Tone Deaf Trump, Or Glass Is Half Full Of BS Trump?
Trump is on Truth this morning, crowing about how the Q2 3% GDP growth beat expectations, and added a message to the Fed: lower rates now.
In reality though, the issue is tariffs and uncertainty upended business plans and scrambled consumers’ spending decisions.
GDP, increased at a 3 percent annual rate in the second quarter. That topped forecasters’ expectations and appeared to represent a strong rebound from the first three months of the year, when output contracted at a 0.5 percent rate.
But both those figures were skewed — in opposite directions — by big swings in trade and inventories caused by Trump’s ever-shifting tariff policies. Taken as a whole, the data from the first six months of the year tell a more consistent story of anemic, though positive, economic growth.
Consumer Spending grew at about 1.3%, which means that the 3% bump is mostly attributed to retailers stocking up prior to additional tariff swings.
Not the rosy picture Trump presents.
No problem, let's throw more money in Farm aid to assuage Red states. There's money to cover in the $3T addition to our deficit.
In reality though, the issue is tariffs and uncertainty upended business plans and scrambled consumers’ spending decisions.
GDP, increased at a 3 percent annual rate in the second quarter. That topped forecasters’ expectations and appeared to represent a strong rebound from the first three months of the year, when output contracted at a 0.5 percent rate.
But both those figures were skewed — in opposite directions — by big swings in trade and inventories caused by Trump’s ever-shifting tariff policies. Taken as a whole, the data from the first six months of the year tell a more consistent story of anemic, though positive, economic growth.
Consumer Spending grew at about 1.3%, which means that the 3% bump is mostly attributed to retailers stocking up prior to additional tariff swings.
Not the rosy picture Trump presents.
No problem, let's throw more money in Farm aid to assuage Red states. There's money to cover in the $3T addition to our deficit.
