It's Official! Trump Just Made History In BIG Announcement Made 10 Months Into His Presidency
– Congrats In Order.
Once again President Donald Trump makes history!
"Make America Great Again!" was not just a slogan!
Although our economy was supposed to grow at best at a 2.5% rate, and even though we
have had two devastating hurricanes, the economy went on to grow a whole 3% during the third
quarter of the fiscal year.
The Trump Administration also went on to add 1,405,000 jobs in their first eight months
of Trump presidency.
By contrast, Former President Barack Hussein Obama had lost 4,367,000 jobs in his first
eight months in office.
Not even CNBC could lie about this news:
First reading on third-quarter GDP up 3.0%, vs 2.5% rise expected.
The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter
as an increase in inventory investment, and a smaller trade deficit offset a hurricane-related
slowdown in consumer spending and a decline in construction.
Gross domestic product increased at a 3.0 percent annual rate in the July-September
period after expanding at a 3.1 percent pace in the second quarter, the Commerce Department
said on Friday.
The department said while it was impossible to estimate the overall impact of hurricanes
Harvey and Irma on third-quarter GDP, preliminary estimates showed that the back-to-back storms
had caused losses of $121.0 billion in privately owned fixed assets, and $10.4 billion in government-owned
fixed assets.
Harvey and Irma struck parts of Texas and Florida in late August and early September.
Hurricane Maria, which destroyed infrastructure in Puerto Rico and the Virgin Islands, had
no impact on third-quarter GDP growth as the islands are not included in the United State's
national accounts.
Economists polled by Reuters had forecast the economy growing at a 2.5 percent pace
in the third quarter.
Excluding inventory investment, the economy grew at a 2.3 percent rate, slowing from the
second quarter's 2.9 percent pace.
With post-hurricane labor market, retail sales and industrial production data already showing
an acceleration in underlying economic activity, Friday's report will probably have no impact
on monetary policy in the near term.
Federal Reserve Chair Janet Yellen cautioned last month that economic growth in the third
quarter "will be held down" by the severe disruptions caused by the hurricanes.
The U.S. central bank is expected to increase interest rates for a third time this year
in December.
The economic recovery since the 2007-2009 recession is now in its eighth year and showing
little signs of fatigue.
The economy is being powered by a tightening labor market, which has largely maintained
a strong performance that started during former President Barack Obama's first term.
Though U.S. stocks have risen in anticipation of President Donald Trump's tax reform,
the administration has yet to enact any significant new economic policies.
Trump wants big tax cuts and fewer regulations to boost annual GDP growth to 3 percent.
Inventory boost.
Businesses accumulated inventories at a $35.8 billion pace in the third quarter in anticipation
of strong demand.
As a result, inventory investment contributed 0.73 percentage point to third-quarter GDP
growth, after adding just over a tenth of a percentage point to growth in the prior
period.
Exports increased at a 2.3 percent rate in the third quarter, while imports fell at a
0.8 percent pace.
That left a smaller trade deficit, leading to trade adding 0.41 percentage point to GDP
growth.
Trade has contributed to output for three quarters in a row.
Hurricanes Harvey and Irma, which hurt incomes and undercut retail sales in August, crimped
consumer spending in the third quarter.
Growth in consumer spending, which accounts for more than two-thirds of the U.S. economy,
slowed to a 2.4 percent rate following a robust 3.3 percent pace in the second quarter.
The storms also weighed on investment in nonresidential structures like oil and gas wells.
Spending on mining exploration, wells and shafts grew at a 21.7 percent rate, decelerating
from the second-quarter's 116.3 percent pace.
As result, spending on residential structures fell at a 5.2 percent pace in the third quarter
after rising at a 7.0 percent rate in the second quarter.
Investment in home building, which was already undermined by land and labor shortages, also
took a hit from Harvey and Irma.
Spending on residential construction declined at a 6.0 percent rate, contracting for a second
straight quarter.
Business investment on equipment rose at an 8.6 percent rate, increasing for a fourth
straight quarter.
Government investment fell for a third straight quarter.
President Trump has delivered on every promise he has made.
The economy is back.
Illegals crossing our border is down by 74%.
The wall is being built.
Regulations are being destroyed.
All this without the help of the GOP or the Democrats, who are there to just stand in
his way every step of the way and put out lies about him and his administration.
Never did I dream that after 8 long dark years under the charlatan President Barack Hussein
Obama that we could be on track in less than a year.
We are now headed back to the America we were during the Reagan years.
The days when if you worked hard you could get ahead in life without help from the government
nor without the government impeding your progress.
It's Morning Again in America!
President Trump might very well go down as the best president in history.
And all it took was shunning interests on both sides of the aisle and doing what's
right for the American people.
Imagine after so many years of so many presidents doing what's right for every third world
two-bit cesspool, we have a president who actually cares Americans FIRST!
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