Growth for Third Quarter 1.9%-- Way Below Trump's Budget Predictions

[Andy Capp]

Meanwhile, in Canukistan, led by the SJW-in-Chief, real wage growth is outpacing inflation and "Expressed at an annualized rate, real GDP expanded 3.7 percent in the second quarter, faster than a 0.5 percent growth in the first three months of the year and beating market forecasts of 3 percent."

Thanks for those tariffs, stable genius.

 

[TeTe]

BTW, Fed also cut rates again for the 3rd time this year earlier this week.

The housing market is looking better and better. Perfect timing for me. I expect prices to dip come election time next year as well. Buyers market LOOMS.

 

[TeTe]

We shouldn't have cut taxes before we shored up funding for the programs millions of Americans rely on to survive.

And the easiest way to have done that with a tax cut is by cutting military spending. Will we ever have a president that has the balls to do that?

 

[Headkicktoleg]

This is a great win for Americans who root against America due to who the President is.

 

[Headkicktoleg]

The housing market is looking better and better. Perfect timing for me. I expect prices to dip come election time next year as well. Buyers market LOOMS.

Yeah my fiance and I are both selling our homes right now. We are both going to make BANK

 

[Sano]

The GDP growth of the third quarter was 1.9%. This followed second quarter growth of 2%.

Both numbers are far shy of the 3% growth Trump's budget relies on. Even with 3% growth, the Trump budget blew up the national debt to unprecedented proportions. Without it... yeah, even worse.

Trump said achieving and sustaining 3% growth was "so easy." All we had to do was cut taxes and regulations and let business do whatever it wanted and the economic growth would be so wonderful that it would make up for... yada, yada, yada. You know how it goes. Same old GOP Vodoo Economics bs, only worse than ever.

Just remember this when they tell you that we can't afford Social Security anymore.




PS. About all that awesome wage growth...... just don't adjust for inflation.

It's gonna start trickling down now. Any day.

Stagnant median wages is key.

 

[Falsedawn]

Do you have any insight?

I think it's good to point this out, regardless of political affiliation. Holding politicians accountable for their words and promises is important to democracy.

You can search my posting history on how shitty Trump's economic policies are. I'm not exactly secretive on it.

Then again, I'm also not trying to spin 1.9% quarterly growth as "awesome, totally great".

 

[cincymma79]

And the easiest way to have done that with a tax cut is by cutting military spending. Will we ever have a president that has the balls to do that?

No
But also it’s not our single largest budget item

 

[ScottE]

No
But also it’s not our single largest budget item

But it is the largest item that benefits the average citizen the least in relation to the amount spent.

 

[kpt018]

If you read OP, it's not. It's two consecutive quarters.

My concern-- and the concern of many people paying attention-- is that the GOP is spiking the debt from 2016-2020, and plans use the debt as a justification for cutting Medicare, Social Security, and other vital programs if they win the 2020 election.

You think I am celebrating this?

Exactly. And the deeper problem is full blown bad faith by Republican law makers when both designing policy and arguing/voting against bills written by Democrats. The Tea Party nutters have been badly exposed as frauds (to the extent they support Trump) or they've stuck to their guns and are irrelevant.

The right evaluates every economic policy based on a simple question "does this make the wealthy even wealthier and/or more powerful" and if the answer is "no" it is opposed. And from that position everything is argued in bad faith. If a policy is designed to improve healthcare but costs businesses or high income earners a single dollar more we hear "but the deficits!" or "this bill will destroy the economy" even though they're lies. When they pass deficit financed tax cuts they lie that they'll pay for themselves via growth, as you pointed out. It's all done in bad faith and it's a recipe for bad policy when in power and obstruction of good policy when they're the minority.

 

[Black Conf3derate]

You can search my posting history on how shitty Trump's economic policies are. I'm not exactly secretive on it.

Then again, I'm also not trying to spin 1.9% quarterly growth as "awesome, totally great".

I'm not searching your post history over you not posting insight itt while you're asking others to post insight. Take it easy bro

 

[luckyshot]

It's all done in bad faith and it's a recipe for bad policy when in power and obstruction of good policy when they're the minority.

Q for sad truth.

 

[Falsedawn]

I'm not searching your post history over you not posting insight itt while you're asking others to post insight. Take it easy bro

Then don't expect me to rehash the same story over and over again for your benefit. Trump's economic policies blow dick. Lurk moar.

 

[Rational Poster]

And the easiest way to have done that with a tax cut is by cutting military spending. Will we ever have a president that has the balls to do that?

It's not as easy as you make it seem.

Cutting tens of billions from the military budget to offset tax cuts will significantly impact GDP. Military spending creates jobs from the straight out of high school soldier to the high paid arms manufacturing executive wheeling and dealing with Saudi Princes.

 

[cincymma79]

But it is the largest item that benefits the average citizen the least in relation to the amount spent.

I’d argue not

 

[SBJJ]

He pretty much promised 3% and did not hit it. Perfectly acceptable to point that out. The other side would do it to a guy with a D next to his name

It is wise to keep in mind we are doing much better than most of the world though

 

[Black Conf3derate]

Then don't expect me to rehash the same story over and over again for your benefit. Trump's economic policies blow dick. Lurk moar.

That's your insight? A frat boy response?

Don't worry I don't expect much from you after seeing your posts from all my lurking.

 

[TeTe]

It's not as easy as you make it seem.

Cutting tens of billions from the military budget to offset tax cuts will significantly impact GDP. Military spending creates jobs from the straight out of high school soldier to the high paid arms manufacturing executive wheeling and dealing with Saudi Princes.

But it's not just that. It's the excessive building of planes, tanks etc and the over the top foreign intervention. Couple that with all of the foreign aid we give countries. Three billion a year alone to Israel for their defense fund.

I'm all for military R and D and having a solid defense... I just don't think we need it on the level we currently do.

 

[Andy Capp]

Stagnant median wages is key.

If the example of Canada is anything to go by, it takes a sustained period of historically low unemployment to get the wage increase ball rolling. One can hope that a less labor-antagonistic legislative season plus low unemployment will provide similar gains in the US over the next year or so.

Somewhat OT but related, interestingly, I came across this just a little while ago,
What killed real wage growth?
"So the question now becomes 'Was there something that happened in the US a year before the oil shock, and that also happened in Canada three years after the oil shock?'

If your answer was "wage and price controls", then you are many, many months quicker on the uptake than I am. In both the US and Canada, real wage growth ended about one year after the imposition of wage and price controls. The Anti-Inflation Act was passed in December of 1974, and was in force until the period of decontrol started in April of 1978:"

 

[Falsedawn]

That's your insight? A frat boy response?

Don't worry I don't expect much from you after seeing your posts from all my lurking.

Here's how much I care about your opinion