The US has Yellen to thank for its strong economy today

Washington

ONE of Washington's permanent parlour games is how much credit or blame a president deserves for the state of the economy. Inevitably, then, the question being asked now is whether Donald Trump or Barack Obama created today's strong economy. The correct answer is: neither. To the extent that personal responsibility can be assigned, the worthy recipient is Janet Yellen.

In practice, presidents' influence over the economy is limited. If it were otherwise, we would be living in an economic paradise. Unemployment would always be low, wages would always rise, and recessions would never occur. No one has that kind of power. Presidents and their agencies cannot govern the business cycle.