I scan the headlines at CNN a few times every day, so I can tell you that it’s pretty unusual to see a positive story about President Trump featured prominently on the site. But today’s 4.1% GDP growth was one such occasion.
President Donald Trump thinks he’s overdue some credit for steering the strongest economy on the planet — and he’s probably right…
Often, the President’s hyperbolic assessment of his own performance is at odds with the facts. But Friday’s announcement that the economy grew at a 4.1% pace in the second quarter, the best showing since 2014, is genuine cause for celebration.
It may also be his best chance to argue that a huge and controversial tax cut, the only really significant legislation he has managed to pass, is — as he said it would — unleashing prosperity…
Unemployment is lower than it has been for decades, corporate earnings are strong and it seems unlikely that a sudden crisis is looming that could derail things before Americans head to the polls in midterm elections that will have a huge bearing on Trump’s presidency.
Recent polls show that the economy is one of the few issues where Trump is approaching the kind of numbers that presidents conventionally need to win re-election.
A Quinnipiac University poll conducted from July 18-23 showed that majorities of voters thought Trump had weakened the US abroad, was too close to Putin and lied about important issues. But a near majority — 49% — backed his handling of the economy
Granted, President’s don’t really run the economy and some of these trends, including the drop in unemployment, were moving in the right direction before he was elected. That said, it’s still the case that Democrats predicted an “Armageddon” if the tax cut was passed and that’s obviously not what we’re seeing right now.
Back in 2016, CNN even ran a story with this headline: “Trump promises 4% growth. Economists say no way.” Here’s a sample:
Donald Trump has a big promise for the U.S. economy: 4% growth.
No chance, say 11 economists surveyed by CNNMoney. And a paper published Tuesday by the Federal Reserve Bank of San Francisco backs them up.
“No, pigs do not fly,” says Robert Brusca, senior economist at FAO Economics, a research firm. “Donald Trump is dreaming.”
Earlier today the RNC released this video clip pointing out that it was the view of some left-leaning economists that 4% growth was unobtainable.
Finally, here’s Trump in September 2016 saying “it’s time to establish a national goal of reaching 4 percent economic growth.” He added, “And my great economists don’t want me to say this but I think we can do better than that.”