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Trump promised more economic growth than Obama. That's not what happened


Growth rose to 2.2 percent in 2017, although this rate was projected before the Trump election of the Congressional Budget Office. As the President took steps towards deregulation, Congressional Allies considered the tax cut to be critical to achieving the 3 percent target.

The tax cut was made in December 2017. And when growth rose to 4.2 percent in the second quarter of 2018, the White House won.

"We are on our way to achieving the highest annual growth rate in 13 years," the President said to reporters.

"Remember when Obama said you needed a magic wand to do that?" Donald Trump Jr. told Breitbart. – Well, abracadabra – Obama.

In fact, in a quarter, growth in the Obama administration rose by 4.2 percent at four different times. A wide range of analysts predicted that deficit-financed tax cuts will stimulate short-term recovery from 2018.

Still like 3rd quarterly growth slowed to 3.4 percent, White House advisers reaffirmed their confidence. In July, Steve Mnuchin's treasurer in the United States is "on the right track" for a four to five year growth of 3 percent.

In December, White House economist Kevin Hassett heard the same sound while acknowledging the slowdown in business investment. "Definitely 3 or more 3" for 2018 and 2019, he told the CNBC.

Today's BEA data show differently. In the fourth quarter, growth fell to 2.6 percent. The growth in business investment continued to decline.

The former "Economic Council" director, Gary Cohn, blamed Trump's commercial charges on "significantly over 3 percent" to offset tax cuts. But the White House and its allies did not have credible evidence that their growth needs begin.

"The 3 percent long-term forecast was always in the light of demographic reflections," said Harvard Greg Mankiw, chairman of President Bush's advisory council.

This does not mean that there will be no long-term benefits of the White House agenda. But Doug Holtz-Eakin Republican economist, former Bush consultant and CBO director, says it will take years to determine its impact.

"The real question is how much has the trend improved: it drops to 2.5 percent instead of 2.0 percent?" Holtz-Eakin asked. "Trump's administrative policy test will impact on productivity growth and data is not yet available."

Meanwhile, both CBO and Federal Reserve economists have reduced their forecasts to 2.3% in 2019. In the long run, both projects are growing below 2 percent.

Clarification: This story has been updated to reflect other measures of GDP growth.

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