Once again the Trump economy has swamped the estimates by growing at 3.2 percent in the first quarter.
Economists have been waving their arms and saying that growth is practically done, and the economy will start retracting. But then the numbers came in and proved them to be full of it once again.
Indeed, some economists were dour claiming that the first quarter would only grow by 15 percent while the optimistic ones estimated the growth at a mere 2.5 percent.
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Then the actual numbers came it at 3.2 percent.
According to New American:
Instead, the U.S. economy astonished them all. According to the Bureau of Economic Analysis (BEA), the U.S. economy grew at an annualized rate of 3.2 percent in the first quarter of 2019. The BEA noted that the economy continues to fire on all cylinders: “The increase in real (inflation-adjusted) GDP in the first quarter reflected positive contributions from personal consumption expenditures, private inventory investment, exports, state and local government spending, and non-residential fixed investment.”
As a bonus, the BEA also reported that inflation remained tame, with price increases coming in at 1.3 percent on an annualized basis. Also noted was the fact that the government shutdown took 0.3 percent growth out of the economy in the first quarter. In other words, the economy is even stronger than the BEA reported.
Trump’s chief economic adviser, Larry Kudlow, said that the GDP jump proves that Trump economic policies are succeeding.
Calling the advance in gross domestic product a “blow-out number,” Kudlow told “America’s Newsroom” Friday that it serves as concrete proof Trump’s measures to grow the economy have been successful.
“I’ll just say, Trump’s policies to rebuild the economy, lower taxes, regulations, opening energy, trade reform. Look, this stuff is working,” he said.
“It tells me, among other things, that the prosperity cycle we have entered into is continuing, it is strong. It has legs and momentum and frankly it is going to go on for quite some time,” he continued. “This is the new Trump economy. Some people don’t like that or they don’t agree with that. I respect the differences but I’ll tell you it’s working.”
Kudlow noted that Trump has “ended the war” on business and success in America.
“The president is rebuilding incentives, he is rebuilding confidence, he the rebuilding optimism,” Kudlow said. “He is basically saying you should keep more of what you earn. He is basically saying to small businesses we’ll cut the paperwork back and make it easier for you to start a business and prosper.”
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