President Trump said, 'The United States is in the midst of an economic boom the likes of which the world has never seen before.' The problem is growth statistics just don't show it.
Just last week, addressing the world's economic elite in Davos, Switzerland, the president claimed,"The United States is in the midst of an economic boom the likes of which the world has never seen before."The problem is, growth statistics just don't show it.In the third quarter of 2019, the economy grew at 2.1%, not the 3, 4, even 5% the president promised from his tax cuts and deregulation.
"Looking ahead, we expect GDP to slow markedly in Q1," the economists at High Frequency Economics wrote to clients, citing Boeing's decision to halt 737 Max production in January.Treasury Secretary Steven Mnuchin has acknowledged that Boeing's Max crisis will ding economic growth, maybe as much as half-a-percentage point this year. And now the coronavirus outbreak is a new uncertainty.
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