GDP 15-Year High

PUBLISHED: 10:08 PM 25 Apr 2018

Congressional Budget Office Confirms 15-Year High In GDP

The tax cut and consumer confidence, along with Trump’s foreign policy have driven this trend.

What seems even more incredible about the CBO report is that President Donald Trump and the GOP Congress are essentially the responsible for this great news.

According to the Congressional Budget Office’s economic outlook, President Trump is essentially presiding over an economy that is soaring. The real Gross Domestic Product will grow by 3.3 percent from the fourth quarter of the year 2018, to the fourth quarter of 2019. This major revelation took place in the Congress, where members of the Democratic Party refused to say a word about it.

Basically, that would be the highest level of growth in 15 years, showing that the U.S. economic power is getting stronger.

As noted in the CBO report, CBO’s projections pointed out that real GDP expands by 3.3 percent this year and by almost 2.5 percent the next one. In addition, the director informed the House Budget Committee that it grew by 2.6 percent last year.

According to CNS News, the historical data published by the Bureau of Economic Analysis clearly showed that the last time that real GDP grew by that amount was in the year 2003, when it managed to grow by 4.4 percent.

What seems even more incredible about the CBO report is that President Donald Trump and the GOP Congress are essentially responsible for this great news.

Naturally, this particular detail clearly destroys the democratic narrative claiming that former president Barack Obama is the one to credit for the economic paradise that the U.S. is experiencing.

The mainstream media pushed this argument almost every single time they had to inform about good news regarding the economy.

Of course, the main goal of this move was to downplay President Trump’s merits in the way the economy has been growing during his administration.

While the Democratic Party and its allies are ignoring the reality, the CBO noted that it significantly boosted its projections of the growth of real GDP in 2018 and 2019, “mostly because of the recent changes in fiscal policy.”

Unfortunately for the mainstream media, these recent changes in fiscal policy weren’t made by the Obama administration.

Speaking to the House Budget Committee on April 12, CBO Director Keith Hall pointed out that in their economic projections which underlie their budget projections, inflation-adjusted GDP (or real GDP) “expands by 3.3 percent this year, and by 2.4 percent in 2019.”

In addition, Hall said that most of this growth is driven by consumer spending and business investment. However, he added that federal spending also contributed an amount this year.

Furthermore, the CBO Director explained to the Committee that in their projections, the effects of the 2017 Tax Act on incentives to work, save, and invest, definitely raise real potential GDP throughout the 2018 and 2028 period.

Moreover, Hall said that the Tax Act is projected to boost the level of real GDP by an average of 0.7 percent and nonfarm payroll employment by an average of 1.1 million jobs over the same period.

Apparently, CBO’s budget outlook noted that it had increased its own projections of economic growth for this year and the next one.

According to CNS News, in addition to projecting the percentage change in annualized GDP from one-fourth quarter to the next, the CBO budget and economic outlook is also projecting the percentage change in real GDP from one full year to the next.

Director Keith Hall noted that real GDP will grow 3.0 percent this year by this other measure. Different reports pointed out that this would represent the largest percentage change in GDP from one year to the next since the year 2005.

In that year, the real GDP was measured this way and managed to grow by 3.3 percent. Naturally, this can easily explain why almost every single prediction regarding the U.S. economy under the Trump administration has been quite optimistic.

Furthermore, CNS News reported that in the years since 2005, real GDP by this measures managed to peak at 2.9 percent in the year 2015.

In addition, this media outlet informed that by this second measure, CBO is now projecting that real GDP will hit a 13-year high.

While this good news has been extremely damaging for the mainstream media, things got even worse a couple of weeks ago when first black billionaire publicly praised President Trump.

BET founder Robert L. Johnson literally said during a CNBC appearance that black Americans should be encouraged by the growing economy under President Trump.

Unsurprisingly, just a few major outlets decided to provide some coverage to this moment, considering that it destroys the argument that African-Americans won’t get any sort of benefit from this administration.