The US economy continued to reach new heights this week as recent reports showed a stunning 4.1% growth in GDP; shocking economists and “experts” who claimed 3% growth would be highly unlikely back in 2017.
Politifact published the dour economic article in May 2017, titled “Why economists are skeptical that U.S. can grow by 3 percent,” claiming leading experts believed such economic output would be highly unlikely during the Trump presidency.
“So do economists really think that 3 percent growth is no longer feasible? Basically, yes… Here’s why,” writes the author.
“We checked in with several economists on the left, right and center. The most bullish among them were merely skeptical about the chances of reaching 3 percent on a consistent basis. The majority were downright pessimistic,” adds the article.
Fast forward over one year later and the US economy is roaring to life under President Trump; smashing job expectations and nearing full employment in the wake of the GOP-sponsored tax cuts.
Read Politifact’s original article here.
AMERICA UNLEASHED: GDP GROWTH Tops 4.1% in SECOND QUARTER
The US economy continued to roar to life in the second quarter of 2018 with GDP growth topping a whopping 4.1%; signaling a robust recovery under President Trump and the GOP-controlled Congress.
According to CNBC, Gross Domestic Product posted its largest gains in over four years on the back of strong consumer confidence and record-breaking business growth and optimism following the Republican-sponsored tax cuts.
“That’s the fastest rate of the growth since the 4.9 percent in the third quarter of 2014 and the third-best growth rate since the Great Recession. In addition to the strong second quarter, the Commerce Department revised its first-quarter reading up from 2 percent to 2.2 percent,” writes CNBC.
“We’re on track to hit the highest annual growth rate in over 13 years,” said the President. “And I will say this right now and I will say it strongly, as the deals come in one by one, we’re going to go a lot higher than these numbers, and these are great numbers.”
Read the full report here.
GREAT AGAIN: GDP Growth SMASHES EXPECTATIONS in 2017
Strong US economic growth continued into the fourth quarter of 2017; smashing expectations and beating previous estimates as the national recovery continues under President Trump and the GOP-controlled Congress.
According to CNBC, the GDP rose by 2.9% towards the end of the President’s first year, topping expectations of an already-healthy 2.5% and posting the largest gains in consumer spending in over three years.
“Gross domestic product expanded at a 2.9 percent annual rate in the final three months of 2017, instead of the previously reported 2.5 percent, the Commerce Department said in its third GDP estimate for the period on Wednesday. That was a slight moderation from the third quarter’s brisk 3.2 percent pace,” writes CNBC.
The new data shows the US economy soaring back to life with low-unemployment, higher wages, and expanded benefits following the recently passed GOP-sponsored tax cuts.
Last week, President Trump vowed to implement “Phase Two” of his overhaul of the nation’s tax code; seeking to make lower individual and corporate rates “permanent.”