Yeah I think it is a reach for any single leader of the executive branch to take credit for economic ups and downs. A global economy is too fluid and complex for anyone to point at a single man and say they're responsible for either.
And while I think it is important to acknowledge that there is a war of language as much as there is a war with weapons, I think those on either side wasting time arguing about who called who what is insignificant and a distraction from issues that affect the everyday guy. Net neutrality, climate change, gerrymandering, campaign finance reform, finding a solution to the impending massive unemployment as a result of automation, just to name a few. The less time we spend worrying about the nuances of who called who what, the sooner we'll end crippling gridlock in Washington.