The New York Feds predict 3%, possibly 4% GDP growth for the 4th quarter. That’s the growth former president Barack Obama said could not happen because those days were gone. That is why the Feds can now raise interest rates — the economy is finally improving.
The New York Federal Reserve on Friday raised its estimate of U.S. gross domestic product growth for the fourth quarter of 2017 closer to 4 percent, based on revisions of prior data that suggested stronger economic activities.
The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 3.98 percent in the fourth quarter, quicker than the 3.92 percent rate calculated a week ago.
The New York Fed said its latest tracking estimate on GDP growth for the first three months of next year was 3.15 percent, compared with 3.12 percent from last week.
The Dow, S&P500, and Nasdaq are at record highs.
— Donald J. Trump (@realDonaldTrump) December 16, 2017
President Obama is taking credit for Trump’s economy a year in, so why didn’t we see this growth while Obama was in office? Perhaps because it never happened. He was too busy chasing unicorns and climate change as the biggest national security threat. By the way, President Trump will remove climate change from the list of national security threats.
Instead of favoring business, President Obama convinced people his non-recovery was because he faced the biggest economic crisis since The Great Depression and the economy was not coming back.
Barack Obama was the first U.S. President in recent history, since Hoover, to not reach 3% GDP for one year. The reasons he didn’t see growth are, not because he experienced the worst ever recession, but because: he was anti-small business; he damaged consumer confidence; his Obamacare and other uncertainties he caused hurt small business; Trump rolled back many of the damaging and unnecessary EPA regulations he put in place, hurting the economy; Republicans will cut corporate tax rates to allow more businesses to hire and possibly bring back some of the manufacturing that fled overseas which Obama said could never happen.
“How’s he going to bring jobs back?” Obama asked in 2016. The former president said there were no answers and blamed automation in part. The man who never held a job in the real world, the community organizer, was actually the man unfit for the presidency.