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That's only because expectations were so low, at 2%.
Which is because we became so accustomed to such abominably low expectations during the Obama Administration, which was well-known for over-promising and under-delivering. It's a good things those clowns were sent packing.
Which is because we became so accustomed to such abominably low expectations during the Obama Administration, which was well-known for over-promising and under-delivering. It's a good things those clowns were sent packing.
The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, private inventory investment, federal government spending, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
Which is because we became so accustomed to such abominably low expectations during the Obama Administration...
That had nothing to do with it. GDP is calculated by adding certain components together (retail sales, imports, exports, business investment, government spending, etc). Most of those components are released in news releases prior to the GDP release; thus, economists can guesstimate GDP as the releases come out.
His estimate was for 1.9%, adding all the components together. But as he said, more data will come out before GDP is released at which point his estimate can change.
The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, private inventory investment, federal government spending, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
Even in a quarter with negative GDP growth you're going to get positive contributions from some economic sectors. It's just a matter of how bad the negative ones are, and how good or mediocre the positive ones are.
Without 4-5% growth the tax cuts will create the largest deficit since WWII spending, when we were arming and feeding large sections of the planet. Also when tax rates went as high as 90%. Which is where the GOP tax cuts will bring us.
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