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mahatmakanejeeves

(56,895 posts)
Thu Jan 30, 2020, 02:58 PM Jan 2020

United States GDP Growth Continues Exceeding Expectations

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.

Yeah, but:

The US economy grew at the weakest pace of Trump's presidency in 2019
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United States GDP Growth Continues Exceeding Expectations (Original Post) mahatmakanejeeves Jan 2020 OP
I'm living it . . . Iliyah Jan 2020 #1
So it's a continuation of pre-Trump growth? But Trump said his policies would result in Karadeniz Jan 2020 #2
rumpconomics was predicting a 4% gdp growth, for their rosy economic outlook...this is... SWBTATTReg Jan 2020 #3
It took seven years and nine months for Bush's house of cards to collapse... czarjak Jan 2020 #4
What a bald faced lie Midnightwalk Jan 2020 #5

Karadeniz

(22,272 posts)
2. So it's a continuation of pre-Trump growth? But Trump said his policies would result in
Thu Jan 30, 2020, 03:04 PM
Jan 2020

4...5...even 6% growth, balancing the budget and eliminating the deficit. Have I been misled?

SWBTATTReg

(21,859 posts)
3. rumpconomics was predicting a 4% gdp growth, for their rosy economic outlook...this is...
Thu Jan 30, 2020, 03:05 PM
Jan 2020

not even close, and hasn't been. Everything rump has done, is cut growth, stifle trading by his repressive tariffs, increasing the deficit on a massive basis, increase the income for only a tiny sliver of the population (the 1%ers, and no one else), help businesses w/ a reduced tax burden (which didn't return the reductions via better wages, etc.). Housing is slowing down, consumer debt is at an all time high (because incomes aren't keeping up with costs), etc.

A cover up and a joke as usual.

Midnightwalk

(3,131 posts)
5. What a bald faced lie
Thu Jan 30, 2020, 03:43 PM
Jan 2020

The tax cuts were supposed to get us to long term growth over 3%. Instead we see no improvement over the Obama years at a cost of >1 trillion dollar annual deficits.

WASHINGTON — The Trump administration pushed a $1.5 trillion tax cut through Congress in 2017 on the promise that it would spark sustained economic growth. While the tax cuts have goosed the economy in the short term, officials now concede they will not be enough to deliver the 3 percent annual growth the president promised over the long term.


[link:https://www.nytimes.com/2019/03/19/us/politics/trump-tax-cut-economic-forecast.amp.html|]
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