Posted on 10/27/2017 2:25:58 PM PDT by davikkm
Critics scoffed when President Trump unveiled his budget proposals last spring. They might not be scoffing much longer. Trump’s budget proposal in May showed the government achieving a balanced budget in large part because it forecasted the economy to grow at 3 percent, a dramatic increase from the sluggish 1.6 percent growth in the final year of the Obama administration. Many economists, however, said the number was unrealistic.
The Federal Reserve and the International Monetary Fund predicted the economy would grow by just 2.1 percent this year. The Congressional Budget Office predicted the economy would grow by an average of just 1.8 percent during the next decade.
The skepticism about Trump’s 3 percent was somewhat justified. Trump took over an economy that was teetering on the brink. In the first three months of the year, the economy grew at a rate of just 1.2 percent. Many economists believe Trump’s promises to revive American manufacturing and improve the balance of trade are unrealistic at best. Some fear limits on immigration or what they call “protectionism” could actually spark a recession.
The Trump administration itself said the economy in 2017 would grow by around 2.3 percent, only rising to 3 percent by 2020.
(Excerpt) Read more at breitbart.com ...
Humiliating.
Who would have a guessed, electing a president who knows about business would be good for business?
The DemonRats are all convinced that the economic boom since the election is entirely Obama’s doing and that Trump had nothing to do with it.
3% economic growth, is a delayed benefit from the Obama administration economic policies.
(So says a liberal denier)
It worked for us!
Heh heh heh!
As soon as his tax reform kicks in it will most definitely tank!
So says Chuck U. Schumer.
Indeed, a lot of people believed that electing a first class businessman is the apocalypse for the economy while electing a professional leecher (wether Hillary or Bernie) who hasn’t the slightest idea of how to create wealth would be good for the economy, go figure...
But hey, they are also firm believers of the bearmanpig so why not. We live in an age of extreme superstitions.
Is Trump’s Goal Of 3% Growth Realistic? You Bet It Is
7/21/2017
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Growth: It’s a given among pundits and mainstream economists that President Trump’s budget forecast of 3% GDP growth is a nonstarter, an outlandishly grandiose estimate of how fast the economy can grow, an impossibility. While the critics make good arguments, they’re wrong.
Recent headlines tell the story:
“The Economic Growth Forecasts The Administration Relied On Are Totally Unrealistic,” U.S. News & World Report opined.
“Trump 3% GDP Growth Plan Makes No Sense,” the Business Insider sneered.
“Trump’s Growth Forecasts Are the Budgetary Equivalent Of Putting Your Fingers In Your Ears And Yelling, ‘Na Na Na Na Na,’ “ was Salon’s subtle offering.
In their defense, their reasoning isn’t entirely wrong. It all boils down to this: In classical growth accounting, long-term GDP growth basically equals growth in the workforce (or hours worked) plus growth in productivity. Since the workforce is now growing at about half a percent or so a year and productivity is barely above 1%, that yields a sub-2% growth rate. Therefore, President Trump must be insane.
Go, Trump, GO!! MAGA!!
Trump certainly can’t be serious about tax cuts. The “nonpartisan “ CBO says this will cause a dollar for dollar increase in the deficit. What bunk, the CBO is worse than useless.
And bear in mind Obama had no interest rate hikes and the Fed was doing Quantitative Easing the whole time.
What??? You mean billionaire Trump with majestic buildings all over the world and world-class resorts and golf courses that he’s built knows more about business than a community organizer/AA university lecturer? Whodathunkit!
“Make America Great Again” wasn’t just a slogan: it was a promise!!!
What it really shows is that Democrats want a crappy economy.
They know what it takes for the economy to grow and they did everything they could think of to keep it down.
There seems to be no end of damage Democrats will do so they can hold on to power and suck on the government T*Ts
“There seems to be no end of damage Democrats will do so they can hold onto power and suck on the government T*Ts”
Their entire party depends on handouts. Whether it’s corporate welfare, academic welfare, or public welfare, a vast majority of that party votes to get handouts that subsequently keep the Democratic party alive.
The Democrats know this, so they have to make sure a majority of the public remains poor, academia remains well funded to crank out more mush skulls, and corporations are at the mercy of their volumes of laws so that they kick cash their way and support Dems so that they’re left alone.
It is a sickening cycle of unproductivity where few benefit and a majority suffers. In their minds, the majority suffer equally, so all is well.
Yes, but the Rats also immediately claimed that the poor economy was due to Reagan - not Carter, and Obama spent his whole Presidency blaming George Bush.
When has a Rat ever accepted reality or told the truth?
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