By Trump standards, Biden scores ‘shocking’ economic victory
Americans received some encouraging economic news yesterday, with new data showing economic growth bouncing back into the summer. After disappointing figures for the first half of the year, the Bureau of Economic Analysis reported that GDP growth 2.6% annual ratemore than expected.
Economists said the third quarter GDP report showed signs of slowing inflation along with an overall healthy economy, strong consumer spending and business investment. Republicans still pooh-poohed it. Rep. Kevin Brady (R-Texas), the top Republican on the Ways and Means Committee, claimed Thursday that “economists have downgraded economic projections to reflect [Biden’s] Struggle policies. ,
The Texas Republican said the 2.6% figure represented “ghost growth,” whatever that means. The top Republican representative on the House Budget Committee was Jason Smith. similarly unaffected With an encouraging economic report.
I wonder if they appreciate the extent to which they were contradicting Donald Trump.
Five years ago, Trump’s Commerce Department released a similar GDP report, and it showed – you guessed it – 2.6% Quarterly Economic Growth, (As it turns out, that 2.6% figure was an initial estimate that was later revised.) up to 2But put that aside for now.)
then president Curiously vanity about data, telling reporters, “2.6 is a number no one thought they would see for a long time.” Republicans complained that news organizations didn’t talk enough about it, saying “2.6 is an incredible number.”
As a matter of fact, chest thumping was misled, The GDP growth of 2.6% was largely unremarkable and evidence of a generally healthy economy, partly given the economic conditions that existed during 2017.
But at the time, Trump didn’t let it go. A few days after persecuting the regular news as “unreliable,” he held a rally in West Virginia, and continues to tout the data. “Economic growth has increased nationwide to 2.6%,” Republicans Boast of, as if the 2.6% quarterly growth was really astonishing. “You have to understand what that means: no one thought the numbers were going to happen.”
In fact, almost everyone though this number was going to be.
Three weeks later, Trump had another rally, this time in Arizona, where he continued to pat himself on the back. ,[E]Economic growth rises to 2.6%“The then President Claim, “Remember, everyone said, ‘You won’t make it to 1%. You won’t make it to 1.2%.'” (Actually, no one made such a prediction.)
Republicans went on to say that the 2.6% figure was so good that “shocking“- and was a direct result of his successful economic agenda.
The main problem with Trump’s vanity was that he had no idea what he was talking about. No one had explained the basics to him, so he insisted that the 2.6% quarterly growth was completely unexpected — which was the opposite of the truth — and was evidence of his genius, which by no means meant. (His general illiteracy on the subject also made him confuse quarterly and annual growth rates.)
But five years later, the question for Republicans remains the same: If 2.6% quarterly growth was amazing under Trump, why isn’t it “shocking” under Biden?
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