GDP report shows booming 4.1% growth as Trump touts amazing numbers the u.s
economy grew by 4.1 percent in the second quarter of 2018 marking the
fastest economic expansion in nearly four years according to a highly
anticipated estimate released Friday by the Commerce Department
president Trump touted the amazing growth during remarks at the White House
shortly after the reports release cheering a shrinking trade deficit and
claiming the country is on track to hit the highest annual growth rate in over
13 years we've accomplished an economic turnaround of historic proportions Trump
declared once again we are the economic an be of the entire world the White
House pointed to the gross domestic product GDP numbers considered an
official economic scorecard as a strong indication that it's tax cuts commitment
to deregulation and tough trade policies have paid off the GDP broadly reflects
the goods and services produced in the country 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 Trump said Friday the figures may reflect the temporary boost due to
short-term factors but lend our powerful midterm season talking point the
congressional Republicans hitting the campaign trail during the summer recess
Democrats for months have downplayed and criticized that GOP offered tax cuts as
favoring the wealthy but Republicans maintain that Americans have broadly
benefited despite analysts cautionary words White House economic advisor Larry
Kudlow told reporters Friday that they believe the growth is sustainable and
the report does not reflect the wine shot surge as reported by the Commerce
Department's Bureau of Economic Analysis the
from April to June was the largest since the economy's roughly five percent
surged in the third quarter of 2014 which was the greatest economic
expansion since the third quarter of 2003 major retailers already hiring
seasonal workers a Reuters survey of economists had predicted the April to
June GDP increase at four point one percent and the report met expectations
Trump and other White House officials have been studying this stage four days
for a strong economic scorecard the president has been working to refocus
his agenda on the economy and trade after enduring one of the worst weeks of
his presidency following his controversial summit with Russian
President Vladimir Putin and while he's been battered by both sides of the aisle
for his hardline approach to trade he claimed victory earlier this week after
extracting new commitments from the European Union to buy more American
products Trump in turn back of threats to impose tariffs on imported cars the
economy saw comparatively slight 2.2 percent increase in the first quarter of
this year Friday's high numbers were driven in part by increased consumer
spending which makes up more than two-thirds of GDP fueled by tax cuts and
low unemployment as well as boosted exports and government spending consumer
spending rebounded to a four percent annual growth rate after turning in a
lackluster 0.5 percent gain in the first quarter
the sweeping Republican tax cuts that took effect in January were likely a
major contributing factor permanently slashing the corporate tax rate from 35%
to 21% and increasing many workers take-home pay last month
the Labor Department also reported that the u.s unemployment rate had fallen to
an 18-year low of 3.8% consumer confidence is high according to morgan
stanley research rising gas prices have put a dent in
consumer enthusiasm job hunters landing better jobs increased oil prices also
spurred investment in the energy industry and healthier international
markets further help the manufacturing sector according to an analysis by The
Wall Street Journal significantly some observers cautioned
at some of the GDP growth reported by the Commerce Department can be
attributed to a surge in soybean and other exports as international buyers
purchased the goods ahead of the expected implementation of bruising
retaliatory tariffs last month the Trump administration announced fifty billion
dollars in tariffs on Chinese goods for the country's unfair trade practice
involving intellectual property and China responded by promising fifty
billion dollars in tariffs on u-s goods including soybeans exports rose at a
nine point three percent rate in the second quarter while imports grew out
two tiny 0.5 percent rate the narrowing trade deficit added a full percentage
point to growth in the second quarter though economists
are concerned that a full-blown trade war between the United States and China
the world's two biggest economies will hurt growth going forward the GDP
numbers also were affected by the bipartisan Budget deal reached earlier
this year which will raise federal spending caps by more than three hundred
billion dollars over two years a move that some analysts say only artificially
and temporarily boosts the economy top White House officials had signaled
earlier in the week that the numbers would be expectations from predicted
terrific economic numbers in a speech Thursday at a newly reopened u.s steel
plant in Illinois on Friday numbers come out and I don't know what they are but
there are predictions from 3.8 to 5.3 percent growth Trump said Thursday
nobody thought we were going to be this good when I took over
those numbers were bad and they were heading in the wrong direction because
of regulation America's economic growth or GDP were just released and I am
thrilled to announce that in the second quarter of this year the United States
economy grew at the amazing rate of 4.1%
we're on track to hit the highest annual average growth rate in over 13 years and
I will say this right now and I'll say it strongly 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 during each of the two previous administrations we averaged
just over 1.8 percent GDP growth by contrast we are now on track to hit an
average GDP annual growth of over 3% and it could be substantially over 3% each
point by the way means approximately three trillion dollars and ten million
jobs think of that each point you go up one point that doesn't sound like much
it's a lot it's three trillion dollars then it's 10 million jobs if economic
growth continues at this pace the United States economy will double in size more
than 10 years faster than it would have under either President Bush or President
Obama perhaps one of the biggest wins in the report and it is indeed a big one is
that the trade deficit very dear to my heart because we've been ripped off by
the world has dropped by more than 50 billion dollars fifty two billion to be
exact it's dropped by more than 50 think of that the trade deficit has dropped by
more than 50 billion dollars and that's added and adding one point to GDP
that's a tremendous drop we haven't had a drop like that in a long time you have
to go back a long time before you find it by increasing growth to 3% over the
next 10 years that would mean 12 million new American jobs and 10 trillion
dollars of new American wealth at least and that's not including the fact that
since I was elected we've created approximately seven trillion dollars of
new wealth the year before I came into office private business investment grew
at only one point eight percent last year it jumped to six point three
percent that was my first full year we had to do a lot of things to get it to
grow and this year it's growing at nine point four percent so that's a very
tremendous increase that hasn't been an increase like that in many many years
decades and I think the most important thing and Larry Cutler just confirmed to
me along with Kevin Hassett that these numbers are very very
sustainable this isn't a one-time shot I happen to think we're going to do
extraordinarily well in our next report next quarter I think it's going to be
outstanding I won't go too strong because then if it's not quite as good
you'll not let me forget it but I think the numbers are going to be outstanding
let's check out and find out what the weather is like down in Louisiana Todd
pyro is having breakfast with friends live at the butter crisp diner in
Covington Todd what kind of a day weather-wise is it down south absolutely
gorgeous I'm looking outside right now not a cloud in the sky at this point
just an unbelievable day and the conversations we've been having all
morning long have been even better than the weather let's have one of those
right now Kevin he is a small business owner also a veteran thank you sir for
your service you love the way the economy is going absolutely well the tax
cuts help my business personally I'm also looking forward to the 2.0 cuts but
most important it's about the nation what it's done for our entire nation the
countries now than it's ever been and Trump knew that
right away we needed a strong economy and a strong military he's brought both
of those back which gives him the power of negotiation and that's what he's
doing now he's taking it out across the globe and people are spending money in
our nation now in our country everything's brighter everything is best
specifically with regard to your business you're in the personal training
business you said when Trump came into office you saw an uptick in the number
of people can I place people willing to spend money and personal training is
something that people put on the back burner which they should but now it
they're knocking down the doors they're spending money and that's gonna help all
of us Kevin thank you very much a mess of luck with your business now we're
gonna go to Peggy Peggy works in health care and you say you actually love the
way the president talks to Iran the way the president talks to North Korea
counter to what some of the mainstream media say why oh I definitely agree
Trump is as strong as he needs to be and it's about time we had a president who
stood up for America and I bow down to the to our enemies so he can't be strong
enough that's all I can say I love Trump and I'm with everything he says and does
so when the mainstream media says oh you're being too mean oh you shouldn't
do that you shouldn't do this what's your response fake news Wow all
right we're gonna go to Gary now Gary is an army vet Gary thank you for your time
defending our great land a lot of people in the mainstream media are attacking
the president for meeting with Vladimir Putin you say great move well I said
great move Putin is a predator and if you only one way to deal with the
predator and that's head on because if you don't hey take him head on he will
take you down and it's gonna take whatever he needs to do and Trump does
not back down it's proven bring them to the table talk to him now you know what
he wants I'm for a approach all the way including Iran and in the other
countries that's giving us trouble right now we got to make America first again
and he's doing it well we can't finish her off better than that I do want to
thank Jill and Debbie from the butter Chris diner for their hospitality thank
you also very much we've had an amazing day such unreal amazing answers here in
the heartland of America we thank you guys for having us send it on back to
New York the coffee down there I want to go there that looks like a lot of fun
we've never seen anything like going on right now you can have very big numbers
announced tomorrow I don't know what they are but a lot of big predictions if
I would have said it on the campaign trail GDP numbers will be announced
tomorrow sometime I don't know what they are but I think they're gonna be
terrific you know we took over it was really low it was heading lower a lot
lower and it was going to be there fast and great things have happened so
whatever those numbers are watch for them somebody actually predicted today
5.3 I don't think that's going to happen 5.3 if it has the four in front of it
we're happy if it has like a three but it's a 3.8 3.9 3.7 we're okay but these
are unthinkable numbers if I would have used these numbers during the campaign
the fake news back there would have said he's exaggerating
you
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