Economists seems to have a problem lately correctly predicting economic growth. They always seem a bit surprised when the numbers come in higher than what they predicted. Well, it has happened again.
The Gateway Pundit is reporting the following today:
The fourth quarter GDP number was released on Thursday and beat expectations at 2.6%. Economists expected a 2.2% GDP rate.
CNBC says the GDP report was only preliminary, it would mean average growth for the year was 3.1 percent.
...Ronald Reagan brought forth an annual real GDP growth of 3.5% . Barack Obama, with his abysmal policies, was lucky to average a GDP growth rate of slightly greater than 1%.
Obama ranked as the fourth worst presidency on record in GDP growth at 1.457% . Only Herbert Hoover (-5.65% ), Andrew Johnson (-0.70% ) and Theodore Roosevelt (1.41% ) had lower average annual GDP growth than Barack Obama.
The Commerce Department announced in the first quarter of 2016 that the US economy expanded at the slowest pace in two years with a GDP growth rate of an anemic 0.5% . The second quarter GDP growth rate was not much better at 1.2% . (The 3rd quarter GDP rate was not yet announced by the time we drafted our post before the 2016 election.)
…Barack Obama was the first President ever to never surpass an annual rate of 3% GDP growth! This resulted in Obama being rated the worst economic President ever!
Obama’s Congressional Budget Office (CBO) forecast in 2016 that America would never see 3.0% economic growth again. They had given up and Hillary was their candidate.
President Trump did win the election in 2016 and his Director of the White House National Economic Council Larry Kudlow said in early December that the U.S. economy is growing at a rate greater than 3% –
This is good news for people in the job market and people entering the job market. Jobs are becoming more plentiful and salaries are rising.