November 22, 2019

THE PROMISE: THE ECONOMY WILL GROW BY 4%, 5%, or 6%

“The economy now is at 3%. Nobody thought it would be anywhere close. I think it could go to 4, 5, and maybe even 6%, ultimately.” President Trump, Dec. 16, 2017 [Real Clear Politics]

“This huge tax cut will be rocket fuel for our economy.”
– President Trump, Sept. 29, 2017 [
Wall Street Journal]

Source: Bureau of Economic Analysis (BEA), “National Accounts (NIPA): Section 1, table 1.1.1, line 1, gross domestic product, percent change from preceding period.” 2019 is an average of the three quarterly rates available thus far this year. https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey

President Trump made boastful predictions of perhaps doubling the pace of economic growth with the big boost to Gross Domestic Product (GDP) he predicted from his tax cuts. The reality has been GDP growth is in line with the Obama years. Growth hasn’t hit 3% under Trump—growth after the tax cuts averaged 2.9% in 2018 and just 2.3% in 2019.