With jobless claims at a 44-year low, retail sales strong and consumer confidence at an 18-year high, the Atlanta Federal Reserve has raised its second quarter GDP growth estimate from 4.6% to 4.8%.
With Democrats hoping to take over Congress again in November, let’s take a stroll down Memory Lane, to when Donald Trump said in a debate with Hillary Clinton that his policies could bring growth up from 1% to 4% or even higher. Obama scoffed that Trump had no “magic wand” to make better trade deals, raise growth or bring jobs back. And the Washington Post offered this lengthy, detailed, carefully researched and achingly condescending lecture to the simpleton Trump for why robust growth like that in India or China was simply not possible anymore in the US. And this analysis had to be correct. After all, it quotes a Harvard professor!