U.S. GDP Grew by 3 Percent Last Quarter
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What’s the story?
Even while being devastated by two hurricanes, the U.S. economy managed to grow at a solid 3 percent rate between July and September.
As ABC news explained:
"Friday's figures from the government marked the first time in three years that the economy has expanded at a 3 percent or more annual rate — historically, a normal pace for a healthy economy — for two straight quarters."
While some have credited President Donald Trump’s policies for the gross domestic product uptick, others have pointed to a growing economy across the globe.
Why does it matter?
As The Washington Post explained, the numbers advance "President Trump's goal of faster economic growth" and potentially provide “a tail wind to Republican efforts to overhaul the tax code.”
But Mark Zandi, chief economist at Moody’s analytics, told the Post that Trump "gets zero credit because he hasn't done anything. There's been zero change in economic policy. This uptick is happening across the globe. It’s not just the U.S."
Commerce Secretary Wilbur Ross, however, claimed the GDP report "proves that President Trump's bold agenda is steadily overcoming the dismal economy inherited from the previous administration... And as the president's tax cut plan is implemented our entire economy will continue to come roaring back."
These were views shared by economist Doug Holtz-Eakin, president of the right-leaning American Action Forum. "It's striking how much has been done on the regulatory front," Holtz-Eakin told the Post. "It has to matter to the economy.”
Democrats didn’t share Holtz-Eakin’s analysis.
"Today’s GDP numbers show the resiliency of the economy this administration inherited," Sen. Martin Heinrich (D-NM) said in a statement quoted by the Wall Street Journal. “Instead of building on this foundation, President Trump has created a climate of uncertainty.”
But White House Press Secretary Sarah Huckabee Sanders welcomed the news, saying in a statement:
"With unemployment at a 16-year low, the stock market at new highs and economic confidence soaring, the U.S. economy is surging under this President's leadership.”
What do you think?
Have you benefited from the economic growth? Do you credit Trump and his administration’s policies for the uptick? Or do the numbers just "show the resiliency of the economy this administration inherited"? Hit Take Action, tell your reps, then share your thoughts below.
— Josh Herman
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(Photo Credit: MarioGuti / iStockphoto)
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