Opinion: What Biden gets wrong about the Trump economy
President Trump tours the Cameron LNG export facility on May 14 in Hackberry, La. By Andy Puzder May 23 at 4:02 PM Andy Puzder is the former chief executive of CKE Restaurants and the author of “The Capitalist Comeback.”
For example, soon after Trump took office in January 2017 and the administration forecast 3 percent growth in gross domestic product , former Obama administration economist Lee Branstetter said it was “essentially mathematically impossible to get the growth they’re talking about." A few weeks later, Jason Furman — a former chairman of President Barack Obama’s Council of Economic Advisers — predicted a decade of GDP growth “around 2 percent a year.
Before the tax cuts were passed, Nancy Pelosi predicted “Armageddon.” But, one year later, as GDP growth soared, unemployment declined to a 50-year low and working-class wages increased at the fastest rate in a decade, the best the Democrats could do was claim the tax cuts were a “sugar high” and that, rather than a 2018 economic collapse, America faced a 2019 recession.
With employers in the Trump era competing for workers to fill plentiful job openings, the country in April experienced its ninth straight month of wage growth at or above 3 percent. A recent survey of economists found that nearly 70 percent expected even faster wage growth over the coming year.
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