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Trump’s Economy Soars Above Obama’s

- January 26, 2018

Rising From The Stagnation Of The Obama Years, The Economy Showed Strong Growth In 2017 Aided By President Trump's Policies

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TOP TAKEAWAYS

  • President Obama saw a stagnant 1.5 percent GDP growth in his final year in office.
  • During President Trump's first year in office, GDP grew at 2.3 Percent, and hit over 3 percent growth for two consecutive quarters.
  • The United States economy "rebounded strongly" in the second quarter of 2017, after President Trump took office.
  • Many economists believe that President Trump has had a positive impact on United States GDP growth.
  • Economists predict that the economy will continue to prosper in 2018, aided by the Tax Cuts and Jobs Act.

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MAKING THE ECONOMY GREAT AGAIN: SINCE PRESIDENT TRUMP TOOK OFFICE, THE ECONOMY HAS TAKEN OFF

In 2016, Economic Growth Was Stagnant

Real GDP Increased By 1.5 Percent In 2016. "Real GDP increased 2.3 percent in 2017 (that is, from the 2016 annual level to the 2017 annual level), compared with an increase of 1.5 percent in 2016 (table 1)." ("National Income and Product Accounts Gross Domestic Product: Fourth Quarter and Annual 2017," Bureau Of Economic Analysis , 1/26/17)

In The Last Quarter Of 2016, The U.S. Economy Grew At Its Slowest Pace Since 2011. "The U.S. economy grew at an annual rate of 1.6% in 2016, the Commerce Department reported Friday. In the last three months of the year -- between October and December -- the economy grew at an annual rate of 1.9%. It's the slowest pace of growth since 2011." (Patrick Gillespie, "Still Slow: U.S. Economy Grew 1.6% In 2016," CNN , 1/27/17)

President Obama Is The First President Since Hoover To Not Have At Least One Year Of At Least 3 Percent GDP Growth. "Every president since then has seen at least one calendar year with annual GDP growth of at least 3 percent or higher. The best average growth in a single calendar year under Obama is 2.6 percent in 2015, and never 3 percent or more. No president has experienced that since Hoover." (Joshua Gillin, "Trump's Claim About Weak Economic Growth Under President Obama Doesn't Tell The Full Story," Politifact , 10/31/16)

In 2017, Real GDP Increased By 2.3 Percent

Real GDP Increased By 2.3 Percent In 2017. "Real GDP increased 2.3 percent in 2017 (that is, from the 2016 annual level to the 2017 annual level), compared with an increase of 1.5 percent in 2016 (table 1)." ("National Income and Product Accounts Gross Domestic Product: Fourth Quarter and Annual 2017," Bureau Of Economic Analysis , 1/26/18)

After President Trump Took Office, The Economy Took Off

The United States Economy "Rebounded Strongly" In April And June 2017 . "The U.S. economy rebounded strongly between April and June, government data showed Friday morning, as businesses invested more and consumers shelled out for furniture, washing machines and other goods." (Ana Swanson, "U.S. Economy Rebounds In The Second Quarter," The Washington Post , 7/28/17)

Carl Tannenbaum, Chief Economist At Northern Trust In Chicago Said "We Closed 2017 In A Very Good Position." "Carl Tannenbaum, chief economist at Northern Trust in Chicago, said there was plenty to be pleased about even though the number was lower than many analysts had predicted. 'We closed 2017 in a very good position,' he said. 'There are a lot of strengths in the fourth quarter.'" (Patricia Cohen, "G.D.P. Grew At 2.6% Annual Rate In 4th Quarter As Economy's Path Stays Firm," The New York Times , 1/26/18)

The Economy Grew 3.1 Percent In The Second Quarter Of 2017. "The economy grew 3.1% in Q2, the fastest pace in two years. It was the second quarter in a row that growth hit President Donald Trump's stated target of 3% growth." (Akin Oyedele, "GDP Hits 3%, Crushing Estimates Despite Hurricanes," Business Insider , 10/27/17)


The Economy Grew 3.3 Percent In The Third Quarter Of 2017. "Led by a rise in business investment, the U.S. economy grew at an annual pace of 3.3 percent from July through September, its fastest rate in three years. The Commerce Department estimated Wednesday that third-quarter growth exceeded the 3 percent annual expansion it had initially reported last month." (Paul Wiseman, "US Economy Expanded At Brisk 3.3 Percent Pace In Third Quarter," NBC News , 11/29/17)

  • The U.S. Economy Grew Faster Than Expected In The Third-Quarter. "The US economy grew faster than expected in the third quarter even after hurricanes disrupted activity in some parts of the country. The Commerce Department said Friday that gross domestic product, the measure of all goods and services produced, increased by 3%." (Akin Oyedele, "GDP Hits 3%, Crushing Estimates Despite Hurricanes," Business Insider , 10/27/17)

GDP Increased By 2.6 Percent In The Fourth Quarter. "Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2017 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent." ("National Income and Product Accounts Gross Domestic Product: Fourth Quarter and Annual 2017," Bureau Of Economic Analysis , 1/26/18)

Economists Have Credited President Trump With The Accelerated Economic Growth

The Wall Street Journal Surveyed Economists Who Concluded That "President Donald Trump Has Had Generally Positive Effects On U.S. Economic Growth." "Economists surveyed by The Wall Street Journal say President Donald Trump has had generally positive effects on U.S. economic growth, hiring and the performance of the stock market during his first year in office." (Ben Leubsdorf, "Economists Credit Trump As Tailwind For U.S. Growth, Hiring And Stocks," The Wall Street Journal , 1/11/18)

Economic Forecasters Believe "Mr. Trump's Election Deserves At Least Some Credit For The Economy's Recent Strength." "More broadly, most forecasters surveyed by the Journal suggested Mr. Trump's election deserves at least some credit for the economy's recent strength." (Ben Leubsdorf, "Economists Credit Trump As Tailwind For U.S. Growth, Hiring And Stocks," The Wall Street Journal , 1/11/18)

The "Majority" Of Economists Believe President Trump's Policies And Actions Have Been Positive For GDP Growth. " Asked to rate Mr. Trump's policies and actions to date, a majority of economists said he had been somewhat or strongly positive for job creation, gross domestic product growth and the stock market. Most also said he had been either neutral or positive for the country's long-term growth trajectory, while his influence on financial stability was seen as largely neutral." (Ben Leubsdorf, "Economists Credit Trump As Tailwind For U.S. Growth, Hiring And Stocks," The Wall Street Journal , 1/11/18)

Making America Even Greater: Economists Expect Pro-Growth Policies Like The Tax Cuts And Jobs Act Will Lead To Sustained Growth

Economic Forecasters Predicted That 2018 Will See "Solid Growth." "The professional forecasters also predicted 2018 would see solid growth and a continued decline in the jobless rate." Ben Leubsdorf, "Economists Credit Trump As Tailwind For U.S. Growth, Hiring And Stocks," The Wall Street Journal , 1/11/18)

According To Economists, The Tax Cuts And Jobs Act Will "Boost The Economy For Several Years ." "One factor: the tax cuts signed into law by Mr. Trump in December, which most economists say will boost the economy for several years at least." (Ben Leubsdorf, "Economists Credit Trump As Tailwind For U.S. Growth, Hiring And Stocks," The Wall Street Journal , 1/11/18)

The IMF Predicts That President Trump's Tax Cut Will Boost Growth In 2018. "The United States is projected to grow 2.7 percent in 2018 as President Trump's tax cuts boost growth, the International Monetary Fund said in a new report Monday, delivering more positive economic news as the president passes his one-year mark in the White House." (Heather Long, "U.S. Economy To Grow 2.7 Percent In 2018, Boosted By Trump Tax Overhaul," The Washington Post , 1/22/18)

  • The IMF Increased Their Projection For U.S. GDP Growth After The Tax Cuts And Jobs Act Was Passed. "The IMF had originally forecast just 2.3 percent growth for America but lifted its projection significantly after Republicans in late December passed the largest overhaul of the U.S. tax code in over 30 years." (Heather Long, "U.S. Economy To Grow 2.7 Percent In 2018, Boosted By Trump Tax Overhaul," The Washington Post , 1/22/18)

 


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