The Atlanta Federal Reserve Bank has some great news for Trump. Gross Domestic Product (GDP) projections are expected to surpass 4% for the first time in many years. Trump’s economic critics remain silent after the numbers were released on May 16th.
The document makes stunning projections for industries that suffered under the Obama administration, who greatly expanded regulations that put a burden on big business.
The following industries are expected to make large gains in Quarter 2 of 2017:
- Auto sales growth 4.0%
- Foreign trade and manufacturing growth at 4.2%
- Wholesale trade up 3.6%
- Retail trade up 3.6%
- Housing starts up 4.1%
Atlanta Federal Reserve also projects that the minimum GDP growth rate will be 3.5% for quarter 2, much higher than any single year of growth under the Obama presidency. Obama was recently rated as the worst economic president in modern history due to his failure to crack 3% GDP growth in any year of his presidency.
Solid GDP numbers for Trump serves as a bit of a slap in the face to Hillary Clinton, who criticized Trump’s economic plan as “trumped up, trickle down.” Hillary also claimed that Trump had no plan to lower corporate taxes in order to bring jobs back to the U.S., a statement that was proven untrue.
America is Getting Stronger Under Trump
According to realclearmarkets.com, the rate of economic growth is the single greatest determining factor of both America’s strength as a nation and the well-being of the American people.
“From 1790 to 2000, U.S. RGDP growth averaged 3.79%. America needs at least 3.0% economic growth-the nation cannot defend itself and pay its bills without it. However, America’s elites have largely given up on growth, and are now distracting themselves with academic musings about “secular stagnation.”