The U.S. economy continues to explode under President Donald Trump and the Republican-controlled Congress, with the Atlanta Federal Reserve raising the economic estimates for the second quarter of 2018 up to an astonishing 4.8 percent.
The U.S. Gross Domestic Product (GDP) is now growing at a rate of almost 5 percent annualized, showing strong sales numbers domestically, and record-setting exports.
“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.8 percent on June 14, up from 4.6 percent on June 8,” says a new report from the Federal Reserve Bank of Atlanta.
The staggering statistics come on the heels of record breaking tax revenue and an inverted job index for the first time in US history, where there are more jobs available than workers to fill them.
FLASHBACK: Back in 2016 Trump repeatedly blasted the (GDP) numbers under President Obama as pathetically low, promising he would change the trajectory by building a “tremendous economic machine.” He reiterated his claims during the third presidential debate, after the government reported the economy grew 1.4 percent in the second quarter of the year.
“We’re bringing GDP from, really, 1 percent … and if she got in, it will be less than zero,” he said. “But we’re bringing it from 1 percent up to 4 percent. And I actually think we can go higher than 4 percent. I think you can go to 5 percent or 6 percent,” the Republican nominee, now president said.
And the “experts” mocked him.
“His growth expectations are not realistic. The economy’s potential growth is 2 percent, and to get stronger growth will require immigration reform that provides a path to legalization for the undocumented and a significant increase in skilled legal immigration. He is strongly opposed to this,” said Mark Zandi, chief economist at Moody’s Analytics.
“Even then, [immigration reform] will increase potential growth to closer to 2.5 percent. We may be surprised and get stronger growth, but it wouldn’t be prudent to count on it.”
Stan Veuger, resident scholar at the right-leaning American Enterprise Institute, said Trump is setting a “ridiculous expectation” for growth.
“He doesn’t really know what he’s talking about, and his policy platform is so incoherent that he has to make claims like that,” Veuger said.
At 4.8 percent I think the president has the right to brag, but if you ask him, we’re only getting started. #MAGA!