Posted on 10/27/2017 9:16:52 AM PDT by SeekAndFind
The U.S. economy expanded at a 3 percent annualized rate between July and September, advancing President Trump's goal of faster economic growth and potentially providing a tail wind to Republican efforts to overhaul the tax code.
The robust pace of economic growth defied analysts' expectations that activity might slow in the third quarter because of Hurricane Harvey. The economy also grew at 3 percent in the spring, the Bureau of Economic Analysis reported Friday.
Combined with a strong labor market and record highs in the stock market — the Standard & Poor's 500 index is up nearly 15 percent year to date — the economy is proving to be an ally of a president who is otherwise suffering from unusually low approval numbers and political conflicts.
Trump and his allies in Congress are making the case that passing a tax overhaul — which aims to cut income and corporate taxes by $1.5 trillion over a decade — is critical to continuing the economic expansion. House Republicans plan to unveil a bill on Wednesday on the tax code and both chambers plan to pass one by Thanksgiving, an extremely tight deadline for a major piece of legislation.
“Working with President Trump and the Senate, we will deliver on our tax reform promise this year — ushering in a new era of growth for the American people,” House Ways and Means Committee Chairman Kevin Brady (R-Texas) said in a statement Friday.
Yet the resiliency of the economy also underscores the high-stakes of the effort and what any slowdown in growth, or decline in the stock market, might mean for the president and Republicans politically.
(Excerpt) Read more at washingtonpost.com ...
WINNING!
Wait for the adjustments.
No “unexpectedly.”
I don’t remember any quarters during Oscuma’s reign where the economy grew more than 3 percent. Maybe I’m just stupid, though.
LOL…leave it to the Compost to squeeze a negative warning out of all this good news at the end of the article.
It is amazing that with two horrendous hurricanes in TX and FL, two of the biggest economies in the country, the economy still gained 3%! If the tax bill is a good one and is passed by year’s end, it’s no telling what the numbers will be next spring….in time for the fall elections!
“...Under President Obama, the economy grew an average of 2.1 percent a year...”
Yes, and Obama had NO INTEREST in improving our economy. Just the opposite, in fact. He did everything he could to HURT our economy and use the country’s treasure to feed his socialist agenda and voter-building for the RATS.
The TRUMP EFFECT is working very well. Go Trump!!!
Right, we expect 4% YoY.
Really? You believed the phony 2.1% number while the economy was contracting everywhere but in the oil patch. Not even the hacks at the BLS believed their numbers.
Yeah baloney. Under Obama it was never this good. And this Trump growth is just starting. Under the Indonesian, it averaged 1.48%
“I don’t remember any quarters during Oscuma’s reign where the economy grew more than 3 percent. Maybe I’m just stupid, though.”
I guess that I’m stupid also.
What I remember is how the first reports of Obama’s economy growth, later, were constantly down graded and hidden on page 26 of the animal or society news pages.
Exactly, Grampa Dave. That’s how I remember it too.
Third quarter 2010, third quarter 2014, first and second quarters 2015.
Obamy's economy without the oil patch would have been in the negative #'s for most of his reign of terror as our Potus.
Well doodlegog. I did leave open the “I’m stupid” option.
BOL! You are really great today.
What brand of coffee do you drink? I might need to change!:)
Lots of winning!
Across two terms Obama averages 1.48%. And that’s WITH the oil boom he worked as hard as he could to stop.
Tons of fun charts to play with here, related to our GDP. Goes back to 1947 up to current times:
https://tradingeconomics.com/united-states/gdp-growth
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