Thread by @usacsmret

Trump Economy Accelerates, Leftists Hardest Hit cfif.org/v/index.php/co… via @CFIFonline

The Trump economic acceleration has occurred despite real headwinds such as an economic slowdown in Europe, China and elsewhere across the globe, as well as the federal government’s partial shutdown earlier this year and the Federal Reserve Board’s foolish rate increase last Dec.

The latest occasion for recognizing the stark contrast between Obama and Trump arrived last week, when the Commerce Department announced that the American economy grew an astonishing 3.2% in the first quarter of 2019.

That exceeded economists’ consensus forecast of growth well below 2%, with some banks forecasting 1.1% growth. That growth rate also occurred despite such handicaps as the government report that the winter government shutdown artificially reduced growth by 0.3%,

Post-World War II, the U.S. has averaged 3.3% economic growth per year. Then came the Obama Administration. Not once during his presidency did we even reach 3% growth, let alone the post-war 3.3% average.

Annual GDP Growth under Barack Hussein Obama
2009 - 2.5%
2010 + 2.6%
2011 +1.6%
2012 +2.2%
2013 +1.8%
2014 +2.5%
2015 +2.9%
2016 +1.6%

Avg: 1.59%

While selling his trillion-dollar “stimulus” package, the Obama Administration predicted that unemployment would never exceed 8%, and that economic growth would hit 4.3% for 2011 and 2012. Instead, unemployment exceeded 8% for the longest consecutive monthly period in history,

And GDP growth averaged less than 2% for 2011 and 2012

By the end of the Obama Administration, he and his apologists predictably changed their tune. Instead of promising superlative results from Obama’s economic policies, they began assuring us that 3% growth was no longer possible,

Due to “secular stagnation,” the new impossibility of productivity gains, Baby Boomer retirements and other various excuses, sub-3% growth was, according to them, the “new normal.”

Obama and his apologists mocked Trump’s promises to return to 3% growth through deregulation, tax cuts and reversing Obama economic policies. Lawrence Summers, Obama’s chief economic advisor, ridiculed the idea in May 2017:

In just his first full calendar year as President, Trump’s economic policies of deregulation, tax cuts and more limited government brought us 3% growth for 2018, the first year in which his tax cuts took effect.

Median incomes are finally rising at a more respectable level after stagnating under Obama, and stock markets have reached new record highs. And now, despite mainstream economists’ predictions of a slowdown, our economy actually accelerated to 3.2% in the first quarter of 2019.

So yes, Mr. Summers, we do believe in the supply-side economics that Presidents JFK, Ronald Reagan and Donald Trump have repeatedly proven effective, yet which you continue to label “ludicrous.” The question is when people like you will smell the coffee and admit otherwise.