(National Sentinel) Economy: Under President Obama, the U.S. economy never grew at a 3 percent-per-annum rate in a single quarter of his presidency, which had never happened before in the history of the country.
But after just two quarters of the Donald J. Trump presidency, in which he’s cut ribbons of red tape via executive orders, curbed as much of Obamacare as possible, and has been pursuing pro-growth policies like abandoning bad trade deals and tax reform, the president’s economy is already growing at 3 percent.
As CNBC reported, the 3 percent 3rd quarter performance was a half-point better than the 2.5 percent most economists had forecast.
Bolstered by increases in company inventories ahead of the Christmas holiday shopping season and a smaller trade deficit, the economy shrugged off a hurricane-related decline in construction and consumer spending.
The third quarter rate of 3 percent growth was actually less than the second quarter growth rate of 3.1 percent.
The Commerce Department noted that while it couldn’t accurately assess the impact overall of Hurricanes Harvey, which shut down much of Texas’ oil refinery and chemical production capacity, and Irma, which heavily damaged parts of Florida, early estimates put the cost of both storms at around $121 billion in privately-own assets and an additional $10.4 billion in government-owned assets.
Interestingly, last month Federal Reserve Chairwoman Janet Yellen predicted that gross domestic product (GDP) for the 3rd quarter “will be held down” by the hurricanes.
It was — by a measly tenth of a percent.
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