Where White House touts a boom, most economists see a blip

[wvit1001]

The U.S. economy grew for seven straight years under President Barack Obama before Trump took office early last year. Since then, it’s stayed steady, and the job market has remained strong. The stock market is also nearing an all-time high, a sign of confidence about corporate profits.

Economic growth has picked up this year, having reached a four-year high of 4.1 percent at an annual rate last quarter. Job gains are also running at a slightly faster pace than in 2017. Most analysts see the economy growing a solid 3 percent this year — a potential political asset for Trump and the Republican Party, especially with the approach of November’s congressional elections.

Yet it’s hard to find any outside mainstream economists who would agree with Kudlow’s assertion that the Trump administration can accelerate or even sustain that growth rate. Analysts generally expect that the benefits from Trump’s tax cuts and an additional $300 billion in government spending that he signed into law in February will gradually slow along with economic growth.

Most also say the Fed’s continuing interest rate hikes, combined with the trade conflicts Trump has sparked with most of America’s trading partners, could also limit growth.

“Economists are incredibly hopeful that the White House is right,” said Carl Tannenbaum, chief economist of Northern Trust. “Unfortunately, most economic analysis and past historical patterns suggest that we’re in the middle of a sugar rush that will wear off.”


https://apnews.com/d69297fd7a874d54a58674623e0a2e2d/Where-White-House-touts-a-boom,-most-economists-see-a-blip

[wvit1001]

a blip, and then a crash.

9 out of the last 10 recessions happened on the GOP's watch. Just wait, they are gearing up for another one.

[Dan]

White House touts a boom

Yep.  We haven't had an economy this strong in the last 18 years.

[wvit1001]

what do you mean by that exactly dan?   Didn't Obama's economy hit this growth rate a couple of times?

[wvit1001]

The Obama administration reached this level of growth 5 times, and even hit 5% one quarter

this is not "historic" like some orange asshat would like to believe because of his Obama fetish..