President Trump and his fellow Republicans are jubilant over the 4.1% growth in GDP last quarter. It is certainly good news but I suggest they hold the Champaign. These numbers bounce around quite a bit and are subject to revision. President Obama had several quarters that were even higher. It will take time to see what is really happening with the economy.
Any president would take credit for a good quarter. Last quarter saw an anemic 2.2% growth. Was he responsible for that too?
I do think we are in a period of higher growth. Certainly, the tax cut and regulatory reform will have some impact. His trade war will help some industries and hurt others. The biggest factor is a renewed sense of optimism. He can certainly take some credit for it. We no longer have an administration that demonizes business, emphasizes social issues over economic issues and doesn’t speak for the average family just trying to get by.
Let’s see where things are in a year and then pop the cork.