Flashback: Economic "experts" predicted 4-percent growth would never happen

[jimnyc]

There were a lot more than just these few that stated we would be met with gloom and doom.

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Flashback: Economic "experts" predicted 4-percent growth would never happen

The United States hit its highest economic growth rate in roughly four years on Friday — something many economists predicted would never happen.

Gross domestic product (GDP) grew to a 4.1-percent rate in the second quarter of 2018, compared to just 2.8 percent in the second quarter of 2017.

Meanwhile, CNN ran a headline in October of 2016 claiming, “Donald Trump promises 4-percent growth, but economists say no way,” and the Los Angeles Times ran a column with an even more dire prediction — that Trump was “dreaming” to think he could hit a 3-percent growth rate.

“An aging population and stagnant productivity could put Donald Trump’s goal of 3.5-percent economic growth out of reach,” the Wall Street Journal similarly wrote in December of 2016.

Businessman and Dallas Mavericks owner Mark Cuban predicted that the markets would tank if Trump were elected president in 2016.

And, of course, former Secretary of State Hillary Clinton warned that the economy would fare quite poorly under her 2016 opponent.

“Just like he shouldn’t have his finger on the button, he shouldn’t have his hands on our economy,” Clinton said during the election.

http://dailycaller.com/2018/07/27/economic-experts-trump-gdp-growth/

[Noir]

I was listening to a long-form discussion with Peter Schiff the other day and a lot of it focused on the current economic situation in America.

In short he’s convinced that of Hillary won we’d be in a recession, and only the wave of ‘hope’ from Trumps victory has stayed that. However given Trumps failure to address the underlying problems in the economic system (a lot of which came from the previous recession) he believes a new recession is inevitable and imminent.

As with any discussion of economics no one really knows what’s going on, but I think he lays out the reasoning behind his position well. If interested I can dig a link out for it.

[Drummond]

I was listening to a long-form discussion with Peter Schiff the other day and a lot of it focused on the current economic situation in America.

In short he’s convinced that of Hillary won we’d be in a recession, and only the wave of ‘hope’ from Trumps victory has stayed that. However given Trumps failure to address the underlying problems in the economic system (a lot of which came from the previous recession) he believes a new recession is inevitable and imminent.

As with any discussion of economics no one really knows what’s going on, but I think he lays out the reasoning behind his position well. If interested I can dig a link out for it.

The 2008 crash showed us all that economic prognostications can be entirely meaningless. Tell me, Noir, how many 'experts' didn't see anything like it on the horizon ?

In the meantime .. Trump is doing well, and doing all he can to maximise profitable business activity on behalf of America as a whole.

[Noir]

The 2008 crash showed us all that economic prognostications can be entirely meaningless. Tell me, Noir, how many 'experts' didn't see anything like it on the horizon ?

In the meantime .. Trump is doing well, and doing all he can to maximise profitable business activity on behalf of America as a whole.

Peter Schiff says he did see it coming in 2008 and reported on it, though he was dismissed as a naysayer, he says the same patterns are repeating themselves again.

By way of an example - yes he is saying that Trump has helped delay an oncoming recession with policy’s like his Tax Cut, however, that tax cut is being paid for by increased borrowing, not by government spending cuts, so the short term boost to the economy will be overtaken by the long term bite of the loans.

[jimnyc]

Peter Schiff says he did see it coming in 2008 and reported on it, though he was dismissed as a naysayer, he says the same patterns are repeating themselves again.

By way of an example - yes he is saying that Trump has helped delay an oncoming recession with policy’s like his Tax Cut, however, that tax cut is being paid for by increased borrowing, not by government spending cuts, so the short term boost to the economy will be overtaken by the long term bite of the loans.

Listening to just one guy won't cut it. That's what I was stating, that the gloom and doom hasn't panned out, so no need to believe that someone else is suddenly going to be correct about any doom. Same with Mnuchin here, but the difference being is that he is in there and involved more than those calling for, or should I say predicting the doom.

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Mnuchin: Three Percent Economic Growth Possible for ‘4 or 5 Years’

On this weekend’s broadcast of “Fox News Sunday,” Treasury Secretary Steven Mnuchin said the Trump administration could sustain economic growth of at least 3 percent for “several years.”

Mnuchin said, “We have been very clear since the campaign, the president’s economic plan always consisted of tax reform, trade relief and regulatory relief. And we said we were going to achieve three percent of higher sustained GDP and that is where we are. The 4 percent, 4.1 was a terrific quarter. But we are very focused on the long-term sustained economic growth, which our plans have hit.”

He added, “We can only project a couple of years in the future, but I think we’re well on this path for several years. I think we definitely are in a period of 4 or 5 years of sustained 3 percent growth at least.”

https://www.breitbart.com/video/2018/07/29/mnuchin-three-percent-economic-growth-possible-for-4-or-5-years/


And I think Piers is correct here, and this has been the case for quite some time, like from the beginning. I still detest this prick though. :)

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Piers Morgan on U.S. GDP: ‘Excellent Growth Numbers Will be Deemed a Fiasco’ by Trump’s Critics

(CNSNews.com) -- On Friday, British journalist and television presenter Piers Morgan tweeted about the U.S. economy’s 4.1 percent GDP growth surge, pointing out that despite the good news, “today’s undeniably excellent growth numbers will be deemed a fiasco by [President Trump’s] critics.”

“There's no middle ground re Trump any more, no desire to be fair,” Morgan stated. “As with Brexit in UK, only extreme partisan positions are acceptable. Any attempt at impartiality must be abused/crushed.”

In a separate tweet released the same day, Morgan called the U.S. economic report a “BIG win for [Donald Trump],” while predicting that “his critics will find a way to explain a) why it’s actually a disaster, or b) why it’s all down to Obama.”

Piers Morgan’s comments come after President Trump expressed his hope for continued GDP annual growth.

Rest - https://www.cnsnews.com/news/article/max-augros/piers-morgan-us-gdp-excellent-growth-numbers-will-be-deemed-fiasco-trumps