NY Times Is Very Riled Up About GDP Soaring to 4.1 Percent

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A GDP report shows that the BOOMING Trump economy is soaring at 4.1 percent. It marks the fastest economic expansion in nearly four years, according to a long-awaited official estimate released Friday by the Commerce Department.

The media talking point is it is because of the soybeans the EU will buy. They insult our intelligence.

The GDP broadly reflects the goods and services produced in the country. Tax cuts, commitment to deregulation and tough trade policies have paid off.

As reported by the Commerce Department’s Bureau of Economic Analysis, the growth from April to June was the largest since the economy’s 5.2 percent surge in the third quarter of 2014, which was the greatest economic expansion since the third quarter of 2003. 

Consumer spending makes up more than two-thirds of GDP, and Friday’s high numbers were driven in part by increased retail spending and low unemployment. The sweeping Republican tax cuts that took effect in January were a major contributing factor, permanently slashing the corporate tax rate from 35 percent to 21 percent and increasing many workers’ take-home pay.

THE NY TIMES IS TICKED OFF, WARNING PEOPLE IT’S TOO GOOD

The NY Times was ready with their bad news report of the booming economy. Reluctantly, they admit, “Still, recent data does suggest that the pace of growth has picked up this year,” but not until they made excuses as to why it’s not good news.

The growth won’t continue, this is just a blip, they say. It’s “misleading” because there are “one-time factors” like a “surge in exports” and “Mr. Trump’s trade policies”. [Trump’s policies are expected to continue exports and improved trade deals]

Gloom and Doom NY Times wrote, “Those effects won’t last, and economists expect growth to slow in the second half of the year. Pretty much no one outside the White House thinks a growth rate of 4 percent is sustainable in the long term.” [They only speak to people inside their bubble]

If this were Barack Obama, they would blow up the paper with all the good news they would print. They praised him excessively for mediocre news or made excuses for the bad results.

The Times article continued along the same vein. “The bottom line is that the economy is doing better,” said Diane Swonk, chief economist for the accounting firm Grant Thornton. But then they followed it up with assurances that economists will dig deeper and find out why it’s doing better and if this isn’t just temporary.

They also framed the 4.1 percent as maybe 3 percent for the year and he didn’t do as well in 2017. The Times is disgusting.

Keep that misery going NY Times.

HOW CAN IT BE, TRUMP DOESN’T HAVE A MAGIC WAND

5 COMMENTS

  1. History repeats itself after the Reagan tax cuts following Carter’s dismal economy boosted growth, the media lambasted that too. But when Clinton along with a strong republican congress enacted tax cuts and the economy boomed, the media praised it. Differences is when a republican is in the White House find fault, when it is a democrat heap praise. Outright hypocrisy!

  2. And Now This: In a move that “enhances” the effects Nafta had on American production the House and Senate, unanimously, passes the Miscellaneous Tariff Bill Act of 2018 that allows and benefits companies that have moved production overseas. In the usual fashion it benefits the large corporations using cheap Chinese labor, as in “Factory City”, and punishes smaller firms that lack the ability to defend their interests in Washington.

    Maybe we should be less concerned about Russia and its foreign agents influencing policy and worry more about Congress being “paid off” by “Chinese interests”. It must be determined how Congress came to a conclusion to identify more than two thousand individual products that will have tariffs “waived”. This is the spreadsheet that names sponsors and the “Millions” in lobbying expenditures and the beneficiaries.

    https://www.taxpayer.net/wp-content/uploads/ported/images/MTB_2012%20(2).xlsx

    This spreadsheet is the “Evidence” of why so many in Congress are so Anti-Trump. When it was said there are Trillions at stake that wasn’t off the mark.

    Here’s how this system works: lawmakers file their individual tariff relief bills along with paperwork that provides documentation regarding the beneficiaries, the specific product, etc. Next, the International Trade Commission (ITC) investigates to see that there aren’t domestic competitors for the products (which would sink the proposed tariff benefit) and that the cost doesn’t exceed $500,000. Then the Customs Service will determine if it is implementable. And finally Congress cobbles together all the vetted provisions into one massive MTB.

    This process differs slightly from appropriations and authorization earmarks in that there is a joint legislative branch-independent agency process of proposing, vetting, passing, and presumably signing proposals into law. However, there isn’t much need for the initial proposing by Congress. The companies that want tariff relief could apply directly to the ITC, be vetted, and then that list be submitted to Congress for approval. Or, the ITC could independently review the tariff system and see where they can reduce tariffs without harming domestic manufacturers. It’s hard to see how Congress being in the front end improves the system. But it sure is good for lobbyists seeking clients and lawmakers looking for contributions from donors and brownie points from constituents.

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