Well, it’s not great, but it’s not a disaster.
But I will say, it seems hard to me to run the economy at much less than 3 percent with low interest rates and annual deficits in the hundreds of billions – or even a trillion – dollars.
That’s what one calls, a lot of stimulus.
Nevertheless, Barack Obama managed to do it. So far Trump’s GDP numbers have been quite good.
That, of course, will change for the president elected in 2032 who has to begin paying off his debt. Or if we suddenly incur a crisis requiring massive spending of money we don’t have.
Don’t say I didn’t warn you.
From the Washington Examiner:
The economy grew at a 2.1% annualized rate in the second quarter, the Bureau of Economic Analysis reported Thursday morning in a preliminary report on gross domestic product.
Forecasters had expected GDP growth to slow from 3.1% in the first quarter to slightly below the 2% mark. The Trump administration has promised sustained 3% annual growth.
With the growth recorded in the second quarter, the economic recovery has now hit the 10-year mark — it began in June 2009, by the National Bureau of Economic Research’s reckoning. It’s also the longest recovery in U.S. history, eclipsing the 1991-2001 recovery by one month as of July.
One negative indicator in Friday’s report is that business investment growth stalled out and turned negative for the first time in the Trump era. Republicans have aimed to boost business investment, especially through the 2017 tax cuts.
Overall, however, the report indicates that underlying growth is stronger than the headline 2.1% growth rate suggests. Consumer spending grew at a strong 4.3% rate, and overall demand appeared to be strong.