President Donald Trump took a victory lap Friday after the release of a strong second-quarter gross-domestic-product number, and early signs point to the celebration continuing in the third quarter.
The second-quarter reading of 4.1% GDP growth was the highest since 2014, and both the White House and the GOP pointed to it as evidence that Trump’s policies were boosting the US economy. Thepresident also touted the number as proof the economy could achieve his promise of annual GDP growth of over 4%, a claim about which almost all economists were skeptical.
While Friday’s release was substantial, many economists pointed to short-term factors that could fade in future quarters — like a huge boost in soybean exports ahead of Trump’s tariffs, or fiscal stimulus from the federal budget.
But there are early indications that Trump may have reason to boast about the third quarter too.
The Atlanta Federal Reserve’s GDPNow model, which uses available economic data to predict the current quarter’s GDP growth, stood at 5% on Thursday, up slightly from an initial estimate of 4.7%.
The model has a strong track record. But GDPNow isn’t perfect, especially so early in a quarter, and it is subject to updates as more data emerges. – READ MORE
[divider][/divider]In her Opening Statement, Judge Jeanine Pirro praised President Donald Trump for the economic growth the country has seen during his time in office.
According to estimates by the U.S Department of Commerce, the country’s economy increased by 4.1 percent in the second quarter of this year.
The boom marked the fastest expansion of the economy in about four years.
.@JudgeJeanine: "Americans elected the outsider businessman president. Why? To borrow a phrase from the man himself, 'What do we have to lose?'" pic.twitter.com/uhWJSIYeQ2
— Fox News (@FoxNews) July 29, 2018
Americans elected the “outsider businessman president,” Pirro said, because the economy was suffering under the previous administration.
“The Obama folks called it a healthy economy, but there was barely a pulse.” – READ MORE
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