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DemocratSinceBirth

(99,705 posts)
Thu Jan 30, 2020, 10:16 AM Jan 2020

The US economy grew at the weakest pace of Trump's presidency in 2019

Source: Market Insider

Economic growth continued to moderate at the end of 2019 but maintained a solid enough pace to keep the record-long expansion on track in its eleventh year.
The Commerce Department estimated Thursday that gross domestic product rose by 2.1% between October and December.
That brought full-year GDP growth to 2.3%, falling short of the 3% target that President Donald Trump has long pledged to meet.

https://markets.businessinsider.com/news/stocks/gdp-report-4q-us-economy-weakest-growth-trump-era-2019-2020-1-1028859830

Read more: https://markets.businessinsider.com/news/stocks/gdp-report-4q-us-economy-weakest-growth-trump-era-2019-2020-1-1028859830



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The US economy grew at the weakest pace of Trump's presidency in 2019 (Original Post) DemocratSinceBirth Jan 2020 OP
For the middle class and poor the cost of living. . . . Iliyah Jan 2020 #1
You know, I see the same thing, gab13by13 Jan 2020 #4
Basket of goods exboyfil Jan 2020 #9
I don't Rebl2 Jan 2020 #16
And where's the bailout, Wuddles440 Jan 2020 #13
When Trump campaigned gab13by13 Jan 2020 #2
Trump promised 4% growth, not 3. wcast Jan 2020 #3
Actually he promised 6% DemocratSinceBirth Jan 2020 #6
And...PROMISED to take the National Debt to zero in eight years...... Bengus81 Jan 2020 #21
He promised 6% while campaigning gab13by13 Jan 2020 #8
More links: mahatmakanejeeves Jan 2020 #5
More evidence this is not the greatest economy in the history of the republic. DemocratSinceBirth Jan 2020 #7
Our economy was artificially stimulated by Trump gab13by13 Jan 2020 #10
Steady pace vs. unacceptable slow growth exboyfil Jan 2020 #12
QE-induced overcapacity meets Trump tax cuts for the rich bucolic_frolic Jan 2020 #11
If that hard rain is coming, I hope it shows up before November. Lonestarblue Jan 2020 #14
"I think we can go to 4, 5, and maybe even 6 percent." - Donald Trump, Dec. 16, 2017 mahatmakanejeeves Jan 2020 #15
We spent $2T on a tax cut ... to get us back to ... the average pace of growth of Obama's 2nd term mahatmakanejeeves Jan 2020 #17
The Fed spent another 2 trillion gab13by13 Jan 2020 #18
United States GDP Growth Continues Exceeding Expectations mahatmakanejeeves Jan 2020 #19
Here is the Chart for 2019 Consumer Price Index BigmanPigman Jan 2020 #20

Iliyah

(25,111 posts)
1. For the middle class and poor the cost of living. . . .
Thu Jan 30, 2020, 10:23 AM
Jan 2020

is raising. I get monthly bills from credit cards, utilities and my bills concerning cable, cell phones etc, and the monthly charges have went up.

gab13by13

(20,881 posts)
4. You know, I see the same thing,
Thu Jan 30, 2020, 10:26 AM
Jan 2020

my grocery bill is higher too. I don't get it, they claim the cost of living only increased 1.6% last year but I don't believe it.

exboyfil

(17,857 posts)
9. Basket of goods
Thu Jan 30, 2020, 10:34 AM
Jan 2020

For that crap you don't need like the 50" 4K TV for $200. For the stuff you need like food, medicine, rent, transportation, and education; you will see things continue to go up (inelastic demand curve). Also property taxes.

Rebl2

(13,311 posts)
16. I don't
Thu Jan 30, 2020, 11:10 AM
Jan 2020

either. Groceries are higher, my medication prices keep going up, my cable and internet just went up. I think they are lying to us.

Wuddles440

(1,098 posts)
13. And where's the bailout,
Thu Jan 30, 2020, 11:02 AM
Jan 2020

like the one that he gave to all those "patriotic" farmers who supported him, for all the consumers and pensioners who have suffered under his punitive policies?

gab13by13

(20,881 posts)
2. When Trump campaigned
Thu Jan 30, 2020, 10:23 AM
Jan 2020

he promised 5% - 6% GDP.

Surprise, surprise, not going to pay for that 1.5 trillion dollar tax giveaway, trickle down must have frozen up.

Bengus81

(6,907 posts)
21. And...PROMISED to take the National Debt to zero in eight years......
Thu Jan 30, 2020, 09:26 PM
Jan 2020

Which means it should be cut in half on 1/20/21 or about 9.5 trillion from when Obama left office. Instead he's tacked on another 3 TRILLION and working on his fourth.

gab13by13

(20,881 posts)
8. He promised 6% while campaigning
Thu Jan 30, 2020, 10:32 AM
Jan 2020

but he promised 5% in August 2018 right after his tax cuts caused a big surge.

Obama's GDP hit 5.2% in 2014, if you're listening Trump.

mahatmakanejeeves

(56,906 posts)
5. More links:
Thu Jan 30, 2020, 10:28 AM
Jan 2020
Economy

U.S. economy grew 2.3 percent in 2019, the slowest of Trump’s presidency

Growth was held back by trade fears and global slowdown

By Heather Long and Andrew Van Dam
Jan. 30, 2020 at 8:54 a.m. EST

The U.S. economy grew at a 2.3 percent rate in 2019, a solid pace that was boosted by strong consumer and government spending but fell short of President Trump’s promise to deliver at least 3 percent growth.

Last year’s growth was the weakest since Trump took office, according to Commerce Department data released Thursday, as Trump’s escalating trade war with China triggered a major pullback in business spending and investment. For the majority of last year, business investment was actually contracting as corporate leaders preferred to sit on cash or return it to investors instead of use it to build new factories or buy equipment.

Growth was 2.1 percent in the final three months of the year, better than economists expected and a sign the economy is not falling into a recession. But it is a pace that has been typical of this decade-long recovery and it was helped by a big decline in imports as companies had rushed to bring in goods from China before Trump’s latest tariffs went into effect in September. Growth was 2.1 percent in the third quarter and 2 percent in the second.

The U.S. economy is largely driven by consumer spending, and American households continued to buy goods and experiences at a steady pace. Numerous polls and surveys show that consumer confidence is high because Americans believe it is easy to get a job and their incomes are likely to stay the same or improve in the coming months.

Government spending has also increased under Trump, providing a boost to economic growth. The deficit neared $1 trillion in 2019, an unprecedented level during good economic times when there is not a major war effort underway. Trump’s tax cuts and additional funding for the military and domestic programs have pushed the gap wider.

{snip}

Heather Long
Heather Long is an economics correspondent. Before joining The Washington Post, she was a senior economics reporter at CNN and a columnist and deputy editor at the Patriot-News in Harrisburg, Pa. She also worked at an investment firm in London. Follow https://twitter.com/byHeatherLong

Andrew Van Dam
Andrew Van Dam covers data and economics. He previously worked for the Wall Street Journal, the Boston Globe and the Idaho Press-Tribune. Follow https://twitter.com/andrewvandam

From the source, the Bureau of Economic Analysis:

Gross Domestic Product

Gross Domestic Product, Fourth Quarter and Year 2019 (Advance Estimate)

4th quarter 2019: 2.1 percent

3rd quarter 2019: 2.1 percent

Real gross domestic product (GDP) increased 2.1 percent in the fourth quarter of 2019, according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also increased 2.1 percent.

gab13by13

(20,881 posts)
10. Our economy was artificially stimulated by Trump
Thu Jan 30, 2020, 10:35 AM
Jan 2020

He gave corporations and the rich 1.5 trillion dollars, the Fed kicked in another 2 trillion dollars, Trump just gave away billions of dollars to farmers. This is why there is no talk about Trump's 1.2 trillion dollar deficit. Where are you MSM?

exboyfil

(17,857 posts)
12. Steady pace vs. unacceptable slow growth
Thu Jan 30, 2020, 10:45 AM
Jan 2020

2%

If Democrat - Unacceptable slow growth

If Republican- Steady pace

$300B of the $1T debt is directly attributable to actions of this President. That is some nice Keynesian spending there especially for Austrian school advocates.

bucolic_frolic

(42,680 posts)
11. QE-induced overcapacity meets Trump tax cuts for the rich
Thu Jan 30, 2020, 10:43 AM
Jan 2020

leaving weak balance sheets (especially recent startups), squeezed spending, debt, and rising inflation.

It's 1979 all over again with the Fed overextended and paralyzed.

There's a hard rain coming.

mahatmakanejeeves

(56,906 posts)
15. "I think we can go to 4, 5, and maybe even 6 percent." - Donald Trump, Dec. 16, 2017
Thu Jan 30, 2020, 11:08 AM
Jan 2020
Aaron Rupar Retweeted

"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

The Commerce Department announced today that GDP growth slowed to 2.1% in the fourth quarter.


mahatmakanejeeves

(56,906 posts)
17. We spent $2T on a tax cut ... to get us back to ... the average pace of growth of Obama's 2nd term
Thu Jan 30, 2020, 11:11 AM
Jan 2020
Kevin M. Kruse Retweeted

Congrats, we spent $2T on a tax cut for the rich to get us back to almost exactly the average pace of growth from Obama’s second term


mahatmakanejeeves

(56,906 posts)
19. United States GDP Growth Continues Exceeding Expectations
Thu Jan 30, 2020, 03:00 PM
Jan 2020

You've got it all wrong, comrade. Who are you going to believe, your eyes, or the White House?

ECONOMY & JOBS

United States GDP Growth Continues Exceeding Expectations

January 30, 2020 4 minute read

Council of Economic Advisers

Today, the Bureau of Economic Analysis released its advance estimate for United States GDP for the fourth quarter of 2019 and the entire calendar year of 2019. The release estimates that real GDP grew 2.1 percent at an annual rate in the fourth quarter of 2019 and 2.3 percent over the four quarters of 2019. Consumer spending and residential investment posted notable gains, propelling GDP growth and setting the stage for future economic expansion. These results show that the economy remains resilient despite a slowdown across the rest of the world and the continuation of the longest expansion in American history.

GDP growth in 2019 continues to exceed pre-election forecasts. For example, in its final projection before the 2016 election, the Congressional Budget Office (CBO) estimated that real GDP would grow at a 2.0 percent annual rate over the first 12 quarters of a new Administration. Instead, under President Trump, real GDP beat expectations and grew at a 2.5 percent annual rate from the election to the end of 2019—faster than the rate under President Obama’s expansion period.

Last year marked the third consecutive year that real GDP growth exceeded the final CBO and Federal Open Market Committee projections made before the 2016 election, as shown in the figure below. Because of economic growth surpassing expectations, real GDP at the end of 2019 is $260 billion—or 1.4 percent—higher than CBO’s projection.



{snip}

Today’s advance estimate of fourth quarter GDP shows that the American economy continued expanding at a healthy pace in 2019 despite strong headwinds from the global economy and expectations of growth moderating as the current record-long expansion matures. Along with strong growth in consumer spending and residential investment and the resolution of factors that held back GDP growth in 2019, these results provide reason to expect that the economy has further room to expand in 2020.

BigmanPigman

(51,432 posts)
20. Here is the Chart for 2019 Consumer Price Index
Thu Jan 30, 2020, 09:06 PM
Jan 2020

For Urban Areas. Health insurance increased more than almost everything. 20% increase in only ONE YEAR!!!!

https://www.bls.gov/news.release/cpi.t02.htm

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