President Trump took to the South Lawn at the week’s end to sing praises for revised economic numbers that showed a revision of more than 2% to the original projections of GDP growth. The U.S. economy crossed the 4% mark in the second quarter of the year, continuing the acceleration on the heels of the GOP tax reform bill coupled with the administration’s slicing and dicing of federal regulations. Of course, none of this should come as a surprise to us; businesses generally like investing in expansion when they know the government isn’t going to penalize them for creating jobs.
Here’s more from The Daily Wire…
The U.S. economy exploded in the second quarter of 2018, with the gross domestic product (GDP) climbing 4.1% — nearly doubling the first quarter, which was revised up to 2.2%.
The booming rate is the highest since the third quarter of 2014 and just the third-highest since the Great Recession began in 2008. The running four-quarter average is 3.1%, considered by economists to be a very strong number.
In Q2 of 2018, consumer spending grew 4%, while nonresidential business investment jumped 7.3%, both also considered strong numbers.
Trump took a victory lap on the White House’s South Lawn, telling reporters that the high numbers are “sustainable.”
“We’re going to go a lot higher,” Trump said. “As the trade deals come in one by one, we’re going to go a lot higher than these numbers, and these are great numbers. …
“We’ve accomplished an economic turnaround of historic proportions,” Trump said. “Once again, we are the economic envy of the entire world.”