Uncategorized

Trump’s trickle dries up

Worth taking a good look at the state of the economy.

Michael Roberts Blog

“The economy now has hit 3 percent. Nobody thought we’d be anywhere close. I think we can go to 4, 5, and maybe even 6 percent.” – Donald Trump, Dec. 16, 2017

Well, Trump’s boast turned to dust in 2019. US GDP grew by 2.3% in 2019, well below President Trump’s promise of 3%+ growth. The most recent GDP number proved that the tax cuts championed by Trump had no sustained impact on US growth.  Indeed , even the most optimistic forecasts see growth to stay well below 3% for the next few years. Of course, that won’t stop Trump in his State of the Union speech today in Congress proclaiming a huge rise in the living standards of working people under his reign.  Actually, cumulative growth under Trump has been lower than under both Obama and Bush Jnr.

US real GDP growth yoy (%)

Leading mainstream economist Jared Bernstein…

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Categories: Uncategorized

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