With 4-Percent Quarter, is Trump Starting to Prove Doubtful Experts Wrong? With 4-Percent Quarter, is Trump Starting to Prove Doubtful Experts Wrong? – NTK Network

With 4-Percent Quarter, is Trump Starting to Prove Doubtful Experts Wrong?

Ten leading economic experts mocked Trump for saying that the United States' GDP could grow at four percent.

By NTK Staff | 07.27.2018 @1:00pm
With 4-Percent Quarter, is Trump Starting to Prove Doubtful Experts Wrong?

President Trump promised that the United States gross domestic product (GDP) would increase by four percent annually under his administration’s policies, an idea that many leading economic experts laughed at.

On Friday the Commerce Department announced that the United States GDP “grew at a solid 4.1 percent pace in the second quarter” of 2018.

There’s still a long way to go to three- or four-percent growth annually, but here are 10 economic experts who mocked Trump for saying that GDP could grow at four percent annually:

1) American economist Paul Krugman predicted a “global recession, with no end in sight,” in a New York Times op-ed following the election of Trump.

2) Lawrence Summers, an economic adviser to former President Obama, blasted the idea of three-percent GDP growth in a Washington Post op-ed in 2017. Summers equated believing in three-percent GDP growth to believing in the tooth fairy.

3) Maya MacGuineas, the president of the nonpartisan Committee for a Responsible Federal Budget called four-percent GDP growth “implausible” in 2017.

4) In May 2017, the Los Angeles Times ran a story by Michael Hiltzik titled, “If Trump thinks he can get more than 3% economic growth, he’s dreaming.”

5) Following the inauguration of Trump in January 2017, Business Insider‘s Bob Bryan said that Trump’s four-percent GDP promise would be “incredibly difficult” to deliver on.

6) Politifact reported that “economists are skeptical that U.S. can grow by 3 percent,” under the Trump administration in May 2017, and noted that many thought three-percent growth was no longer possible.

7) “A 3 percent-growth forecast is nonsense,” economist Dean Baker said in May 2017.

8 Economist Rex Nutting said in 2016 that “Even if Trump can implement all his ideas perfectly, he won’t be able to raise American productivity enough to get to 3% growth.”

9) The Wall Street Journal‘s chief economics commentator Greg Ip said that “Trump’s 3% growth target looks out of reach.”

10) FiveThirtyEight called the idea of three-percent GDP growth “unrealistic.”

With this quarter to start, Trump may have a chance to prove economists wrong.

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