During the Obama era – the GDP never saw a year with a 3.0. A 3.0 is a sign of strong growth in the economy. As reported by Zero Hedge regarding Obama’s economic policy: “Following today’s extremely disappointing US GDP growth data, we have the final nail in the coffin of President Obama’s economic reign. Not only is the average annual growth rate of just 1.48% during Obama’s business cycle the weakest of any expansion since at least 1949, he has just become the only President to have not had even one year of 3% GDP growth.”
Below is a chart of the average annual growth rates of the U.S. economy during the last 11 presidents. (SOURCE: FRED)
In 2017 Q2 GDP was 3.1% after President Trump loosened up the business stifling regulations set in place during the Obama era, which President Trump promptly went about the business of undoing. And today we have cause to celebrate as the 2017 Q3 GDP is at a 3.0! This means the greatest economic engine that the world has ever seen is revving back up! Get ready for the ride folks and check those 401k’s – it’s going to be sunny and bright!
Will President Trump’s economic acumen be able to hold? “Of the last 11 administrations, only six have presided over periods of sustained growth averaging more than 3 percent. And since 2000, the U.S. economy has slowed to an average growth rate below 2 percent” as reported by CNBC.
It certainly bodes well that this early on, all of the deregulating has had an enormously positive impact on the economy. This is reflected in the consumer confidence index being at an all time high, coupled with the stock market, literally, breaking records. The DOW hit 23,000 last week – a marker that had never been achieved in the past. Job creation and availability is also at a 17 year high. We certainly have a lot to celebrate. Winning!
Obama was right, he could not achieve a 3.0. with his economic policy. It took our pro business President to deregulate in order to get the economy running again for the U.S. to enjoy a 3.0 GDP for the second Quarter in a row.
Once again, President Trump proves former President wrong on his economic ability just like when President Obama doubted Trump could bring back jobs. Do you remember that? Here is video as a refresher:
Are you feeling confident about the economy? Let us know down below and leave a comment!
(Feature image credit to: iwastesomuchtime.com)