Trump Administration Finally Admits the Economy Isn’t Booming

Here’s an unexpected jolt of reality from the Trump administration:

President Trump’s top economists predict the U.S. economy will not grow at a rate of 3 percent or higher this year unless Congress enacts a major infrastructure package and additional tax cuts….In the annual Economic Report of the President released on Thursday, Trump’s Council of Economic Advisers predicts that if the president and Congress do not make further policy changes, the U.S. economy will grow at a 2.4 percent annual pace this year and at a 2.3 percent pace in 2021. That kind of growth is well below what Trump promised and similar to what occurred under President Barack Obama.

In other words, the economy is going to continue growing at about the same steady rate it’s been growing for the past decade. The nonsensical projections of 3+ percent growth that the Trumpies made in order to get elected were just that: nonsensical. Or, in the usual vernacular, they were lies. It’s not as if Trump’s economists haven’t known this all along, after all.

As for Trump himself, he hasn’t commented yet. When he does, I suppose he’ll whine yet again about how the mean old Federal Reserve is keeping interest rates too high. You may judge for yourself:

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FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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