According to most analysts, U.S. economic growth is destined to slow in the coming years, but the Trump administration argues that the country’s economy is on the cusp of robust growth..
On Thursday, Larry Kudlow, chief economic adviser to President Donald Trump, spoke to the public, reassuring everyone that the U.S. economy is in its prime and preparing for a real takeoff..
In his speech, he noted: «The single biggest event, whether we are talking about politics or something else, this year — it is an economic boom that most people thought was impossible».
This loud phrase sounded during a meeting of the cabinet of ministers, where the adviser spoke at the request of the president. He added in his speech: «People may disagree with me, because now we are only in the first stage of the rise to triumph.».
The US economy has grown for seven consecutive years under President Barack Obama. Today, after Trump took office, the level remains stable, and even the labor market is not losing strength. The stock market is also approaching an all-time high, a sign of confidence in corporate earnings..
Economic growth this year reached a four-year high of 4.1% YoY as of the previous quarter. Jobs are also growing at a slightly faster pace than in 2017. The president’s team sees the economy has the potential to grow at least 3% this year.
Still, it’s hard to find economists who agree with Kudlow and his team’s assertion that the Trump administration can accelerate, or at least sustain, this growth rate. Analysts in general expect tax cuts and an additional $ 300 billion in government spending to gradually slow economic growth.
Evaluating Trump’s economic policies, 2 years in
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text: Evgeniya Likhodey