{"id":1003857,"date":"2019-02-28T14:30:07","date_gmt":"2019-02-28T18:30:07","guid":{"rendered":"https:\/\/democrats.org\/?p=1003857"},"modified":"2024-05-23T20:08:36","modified_gmt":"2024-05-23T20:08:36","slug":"economy-slowed-below-what-trump-promised-because-of-his-shutdown","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/economy-slowed-below-what-trump-promised-because-of-his-shutdown\/","title":{"rendered":"Economy Slowed Below What Trump Promised Because Of His Shutdown"},"content":{"rendered":"

Despite the White House promising more than 3 percent GDP growth in the fourth quarter of 2018, the economy slowed to 2.6 percent growth, in part because of the Trump Shutdown<\/a>, and economists expect there to be a greater slowdown to come.<\/p>\n

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The White House repeatedly promised more than 3 percent GDP growth for the fourth quarter of 2018.<\/p>\n

Kudlow: \u201cThey are 2.6 for Q4. I\u2019m taking the over. I think we\u2019ll get to 3%.\u201d [Varney & Co., Fox Business, 1\/4\/19]<\/p>\n

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Hassett: \u201cYes, fourth quarter is going to be about 3%, that\u2019s right.\u201d [Mornings With Maria, Fox Business, 1\/22\/19]<\/p>\n

Trump\u2019s budget relied on economic growth to hit 3.1 percent this year.<\/p>\n

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Washington Post<\/a>: \u201cTrump\u2019s budget assumes even hotter growth in the coming years than Wall Street economists predict, which is significant because this dynamic helps them increase projected tax receipts. It relies on growth hitting 3.1 percent this fiscal year and staying above 3 percent through 2024, a sustained stretch that hasn\u2019t occurred since the 1980s.\u00a0 That\u2019s an even loftier estimate than Trump\u2019s budget last year, which was widely panned for using fantasy figures.\u201d<\/p>\n

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White House Press Release On The Economic Report Of The President<\/a>: \u201cThe White House Council of Economic Advisers (CEA) projects economic growth will increase to 3.1 percent in 2018, remaining above 3 percent through 2020 and adding a cumulative $1.1 trillion to the economy. If fully implemented, President Trump\u2019s economic agenda would lead to 3 percent annual GDP growth on average throughout the next decade.\u201d<\/p>\n

During the campaign, Trump promised sustained GDP growth of 6 or 7 percent.<\/p>\n

Trump: If we do 6 percent or 7 percent under my plan everybody benefits–\u201d Todd: \u201cWe’ve never had a year of 6 percent or 7 percent.\u201d Trump: \u201cBut we can do that.\u201d [Meet The Press, NBC, 10\/4\/15]<\/p>\n

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Trump: \u201cThe fact is that if I can cut the trade deficit from $817 billion…If I cut it in half, right there we\u2019ll pick up 3 to 4 points. You could add that to the 4 or 5 and so we\u2019d be at 8 or 9.\u201d [The Sean Hannity Show, 7\/27\/18]<\/p>\n

Hassett: \u201cYeah I know. I\u2019ve heard him say it. He wants 5, he wants 6, he wants 7.\u201d [Varney & Co., Fox Business, 10\/17\/18]<\/p>\n

Most economists expect the economy to continue to slow, potentially entering a recession.<\/p>\n

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New York Times<\/a>: \u201cThis year looks to be off to an even worse start. Many economists expect growth to drop below 2 percent in the first quarter, in part because of the partial government shutdown, which began in December and extended through most of January.\u201d<\/p>\n

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New York Times<\/a>: \u201cThe Federal Reserve expects growth to slow to 2.3 percent in 2019, and many economists are even more pessimistic.\u201d<\/p>\n

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Bloomberg<\/a>: \u201cMore than three-quarters of business economists expect the U.S. to enter a recession by the end of 2021, though a majority still estimate the Federal Reserve will continue raising interest rates this year.\u00a0 Ten percent saw a recession beginning this year, 42 percent project one next year, while 25 percent expect a contraction starting in 2021, according to a semiannual National Association for Business Economics survey…\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the White House promising more than 3 percent GDP growth in the fourth quarter of 2018, the economy slowed to 2.6 percent growth, in part because of the Trump Shutdown, and economists expect there to be a greater slowdown to come. The White House repeatedly promised more than 3 percent GDP growth for the […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1003857","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nEconomy Slowed Below What Trump Promised Because Of His Shutdown - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/economy-slowed-below-what-trump-promised-because-of-his-shutdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-28T18:30:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T20:08:36+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/economy-slowed-below-what-trump-promised-because-of-his-shutdown\/\",\"url\":\"https:\/\/democrats.org\/news\/economy-slowed-below-what-trump-promised-because-of-his-shutdown\/\",\"name\":\"Economy Slowed Below What Trump Promised Because Of His Shutdown - 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