The latest from JohnJHarwood » Trump and GOP promised economic growth much better than Obama’s. That’s not what happened.
President Donald Trump's central claim about his economic policies officially crashed into reality on Thursday.
By that measure, the economy grew 3.1 percent. But Obama, too, reached 3 percent growth on a four-quarter basis four different times. "There is not a reason in the world why we cannot grow at a rate of 4 percent of year," Bush declared. "The foundation for the plan is 3 percent growth," budget director Mick Mulvaney told Congress."In fact, that IS Trumponomics."Growth ticked up in 2017 to 2.2 percent, though that rate fell below what the Congressional Budget Office had forecast before Trump's election. As the president took steps toward deregulation, Republican allies in Congress called tax cuts critical to achieving their 3 percent goal.
In fact, growth in a single quarter had topped 4.2 percent four different times during the Obama administration. A broad range of analysts had forecast that a deficit-financed tax-cut would stimulate short-term boost beginning in 2018.
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