The Commerce Department released a revised estimate for American economic growth in the second quarter on Wednesday, and the result is that the expansion is even more optimistic than was originally reported.
The second quarter numbers were already huge news for the Trump administration when they were initially released last month. But with the new numbers now in, economists say that the U.S. just has its best growth rate since the third quarter of 2014. With a 4.2% annualized GDP growth rate for April-June, this four-year high water mark will give Republicans something extra to run on as they head into a brutal midterm campaign season.
Businesses spent more on software than previously estimated in the second quarter and the nation also imported less petroleum. Stronger business spending and a smaller import bill offset a small downward revision to consumer spending.
Compared to the second quarter of 2017, the economy grew 2.9 percent instead of the previously reported 2.8 percent. Output expanded 3.2 percent in the first half of 2018, rather than 3.1 percent, putting the economy on track to hit the Trump administration’s target of 3 percent annual growth.
Economists had expected second-quarter GDP growth would be revised down to a 4.0 percent pace. The economy grew at a 2.2 percent rate in the January-March period.
Shocker Alert: The economists were wrong again. Just like they’re probably going to be wrong about how the second quarter is filled with “fake” numbers that will be drawn down by the third quarter, when the results of Trump’s supposed “trade war” begin to effect manufacturing stateside. They’re wrong not because they don’t know what they’re talking about (although there’s certainly some of that) but because they don’t want Trump to be right. Trump being right ruins everything they’ve been squawking about for the last quarter-century.
Where the economists (and the mainstream media) have to admit that the economy is booming, they inevitably give the credit to Trump’s predecessor without the slightest bit of evidence. The truth is that President Obama, while managing to stave off economic peril upon first taking office, failed to implement any truly pro-growth policy in his entire eight-year term. His focus, instead, was on growing the federal government and “spreading the wealth.” This is why, despite all the markers being in place for much of his second term, Obama was never able to preside over a boom period. He just didn’t have it in him to give capitalism the shot in the arm it needs to thrive; i.e. government getting the hell out of the way. Trump, a consummate businessman, came in knowing exactly what needed to be done and ready to sign legislation from a Republican Congress eager to get the economy roaring again.
It will all be over before the end of the year, the doomsayers tell us. Well, perhaps.
Or perhaps this is only the beginning of a new Golden Age of American economic dominance.