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As previously pointed out, that was the Federal Reserve’s economy due to massive, huge quantitative easing and basically free - near zero interest rates - money flowing through the economy.
And now, guess what, the Federal is and has been raising rates, is reducing their massive balance sheet - both headwinds - to a growing economy.
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Originally Posted by James Bond 007
We still haven't had 3% GDP growth under Trump, on a yearly basis.
As pointed out already, on a quarterly basis 3% growth happened many times under Obama, so that's hardly what leftists were referring to.
At the tail-end of the fed’s massive QE program, 3.4trillion and years of near zero interest rates. That Mr Obama was in the Oval Office is coincidental.
You conflate monetary and fiscal stimulus. Mr Powell, in his most recent public statements had praise for Congresses’ fiscal actions.
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Originally Posted by Elliott_CA
4.1% GDP growth. How did Trump do it? Borrowing. His tax cuts were all funded by public debt financing.
It's like the guy who takes out a cash advance on his credit card to throw a wild party for 200 guests to impress them. Any idiot can borrow money to look prosperous.
Funny how during Obama's reign of continuous economic growth we heard rightwingers complain that the economy was propped up by the Fed's "printing of money" and QE. Trump uses debt financing for his tax cuts and the right wing has suddenly stopped complaining about deficits.
I have never seen so much hoopla over a single quarter's GDP numbers. I guess when the other one's have missed the mark by so much, you will cheer for anything.
Best quarter in 4 years. I am not a Trump supporter but I do support America and always welcome good economic news.
A meaningless arbitrary number. Its blatantly obvious that we need far more than that to just give the workers a small increase in pay. Currently its not happening. Wages have been flat for 20 years. Obama had two years of 2.9% GDP growth and it did nothing. No one cares about this. People care about median income growth. We had skyrocketing income growth in the 50 year period from the 1930s to 1980. Then labor was crushed and Wall Street decided to hoard national income growth into fewer and fewer hands. This isnt addressed at all.
Nothing to see here, move along.
Well if you look at the chart someone else posted the economy seems to be picking up steam. Yes there are other factors that are important but its just sour grapes to say no one cares about this. Everyone should care.
If someone wants to make more money be more marketable. If you are stuck somewhere at middle income or below you do not possess a skill that is worth more than that. But somehow that is the fault of corporations or the GOP or racism or whatever excuse you want to put on it. Whether or not a person plans for their future in the job market and gets the education and or training necessary for a good job they should be paid the wages of someone with a good job according to you. So why get an education if you make the same money either way?
The Bush tax cuts of 2001 and 2003 were very similar to the Trump tax cuts. Why didn't the Bush tax cuts increase GDP?
Ever heard of business cycles? We also had tax cuts under Reagan that boosted GDP.
When Bush 2 came into office the economy was slipping towards recession. Then 9/11 happens which was a blow to the economy. The tax cuts got us back to close to 4%. The economy under Obama was slipping the last couple years he was in office. The current tax cuts and pro business stance from the White House has made a difference and things are cycling up instead of slipping into recession.
Ever heard of business cycles? We also had tax cuts under Reagan that boosted GDP.
It's off-topic, but can actually prove otherwise. In fact, I basically did here
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When Bush 2 came into office the economy was slipping towards recession. Then 9/11 happens which was a blow to the economy. The tax cuts got us back to close to 4%.
Actually, the US was already in recession several months before 9/11 happened.
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The economy under Obama was slipping the last couple years he was in office...
Which, as I pointed out elsewhere, was largely due to crashing oil prices and, thus, a slowdown in the oil patch.
It's off-topic, but can actually prove otherwise. In fact, I basically did here
You are talking about stagflation.
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