The GDP improved by 4.1% last quarter. That’s excellent and Trump deserves some of the credit. However, Trump, Jr. needed to lie about it by bashing Obama.
It will be tough to maintain this rate since some of it was based on sales made in advance of tariffs. Wages are not doing well and the debt caused by the tax cuts for rich people will hurt, too. If the rate is lower next quarter, I assume he will blame Obama or Hillary Clinton.
to recap:
every president in last generation, Republican and Democrat, has presided over at least 4 quarters of growth stronger than 4.1% in Q2 2018, which Trump called evidence of “economic turnaround of historic proportions” https://t.co/ejph07yh3O— John Harwood (@JohnJHarwood) July 27, 2018
4% growth is good. Obama had a bunch of 4% quarters too (despite Trump’s lies to the contrary). But Trump/GOP policies will benefit mostly the 1%. How about the 4% for the 99%?
— Laurence Tribe (@tribelaw) July 29, 2018
Here's a stat that may be important for the future: consumer prices increased 2.9% in June 2018, fastest rate of increase since the early recovery period 2011-2012. Trump tariffs and deficits likely to push that figure even higher. Negative real wage trend ahead?
— David Frum (@davidfrum) July 28, 2018
Here are three questions that will help distinguish a solid report from a great one. https://t.co/M32S4gOrmS
— NYT Politics (@nytpolitics) July 27, 2018
Tomorrow’s GDP report should be very strong. Partly because Trump’s trade war will artificially and temporarily goose the numbers. My latest. https://t.co/jY4xHpzCva
— Ben White (@morningmoneyben) July 26, 2018
They were 8 quarters during the Obama years of real GDP 3% or higher, Including three of 4% and one of 5.2%. https://t.co/7vYWYvccey
— James Pethokoukis (@JimPethokoukis) July 23, 2018
U.S. economy surges to 4.1% growth rate. Trump thinks it'll continue. Economists don't https://t.co/p6xq84xwG3 pic.twitter.com/7LyBubb7P9
— Los Angeles Times (@latimes) July 27, 2018
https://t.co/WBbpsSesYB pic.twitter.com/rb1RHwtBFW
— Share the Facts (@sharethefact) July 2, 2018
Bottom line: The economy is good! Growth is stronger! There are caveats (wages, sustainability), but there are always caveats.https://t.co/qe4XdexZZA
— Ben Casselman (@bencasselman) July 27, 2018
I actually don’t get it. Obama “broke” 4% four times. Why lie and make shit up when there’s zero need to do so? https://t.co/BQnRLggy9v
— Jeff Pearlman (@jeffpearlman) July 27, 2018
Important caveat: Trump has promised 3% (or better) ANNUAL growth.
Today he got 4.1% QUARTERLY growth.
His annual growth rate right now is 2.8%.
We all hope the US does get that higher growth, but we're not there yet. https://t.co/jr3ydhpBai
— Heather Long (@byHeatherLong) July 27, 2018
Is the economy really as great as Trump says? https://t.co/BhM2ICCOGn pic.twitter.com/eAR9xSpPCC
— The New Republic (@newrepublic) July 27, 2018
it would tie for 13th strongest Q under Clinton https://t.co/sMTBlvGa46
— John Harwood (@JohnJHarwood) July 27, 2018
Trump inherited a growing economy. That growth had slowed in 2016, revved in 2017 – and is now threatened by Trump trade war. https://t.co/5fd5TXQol7
— David Frum (@davidfrum) July 28, 2018
Trump's own Council of Economic Advisers: "Weak investment in 2016 mostly had to do with an enormous drop in oil and gas drilling, and the rebound in 2017 came mostly because of that sector's recovery." https://t.co/UPoeXz7pSy In other news, 2017 is not "this year" https://t.co/mSfVWD4qnm
— David Frum (@davidfrum) July 28, 2018
Sad! 