These accelerated purchases mean faster growth now at the expense of slower growth later.
Yet, at least for the second quarter of this year, the stars have aligned, and, as many analysts predicted, gross domestic product grew by an annual 4.1 percent. So to get these numbers, what he's trying to argue is that, look; even though things may have looked a little shaky with the farmers, the GDP is actually growing.
Today's Q2 GDP data showed that the economy expanded at a 4.1% rate. "While growth may be roaring, critics say the tax cuts may not filter down significantly to blue-collar Americans and are certain to widen economic inequality". I mean, certainly, part of this was the tax cut - a lot of people going out there, spending on vacations and cars and all kinds of stuff.
The White House is counting on faster growth to pay for December's sweeping tax cuts by generating higher revenues.
Years ago, the four percent mark was unheard of to many.
Already announced tariffs are forecast to be only a slight drag on economic growth, unless more are imposed. I also noted that this was just the beginning of a continued strong job market. "Let's keep this going", Donald Trump Jr. tweeted this morning along with a retweet to the report by Department of Labor Secretary Acosta.
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Along with its snapshot of second-quarter GDP growth, the report will likely include a revision of the first quarter's growth estimate of a 2.0 percent rate as the government will also publish comprehensive revisions to prior GDP data.
This marks the fastest pace of growth for the US economy in any quarter since the third quarter of 2014. But Trump's rosy take on the long-term health of the United States economy also stood in contrast to assessments that the 4.1% growth last quarter was boosted by a spike in exports driven by trade war fears. In addition to the strong second quarter, the Commerce Department revised its first-quarter reading up from 2 percent to 2.2 percent.
It certainly is possible and perhaps even likely, depending on a number of variables. Federal-funds futures were pricing in a 93% probability for another 25-basis-point increase in the central bank's target rate (currently 1.75%-2%) at its September 25-26 meeting, unchanged from Thursday, according to Bloomberg. They attribute it to an increase in the export of agricultural products in order to beat the tariffs which will take effect in the current quarter.
"They can do it, but we can't?"
A 5% growth rate for the remainder of the year may be hard to achieve.
Don't forget, the Donald Trump administration reduced the tax rates for corporate America not too long ago. In 1984, GDP grew at a 7.5% annual rate, so maybe 5% for the rest of 2018 is possible.
Vittert also weighed in on the issue of Trump's tariffs.