Multiple hurricanes have a way of temporarily stagnating economic growth. Certainly the Democrats and Establishment Media were counting on that as they salivated with dire predictions and repeating how “bad” things were in places like Puerto Rico.
Well, guess what? Things aren’t so bad after all as what more and more are now calling the “Trump Economy” has apparently shrugged off the hurricane trauma and posted remarkably strong 3% GDP growth.
Via Yahoo News:
The US economy continued to expand at a robust three percent clip in the third quarter despite back-to-back hurricanes, official data showed Friday, hitting President Donald Trump’s growth target for the second time since he took office.
The brisk growth — which follows a 3.1 percent expansion on an annual basis in the second quarter — could also strengthen the hand of monetary policymakers at the Federal Reserve who favor raising interest rates despite flagging inflation.
…”Overall, this is a very solid performance, given the disruption caused by Hurricanes Harvey and Irma,” Ian Shepherdson, founder of the consultancy Pantheon Macroeconomics, said in a research note.
As a point of contrast, in the eight years of the Obama presidency the country never enjoyed 3% or better annual GDP growth.
That was eight long years of massive deficit spending, lower Middle Class incomes, higher taxes, tens of millions more on food stamps, etc. It was a long, slow slog of economic misery.
It appears with POTUS Trump America’s economic engine is firing up again even despite a do-nothing Congress that has been painfully slow to enact the President’s America-First agenda.