CHECK THIS OUT=> Yesterday’s GDP Reported by US BEA More Than One Point Below Predictions at 2.6% …Is BEA Deep State Too?
Guest post by Joe Hoft
As we noted in December Barack Obama was arguably the worst economic President since 1949 and probably ever.
Barack Obama was the only President to have not had even one year of 3% GDP growth.
Here is the complete list of average annual real GDP growth by postwar president (in descending order):
Johnson (1964-68), 5.3%
Kennedy (1961-63), 4.3%
Clinton (1993-2000), 3.9%
Reagan (1981-88), 3.5%
Carter (1977-80), 3.3%
Eisenhower (1953-60), 3.0%
(Post-WWII average: 2.9%)
Nixon (1969-74), 2.8%
Ford (1975-76), 2.6%
G. H. W. Bush (1989-92), 2.3%
G. W. Bush (2001-08), 2.1%
Truman (1946-52), 1.7%
Obama (2009-15), 1.5%
Barack Obama’s best year of GDP growth was 2.9 in 2015 (a year when the stock market went down) according to the US Bureau of Economic Analysis under the US Department of Commerce.
2009 — (-2.8)
2010 — 2.5
2011 — 1.6
2012 — 2.2
2013 — 1.7
2014 — 2.6
2015 — 2.9
2016 — 1.5
President Obama said that jobs were never coming back and by February of 2016 it was clear that Obama had given up on economic growth. Obama’s Congressional Budget Office (CBO) forecasted in early 2016 that America will never see 3.0 percent economic growth again.
Then in 2017 President Trump saw quarterly GDP rates of 1.2, 3.1 and 3.3 in the first through 3rd Quarters. The New York Federal Reserve revised its estimated fourth quarter GDP of 2017 up from 3.93 to 4.00 percent. A rate of 4 percent or greater would likely have increased the US GDP for the year to over 3 percent. But yesterday the US Bureau of Economic Analysis (BEA) under the US Department of Commerce released its 4th Quarter report stating that the initial estimates of GDP in the 4th Quarter was 2.6%.
This was a shocking result to all engaged in economic analysis.
With the stock market at all time highs and setting new all time highs every fourth day, with consumer confidence at record levels, with unemployment lower than at any time in the last 17 years, it is it was shocking that President Trump’s GDP was not in record territory as well.
Amazon reported a record breaking Cyber Monday.
Overall record breaking retail sales increased by 4.9% this Christmas in the US when compared to prior year.
The country roared back after the devastating hurricanes of the third quarter.
However the BEA reports that in the 2nd Quarter the GDP was at $19,250 trillion. In the 3rd Quarter the GDP rose to $19,501 trillion but in the 4th Quarter the BEA shows the GDP increasing at a decreasing rate to only $19,739 trillion. So the GDP rose by $250 billion in the 3rd Quarter but only rose by $238 billion in the 4th Quarter according to the BEA?
In addition, the BEA reports that the GDP rate in 2015 was 2.9% when the quarterly rates were 3.2, 2.7, 1.6 and 0.5 which average 2.0%. But in 2017 the quarterly rates reported by the BEA were 1.2, 3.1, 3.2 and 2.6 as noted above which average 2.5% but the BEA reports the annual rate for 2017 at 2.3%. What’s up with that?