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:

WE'LL BE BLUNT:

We need to start raising significantly more in donations from our online community of readers, especially from those who read Mother Jones regularly but have never decided to pitch in because you figured others always will. We also need long-time and new donors, everyone, to keep showing up for us.

In "It's Not a Crisis. This Is the New Normal," we explain, as matter-of-factly as we can, what exactly our finances look like, how brutal it is to sustain quality journalism right now, what makes Mother Jones different than most of the news out there, and why support from readers is the only thing that keeps us going. Despite the challenges, we're optimistic we can increase the share of online readers who decide to donate—starting with hitting an ambitious $300,000 goal in just three weeks to make sure we can finish our fiscal year break-even in the coming months.

Please learn more about how Mother Jones works and our 47-year history of doing nonprofit journalism that you don't find elsewhere—and help us do it with a donation if you can. We've already cut expenses and hitting our online goal is critical right now.

payment methods

WE'LL BE BLUNT

We need to start raising significantly more in donations from our online community of readers, especially from those who read Mother Jones regularly but have never decided to pitch in because you figured others always will. We also need long-time and new donors, everyone, to keep showing up for us.

In "It's Not a Crisis. This Is the New Normal," we explain, as matter-of-factly as we can, what exactly our finances look like, how brutal it is to sustain quality journalism right now, what makes Mother Jones different than most of the news out there, and why support from readers is the only thing that keeps us going. Despite the challenges, we're optimistic we can increase the share of online readers who decide to donate—starting with hitting an ambitious $300,000 goal in just three weeks to make sure we can finish our fiscal year break-even in the coming months.

Please learn more about how Mother Jones works and our 47-year history of doing nonprofit journalism that you don't find elsewhere—and help us do it with a donation if you can. We've already cut expenses and hitting our online goal is critical right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate