Tuesday, February 4, 2020

Trump’s trickle dries up — Michael Roberts

Well, Trump’s boast turned to dust in 2019. US GDP grew by 2.3% in 2019, well below President Trump’s promise of 3%+ growth. The most recent GDP number proved that the tax cuts championed by Trump had no sustained impact on US growth. Indeed , even the most optimistic forecasts see growth to stay well below 3% for the next few years. Of course, that won’t stop Trump in his State of the Union speech today in Congress proclaiming a huge rise in the living standards of working people under his reign. Actually, cumulative growth under Trump has been lower than under both Obama and Bush Jnr.
Michael Roberts explains why.

Michael Roberts Blog — blogging from a marxist economist
Trump’s trickle dries up
Michael Roberts

2 comments:

Bob said...

Can you imagine Xi Jinping boasting about a 2.3% growth rate?
Talk about lowered expectations...

S400 said...

2,3% where to much of it is the FIRE sector.
Not impressive unless you’re a dumb believer of some sort.