The U.S. economy grew at the strongest pace in nearly four years, reflecting an economic rebound that has been steered by Trump administration policies.
From the Wall Street Journal:
Gross domestic product—the value of all goods and services produced across the economy—rose at a seasonally and inflation-adjusted annual rate of 4.1% from April through June, the Commerce Department said Friday. That was a pickup from the first quarter’s revised growth rate of 2.2%.
Economists surveyed by The Wall Street Journal expected a 4.4% growth rate. The second-quarter growth reading was the strongest since the 4.9% annual rate reported for the third quarter of 2014.
A good part of the growth was due to a simple, fundamental truth, that people and businesses have more money and are spending.
From the Journal:
A low unemployment rate, steady job and wage growth and the late-2017 tax overhaul may have encouraged spending by consumers and businesses in the second quarter. Consumer spending, business investment and government spending all rose.
Consumer spending accounts for more than two-thirds of total economic output. Friday’s report said personal-consumption expenditures rose at a 4.0% annual rate in the second quarter, the strongest rate of growth since the fourth quarter of 2014.
There’s been a major tax cut. Business has gotten the signal that the government is back on its side as regulations are reduced. Tangible benefits are already being felt by companies.
Even CNN had to acknowledge something was going right, running an article titled, “The economy is doing well and Trump deserves some credit.” The author wrote:
President Donald Trump thinks he’s overdue some credit for steering the strongest economy on the planet — and he’s probably right.
Economic growth in Trump’s first year, 2017, was 2.3 percent, well above the average of about 1.5 percent during the Obama years. For 2018 so far, the average growth is about 3 percent.
But of course, Obama was a genius, so we shouldn’t let a little thing like the economy performing worse under him than any postwar president to matter.
Remember, ignore the economic growth and keep repeating to yourself. Trump, Russia. Trump, Russia. Trump, rude. Trump, rude. There you go! Now that you’ve been hypnotized by the mainstream media, you’re in a much better place.
But maybe you have decent paying job too.