Trump Celebrates GDP Surge: America is Winning Again

Workers at the Hollywood Bed Frame Company attend an event to mark the company's upcoming expansion which will double the manufacturer's workforce adding 100 new local jobs at the company's factory in Commerce California seven miles (11

He said the GDP numbers also underscored the urgent need for the job-training programs that the administration is pushing.

President Trump is holding a special press conference outside the White House. Trump has said he sees annual growth of 3 percent or more as sustainable. There hasn't been an increase like that in many, many years - decades. "A number that is unthinkable if you go back to the campaign". Between the start of April and the end of June, America's GDP grew at a 4.1 percent annual rate; during his failed presidential bid, Jeb Bush promised to deliver a mere 4.o.

While the President most likely hopes the numbers will give the GOP a boost in the midterms, MacGuineas points out that she doesn't think the positive indicators will last that long.

This is the primary reason I have always found it so desirable to have bona fide business brains in the White House as opposed to the traditional politicians who inhabit Washington. In other words, can the economy keep growing so strongly in the months and years ahead?

The import duties also likely prompted businesses to increase their pace of inventory accumulation. But today's economic data is certainly good, and the president can take some of the credit.

CHRIS ARNOLD, BYLINE: Well, therein lies sort of the answer to the question about whether this will be sustained. Helping the consumer is a healthy labor market, rising disposable income due to tax cuts, improved consumer confidence and the wealth effect of higher home and equity prices. The problem with that is that you get a big bump from that when people first get this big bump in their paycheck from the tax cut. And there were other stuff - there was other stuff like that, too.

Is the U.S. economy working for you? Apparently, lots of foreigners were buying our soybeans in anticipation of the tariffs China was about to place on them. We'll see. But this is not some bold, new era of growth. If Trump's trade wars continue or intensify, growth will suffer more.

Former Trump campaign chief goes on trial for bank, tax fraud
Ellis rejected that argument despite having initially questioned the special counsel's motives for bringing the case. In fact, prosecutors said last week they don't expect the word "Russia" to be mentioned at all.

The GDP numbers only tell us what happened in the previous quarters, and these numbers get revised several times.

Trump called the narrowing of the trade deficit "one of the biggest wins in the report".

President Trump thinks this is just the beginning.

RASCOE: This is a repeated refrain.

The economy's second-quarter boom is widely attributed to the lagged impact of $US1.5 trillion worth of corporate and individual tax cuts enacted by Republicans and signed into law by the President in December, with tax refunds and some wage increases and one-time bonuses bolstering consumers' pocketbooks. The change in the seasonals has clearly changed the distribution of growth over the course of the year. Stick with me. He promises some long-term gain.

Personal consumption expenditures, which account for more than two thirds of the overall economy, grew at an annual rate of 4 percent in the second quarter, up from 0.5 percent in the first quarter, according to the department.

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