The corrupt media gloated this morning over economic news that U.S. GDP came in at 2.9% 2018, and 2.6% for the fourth quarter, which was higher than estimates. This development was in spite of a government shutdown in December which significantly retarded economic growth.
CNBC was one of the offending so-called news organizations which crowed, Trump and GOP promised economic growth much better than Obama’s. That’s not what happened, wrote columnist John Harwood.
However, more saner voices seem to have prevailed at the network where the business unit printed, “The US may actually be closer to mid-cycle, as evidenced by the currently low (24%) private investment as percent of GDP. For the past 50 years, this figure reaching 27% was always a sign of mid-cycle, not late,” Thomas Lee, founder and head of research at Fundstrat Global Advisorswrote in a note to clients. “Investors will become increasingly bullish as we move through the year—hence, we expect “buy the dip” will support stocks.”
The unleashing of economic growth for the famously resilient American economy has been due to the Trump administration’s rollback of Obama-era government regulation and the wildly successful tax cut on individuals and businesses.
This was the weakest growth rate since the first quarter of 2018. But it was faster than expected. Economists had expected the Commerce Department to report a 2.2 percent growth rate. The Atlanta Fed’s GDPNOW model had pointed to even weaker growth of just 1.8 percent, reported Breitbart.