Who deserves the credit for strong US economy? | Michael Boskin

Trump's regulatory and tax policies have aided growth but he will bear blame for any downturn

The US president, Donald Trump, claims credit for "the greatest ever" economy and constantly contrasts economic conditions today with the historically weak recovery under President Barack Obama. With growth this year more than 3%, unemployment at 3.7% and more job openings than unemployed people, the economy has greatly improved on Trump's watch. The macroeconomic indicators are the best in decades.

Meanwhile, Obama, too, claims credit for the strong economy, arguing that his policies prevented a far worse downturn following the 2008 financial crisis. Neither Trump's hyperbole nor Obama's selective memory comes as a surprise.

Related: EU members should be wary of stealing London's super-sized financial sector | Howard Davies

American presidents get too much credit and too much blame from voters and historians for what happens on their watch