Guest post by Joe Hoft
The Atlanta Fed is projecting the 2nd Quarter GDP growth rate to move above 4% to 4.1%.
This is the first time for this rate to be projected above 4% since before 2012.
The rate of real economic growth is the single greatest determinant of both America’s strength as a nation and the well-being of the American people.
From 1790 to 2000, U.S. RGDP growth averaged 3.79%. America needs at least 3.0% economic growth-the nation cannot defend itself and pay its bills without it. However, America’s elites have largely given up on growth, and are now distracting themselves with academic musings about “secular stagnation.”
The 2nd Quarter projection is a welcome change after President Obama oversaw some of the worst GDP growth in the history of the US.
Obama is the only U.S. president in history who did not deliver a single year of 3.0%+ economic growth. Obama had all but given up on economic growth. His Congressional Budget Office (CBO) forecasted in early 2016 that America will never see 3.0% economic growth again.
As a result of his failed economic policies, Obama ranks as the fourth worst presidency on record in GDP growth at 1.457%. Only Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%) currently have lower average annual GDP growth than Barack Obama. In addition, Obama has the lowest annual GDP growth rate of any President since World War II.
Obama’s economic policies failed America and resulted in 95 million without work, the debt at an astronomical $20 Trillion and more Americans on Food Stamps than ever before.
During his campaign, President Elect Donald Trump stated that he wanted to move GDP growth above 3.5% to 4%. His Commerce Secretary Wilbur Ross spoke with White House press room reporters in April and during the question and answer period the Secretary told the reporters the Trump administration expects greater than 3% growth this year.
Secretary Ross: President Obama is the only president in many, many, many that didn’t have at least one year of 3% growth. And with all the initiatives that we are doing: the regulatory reform, the trade reform, the tax reform, hopefully and unleashing energy there’s no reason we shouldn’t be able to at least hit that if not beat it.
It now looks like Secretary Ross understated the GDP Growth rate.
Winning, Winning, Winning!