Third Quarter GDP Bests Expectations at 2.6% – Trump Increases the Annual GDP Growth Rate to 3.1%
Guest post by Joe Hoft
As we counted down to the November 8th 2016 election, we listed 30 reasons in 30 days to vote for Donald Trump for President of the US. One of our top reasons was because of Obama’s Abysmal GDP Growth Rate. Today President Trump showed us why we listed this as a top reason to vote for Donald Trump for President.
The fourth quarter GDP number was released on Thursday and beat expectations at 2.6%. Economists expected a 2.2% GDP rate.
CNBC says the GDP report was only preliminary, it would mean average growth for the year was 3.1 percent.
The rate of real economic growth is the single greatest determinate of both America’s strength as a nation and the well-being of the American people.
From 1790 to 2000, U.S. GDP 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.”
Ronald Reagan brought forth an annual real GDP growth of 3.5% . Barack Obama, with his abysmal policies, was lucky to average a GDP growth rate of slightly greater than 1%.
Obama ranked 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% ) had lower average annual GDP growth than Barack Obama.
The Commerce Department announced in the first quarter of 2016 that the US economy expanded at the slowest pace in two years with a GDP growth rate of an anemic 0.5% . The second quarter GDP growth rate was not much better at 1.2% . (The 3rd quarter GDP rate was not yet announced by the time we drafted our post before the 2016 election.)
With tanking GDP rates Obama was not much better than Teddy Roosevelt and Obama had the lowest annual GDP growth rate of any President since World War II.
Barack Obama was the first President ever to never surpass an annual rate of 3% GDP growth! This resulted in Obama being rated the worst economic President ever!
Obama’s Congressional Budget Office (CBO) forecast in 2016 that America would never see 3.0% economic growth again. They had given up and Hillary was their candidate.
President Trump did win the election in 2016 and his Director of the White House National Economic Council Larry Kudlow said in early December that the U.S. economy is growing at a rate greater than 3% –