With the stock market booming and consumer confidence brightening, prospects for a sustained period of growth look solid
When President Donald Trump told the Davos World Economic Forum that America is “once again experiencing strong economic growth,” the Associated Press hurried to publish a “fact check” contradicting the chief executive.
“The economy is doing better by some measures but data released just as Trump finished speaking shows it hasn’t yet accelerated meaningfully since his inauguration,” AP said, referring to the Department of Commerce Bureau of Economic Analysis report that the gross domestic product grew 2.6 percent during the fourth quarter of 2017.
“Hasn’t yet accelerated meaningfully”? It was as if AP’s editors couldn’t bear to look at the whole picture of U.S. economic growth in the past year, a picture Trump was eager to share with the assembled world leaders in the Swiss Alps.
“After years of stagnation the nation is once again experiencing strong economic growth. The stock market is smashing one record after another, and has added more than $7 trillion in new wealth since my election. Consumer confidence, business confidence, and manufacturing confidence are the highest that they have been in many decades.
“Since my election, we’ve created 2.4 million jobs, and that number is going up very, very substantially. Small-business optimism is at an all-time high. New unemployment claims are near the lowest we’ve seen in almost half a century. African-American unemployment reached the lowest rate ever recorded in the United States, and so has unemployment among Hispanic-Americans.”
So who presented the most accurate picture of the state of the U.S. economy? The numbers strongly point to the president, relying on the facts AP preferred to shuffle to the back of the bus, especially when compared to...Read More HERE