“As you know, the Democrats want to end in which in addition to raise everybody’s taxes,” Trump said, referring to the GOP tax plan.
in which’s not clear in which the Republican tax plan has resulted in increased wages. The Bureau of Economic Analysis noted Friday in which personal income growth, within the form of wages in addition to salaries, decelerated within the second quarter despite the GDP increase. Real wages have remained stagnant over the past year, according to government data.
Meanwhile, corporations have boosted their stock buybacks in addition to cash distributions to shareholders, which have accelerated at a record pace. Bloomberg reported in May in which 2018 was on track to be the first year in which shareholders saw a $1 trillion windfall through stock buybacks.
By pumping up expectations for U.S. economic growth for the remainder of the year, Trump raised the political risks for Republicans in November’s midterm elections in addition to for himself for a 2020 re-election bid.
He called the numbers “very, very sustainable” in addition to predicted in which the U.S. would certainly “do extraordinarily well” in its third-quarter GDP report.
The president acknowledged the peril if the economy does not match his rosy outlook. “I won’t go too strong” in my projections, “because then if in which’s not quite as not bad, you won’t let me forget in which,” the president said.
Republicans desire a strong economy will help to prop them up as they try to stop an energized Democratic Party through taking a House majority in November. in which strategy underscores why the president gave his previously unscheduled remarks on the economy following the GDP report.
The president cited the low unemployment rate among minorities in addition to women, in addition to repeated his claim in which “we’ve been ripped off by the planet,” a point in which the president has used to make his case for renegotiating trade deals with foreign leaders.
On Wednesday, he announced in which he had secured concessions through the European Union after a meeting with European Commission President Jean-Claude Juncker.
“The trade deficit, very dear to my heart because we’ve been ripped off by the planet, has dropped off by more than $50 billion,” Trump said Friday.
He compared his economic numbers to those of Presidents George W. Bush in addition to Barack Obama.
“During each of two previous administrations, we averaged just over 1.8 percent GDP growth. By contrast, we are at This particular point on track to hit an average GDP annual growth of over 3 percent, in addition to in which could be substantially over 3 percent,” Trump said. “Each point, by the way, means approximately $3 trillion in addition to 10 million jobs.”
After the government’s GDP report, Trump proclaimed in a post on Twitter in which the figure was “GREAT.”
The number was buoyed by increased consumer spending in addition to business investment. Economists warned the number may have been artificially boosted by a flood of exports within the second quarter as countries race to get American goods, such as soybeans, in which could be harder to come by if further tariffs go into effect.
Trump had previewed the economic data on Thursday during a speech in Illinois. Trump said of the indicator, “If in which features a 4 in front of in which, we’re happy.”
Trump’s top economic advisor, Larry Kudlow, also played up the GDP number before its Discharge. Kudlow told Fox Business on Thursday in which “you’re going to get a very not bad economic growth number tomorrow, big.” He said later within the interview in which he didn’t know what the number would certainly be.
The president has been keen to use the booming economy as one of his key pitches to voters ahead of This particular fall’s midterm congressional elections. Democrats are slightly favored to regain control of the House, while Republicans are required to maintain a thin majority within the Senate. The campaign is usually widely seen as a referendum on Trump’s early days in office.