Proud leader of world’s greatest economy, the US President Donald Trump is hopeful of doing extremely well in the next quarter.
Getting a quarter of successful economic growth is pretty achievable, which Presidents like George W. Bush and Barack Obama have attained before. What matters is, whether or not things continue to follow the same pattern after that.
Sustaining such a level is difficult, which no other president expect Bill Clinton has achieved. Under Trump’s presidency, some of the biggest factors that have been boosting second-quarter growth are likely to decline over time.
However, that is not going to be a block for Trump, who will have his work modeled for him.
On Friday, the Commerce Department reported that in the April-to-June period, GDP rose 4.1 percent. Later, in an appearance Trump said, “These numbers are very, very sustainable. This isn’t a one-time shot. I happen to think we’re going to do extraordinarily well in our next report, next quarter. I think it’s going to be outstanding. I won’t go too strong, because then if it’s not quite as good you’ll not let me forget it.”
All eyes on Main Street and Wall Street will indeed be observing the changes in the above trend of the gains.
The US economy marked a best performance in the third quarter of 2014, where the economy grew by 4.9 per cent. The figures came off to 5.1 per cent in the previous period. However, these growth periods were a result of a surge in government spending that would not last.
The economy enjoyed few more decent quarters before descending to a 1 percent growth rate in the third quarter of 2015. The figures wouldn’t go exceed 3 per cent until the most recent reading.
Several economists from across the world believe that the 4 per cent rate isn’t sustainable. However, this doesn’t mean that the US can’t attain a lasting economic growth period.