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Obama left Trump with a 1.6% GDP. That was the pathetic growth from Obama's last quarter in 2016. And yet the dems will claim Obama left Trump with a "booming" economy.
My point is that very few Presidents have actually done much for American manufacturing in the last40 years. But hey if you want to be a cheer leader then be a cheer leader. Just understand that those of us who worked in US Manufacturing know that the Dems sold us out and that Biden was part of that sell out and still is.
By the way in case you didnt know, Microchip manufacturing does not = US manufacturing any more than a toe nail=the human body. Its a minor part and that is all.
Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2016 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter of 2016, real GDP increased 3.5 percent.
The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.9 percent. With this third estimate for the fourth quarter, the general picture of economic growth remains largely the same; personal consumption expenditures (PCE) increased more than previously estimated (see "Updates to GDP" on page 2).
...
Real GDP increased 1.6 percent in 2016 (that is, from the 2015 annual level to the 2016 annual level), compared with an increase of 2.6 percent in 2015 (table 1).
...
The deceleration in real GDP from 2015 to 2016 reflected downturns in private inventory investment and in nonresidential fixed investment and decelerations in PCE, in residential fixed investment, and in state and local government spending that were partly offset by a deceleration in imports and accelerations in federal government spending and in exports.
That was a news release from March 2017. The BEA does yearly benchmark revisions, by which time the figures published in their older news releases will change. The link I gave reflects those latest changes.
I thought it was hilarious whenever Trump bragged about the stock market hitting a record high. When was the last time a President did NOT have a record stock index at some point in their term? The market more than doubled during Obama’s term.
The market could only go up when Obama was elected because it had bottomed out. Anybody elected that year would have seen the same gains
Not only has the manufacturing sector set a 37-year high, but in March the service sector set an all-time high - at least since 1997 when they first started measuring it.
U.S. service providers experienced the fastest growth on record in March as measures of business activity and orders advanced to new highs.
The figures from the Institute for Supply Management on Monday underscore how looser business restrictions and increasing economic activity are igniting a rebound in sectors hardest hit by the pandemic and fueling job gains.
The ISM’s services index soared to 63.7 from a nine-month low of 55.3, when severe winter weather gripped much of the country and curtailed activity. Readings above 50 signal growth and the March figure, the strongest in data to 1997, exceeded the most optimistic projection in a Bloomberg survey of economists.
LOL, what has Biden done to make any of that happen? The man's been in office for just over two months.
You can thank Trump if you're thanking anyone in government. The reason things are surging is because the pandemic almost over. People are going back to normal life. They're returning to work. A growth of unprecedented speed isn't all that impressive under the circumstances. Going from 0 to 30 mph is statistically unprecedented acceleration. But you started at 0, so why is this surprising?
But give it time. Biden will ruin all the good things Trump did soon enough. Economies tend to be slow to react to changes though.
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