Economic Growth Has Reached 3 Percent for the First Time in More than a Decade Thanks to President Donald J. Trump's Policies | Eastern North Carolina Now

Press Release:

    "We've accomplished an economic turnaround of historic proportions."  -  President Donald J. Trump

    ACHIEVING 3 PERCENT GROWTH: For the first time in 13 years, the economy reached 3 percent growth in 2018.

           •  The Bureau of Economic Analysis (BEA) has announced that GDP grew by 3.1 percent from the fourth quarter of 2017 to the fourth quarter of 2018.

                 •  Bureau of Economic Analysis: "During 2018 (measured from the fourth quarter of 2017 to the fourth quarter of 2018), real GDP increased 3.1 percent."

           •  This marked the fastest fourth quarter to fourth quarter growth since 2005.

           •  2018 was the second year in a row that the economy exceeded market expectations.

           •  The impressive economic growth in 2018 was a strong improvement from the trend prior to when President Donald J. Trump took office.

    Had the pre-2017 trend continued, growth would have been only 2 percent in 2017 and 2018. Economic output was also $280 billion larger than it would have been.

           •  Growth matched the forecast of 3.1 percent predicted in the President's 2018 Budget.

           •  The fourth quarter GDP growth last year far exceeded market expectations.

    THE ECONOMIC BOOM CONTINUES: Last year's impressive GDP growth continues the incredible economic success the country is experiencing under President Trump.

           •  President Trump's policies of tax cuts, deregulation, and trade reform have generated a booming economy.

           •  So far, more than 5.3 million jobs have been created since President Trump's election.

           •  The unemployment rate has remained at or below 4 percent for the past 11 months.

                 •  September 2018 and November 2018 saw unemployment rates of 3.7 percent - the lowest rate in nearly 50 years.

           •  The number of job openings for American workers reached a record high 7.3 million in December of last year.

           •  The economy continues to exceed expectations across the board.

                 •  Job growth in January was more than 300,000 - far exceeding expectations.

                 •  Unemployment stands at 4 percent - the Congressional Budget Office predicted in January 2017 that it would be 4.4 percent this quarter.

    DEFYING DOUBTS: President Trump's policies have achieved economic growth that critics continually denied would happen.

           •  Critics (especially from the previous administration) repeatedly denied that the President's policies would lead to this kind of economic growth.

           •  Larry Summers, President Obama's National Economic Council Director, dismissed the prediction that President Trump's policies would lead to 3 percent growth.

                 •  Summers wrote in 2017: "Apparently, the budget forecasts that U.S. economic growth will rise to 3.0 percent because of the administration's policies - largely its tax cuts and perhaps also its regulatory policies. Fair enough if you believe in tooth fairies and ludicrous supply-side economics."

           •  This criticism is especially outrageous considering the previous administration never reached growth this high during the four quarters of any calendar year.

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