as he has. That is true. I think he might have mischaracterized the regulations that were added under Barack Obama — they were largely financial related. You might recall we had this little thing called the financial meltdown. and much of those regulations were geared to preventing banks from ever investing in things like risky mortgage securities, pooling them, selling them off.”
He continued, “The unemployment rate did, under Barack Obama, go down from a high of 10% to around 4.7%. President Trump, of course, sent that even lower, eventually getting us down to a 3.5% unemployment rate. But I didn’t want to leave you with the impression that during those eight years when Obama first came into office, and we were bleeding about a million jobs a month that that was standard fare and that characterized the whole eight years.”
He added, “It was not a disaster under Barack Obama. Not only did the Dow essentially triple during his tenure, but whether you want to call the increase regulations and other things that police financial companies, as a bane to our existence, those companies did very well. Americans did very, very well. So I just want to put that in some context here.”
Follow Pam Key on Twitter @pamkeyNEN
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