The Star-Making Sizzle Of The Economy

The economy is delivering for Donald Trump, but the liberal media and economists have taken to trashing his performance as a sleight of hand or mirage.

When the Commerce Department reported 4.1 percent GDP growth for the second quarter, New York financial sector economists, who are not known for their conservative leanings, quickly rebutted that strong growth is not sustainable and President Trump’s trade wars put the recovery at risk.

The Oracles of Wall Street cranked draconian assumptions about Mr. Trump’s tariffs into their forecasting model, as if he had not just accomplished detente with the EU and agreement to form a united front against Chinese protectionism.

They don’t even seem to read the newspapers up there — or at least only the ones who repeat their echo chamber utterances. Politico, citing their polemical nonsense, labeled the second quarter growth figure as “Fool’s Gold.”

And cynical polemics it is. I can make Mr. Trump’s policies look like the roads to heaven or hell by pumping the “correct” assumptions about tariffs into their models. It’s as if knaves on Wall Street were campaigning for the Blue Wave and Alexandria Ocasio-Cortez.

Let’s do something novel — how about some facts.

One quarter’s growth does not mean a lot. It’s like baseball, some days players get three hits and other days none — what matters are their averages over the season and their careers.

President Obama’s average was much advantaged by inheriting an economy in a mess — growth usually gets a big bounce after recessions but in his case only a bleep materialized. His penchant for regulation and taxation — don’t get me into the identity politics curriculum he encouraged at universities that are now turning out graduates incapable of professional work — created an economy that averaged a whopping 1.9 percent annual pace.

Through the second quarter, the Trump economy has averaged 2.7 — for the less numerically inclined on Wall Street and in the liberal media that’s more than 40 percent better.

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Peter Morici is an economist and professor at the Smith School of Business, University of Maryland, and widely published columnist. He is the five time winner of the MarketWatch best forecaster ...

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Gary Anderson 10 months ago Contributor's comment

I went into a Sprint store recently. While I do not recommend ever doing that I was trying to help a relative. She could only get offshore customer service as I recall. The poor millennial we spoke to said not to worry, that Trump has an agreement to bring all those workers back to the USA. Lol. I can understand a millennial being bamboozled by Trump, but not Peter Morici.

David J. Tanner 10 months ago Member's comment

I haven't used #Sprint in years but always received great customer service back then. Unfortunately, more and more companies having been trying to save $$ but cutting back on customer service or outsourcing it to foreign countries. A major mistake!

Dan Jackson 10 months ago Member's comment

Agreed. I'd say the only company that has ouysourced it's customer service abroad, yet still offers excellent customer service is #Amazon. One of the reasons I'm bullish on $AMZN. It shows you CAN have good customer service while still getting the savings from outsourcing.

Dan Jackson 10 months ago Member's comment

Though I will say sometimes it takes me 2 or 3 times of explaining something before the Amazon reps understand.