There were a series of posts on this board from an ahistorical economic illiterate who tried to hang low GDP on Obama, ignoring, forgetting, never understaning that it was called The Great Recession for a reason.
Also overlooked? Systemic macro changes in the American economy in general and manufacturing in particular that didn't begin with Obama and which have not ended let alone been reversed under Trump.
This article presents a factual context and comparison of the Obama and Trump GDP growth.
Also overlooked? Systemic macro changes in the American economy in general and manufacturing in particular that didn't begin with Obama and which have not ended let alone been reversed under Trump.
This article presents a factual context and comparison of the Obama and Trump GDP growth.
Quote:Meet the Trump Economy, Same as the Obama Economy
After a small, brief bump, GDP growth is back to trend.
https://www.bloomberg.com/opinion/articles/20...ma-economy
By
Mark Gongloff
July 26, 2019 3:33 PM
There’s maybe *this* much difference.
Trump Sabotages Own Economy
If the U.S. economy ever enjoyed a “Trump bump,” then it has been replaced by a “Trump slump.”
New GDP numbers released Friday showed the economy grew 2.5% last year – decent, but not the 3% President Donald Trump promised to deliver with his buffet of tax cuts and deregulation.
And the economy slowed to a 2.1% annualized rate in the latest quarter – again, not horrible, but off the pace of the past decade and slowed by Trump’s ready-fire-aim approach to global trade.
Presidents don’t really have that much influence on economic growth, notes Justin Fox; but the “economic turnaround of historic proportions” Trump promised is hard to discern from 30,000 feet:
Ironic, huh? Not a single GDP under Trump as high, much less higher, than the two highest under Obama.
Why didn’t the misinformed, misinforming, poster know that? Believers gotta believe, I guess.
In fact, the inflation-adjusted growth rate over the past year was 2.3% – matching the pace since the recovery began a decade ago, Justin notes.
So far, Trump’s economy looks a lot like Obama’s.
One irony here is that Trump’s tax cuts were aimed at spurring business investment, which sort of happened (though to a lesser degree than we first thought, based on today’s new numbers).
But then Trump’s trade wars (which he today threatened to expand to France) made businesses retract their horns, writes Karl Smith. Now the economy could backslide to where it was in the 2016 mini-slump that helped elect Trump in the first place.
The cherry on this bitter sundae for Trump is that the latest GDP numbers were slightly better than markets expected, which may make the Federal Reserve less inclined to obey Trump’s frequent demands it aggressively cut interest rates, writes Conor Sen. That could disappoint both markets and Trump.
