People on both sides of the aisle laughed when candidate Donald Trump said he’d get the economy growing at 3% if elected president. However, for the second straight quarter the economy has done just that – grow at 3%.
From Daily Caller:
Trump Called It — U.S. Economy Growing At 3 Percent [VIDEO]
The American economy grew at a 3 percent rate in the third quarter of 2017, continuing to expand after posting an impressive 3.1 percent growth rate in the second quarter, according to the most recent data from the Bureau of Economic Analysis.
President Donald Trump and members of his cabinet have repeatedly pledged to get the economy growing at a 3 percent, or higher, during his tenure in the White House. Republican leadership in Congress is on board with this message, barreling ahead with tax reform to keep the economy revved up.
Back in May, Ben Bernanke said Trump’s vision for 3% growth was unrealistic, from CNN Money:
Bernanke calls Trump’s 3% growth goal a ‘long shot’
On the campaign trail President Trump promised his economic agenda would rev the American economy up to 4% growth. Since taking office, Trump has lowered his growth goal to a more modest 3%.
Ben Bernanke thinks Trump is unlikely to deliver even his more conservative target.
“I would say it’s a pretty long shot,” the former Fed chief told CNBC on Monday.
Even if you factor in a bump from dramatic tax cuts Trump has proposed, Bernanke said 3% growth is “probably not” in the cards. He said there’s no “single magic bullet” to speed up growth.
Bernanke, who stepped down as Fed chief in 2014, pointed to long-term problems in the US economy, including an aging workforce, low productivity and a global savings glut.
Looks like Trump, as usual, is getting the last laugh. Let’s pray this success continues.