U.S. economic growth declined at the end of last year for the second straight quarter, denying President Trump the 3% annual increase he had promised the Republican tax cuts would spur.
The nation’s economic growth declined at the end of last year for the second straight quarter, denying President Trump the 3% annual increase he had promised the Republican tax cuts would spur.The economy grew 2.9% in 2018, the Commerce Department said Thursday in a report that was delayed several weeks because of the partial shutdown of the federal government. It was the first of three estimates and could be revised up or down in the coming weeks.
Despite the new data, which included a 2.6% annual growth rate for the fourth quarter, Commerce Secretary Wilbur Ross continued to make that argument Thursday. They did not round up the 2.9% growth in 2015 under Obama to 3%. And they specifically targeted calendar-year growth because Obama presided over three 12-month periods in which U.S. growth exceeded 3%. The first of those periods was October 2009 through September 2010. Then there were two overlapping periods: April 2014 through March 2015 and July 2014 through June 2015.
“There’s no evidence that the [Trump administration] policies are lifting underlying growth in the economy” beyond their long-term trends, Zandi said.in the first three months of this year, which could lower the 2019 forecasts.survey
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