Economy

Economic Growth Tanked in Trump’s First Quarter

JM Ashby
Written by JM Ashby

According to the U.S. Department of Commerce, the economy grew at the slowest pace in three years during first quarter of the year.

Gross domestic product, the value of all goods and services produced, rose at a 0.7 percent annualized rate after advancing 2.1 percent in the prior quarter, Commerce Department data showed Friday in Washington. The median forecast of economists surveyed by Bloomberg called for a 1 percent gain. Consumer spending, the biggest part of the economy, rose 0.3 percent, the worst performance since 2009.

This isn't necessarily Trump's fault, but he has personally tried to take credit for the good news we've seen over the past three months. He doesn't get to have his cake and eat it too.

You may also recall that Trump frequently promised to usher in an era of perpetual 4 percent growth during the 2016 campaign. That's more or less an impossibility, but he said it.

Lower than expected spending was reportedly the reason economic growth tanked, which makes sense because no one knows if Trump is going to kill us all. I've personally been slightly less austere because I don't know if he's going to kill us, but I'm poor so that just means I've spent a little more on alcohol lately than I normally would.

  • katanahamon

    I don’t know..sales have to be very “up” for some stuff, like……
    Antidepressants
    Alcohol
    Sedatives
    Tissues (for all the tears..)
    Televisions (to replace the ones broken from thrown objects)
    Cannabis, both legal and not
    Alcohol
    Counseling fees for counselors, psychiatrists, psychologists etc.
    Alcohol
    ..
    Did I say alcohol?

  • muselet

    First quarter GDP growthis generally low. Why? Your guess is as good as anyone else’s.

    And yes, since Donald Trump has taken (unearned) credit for every little scrap of good economic news, he gets to own this (predictable) bit of bad economic news. Fair is fair.

    –alopecia

    • Arthur Croft

      Fair does not exist in the conservative vocabulary. Only “unfair” when they are called out for being the ignrnt racist assholes that they are.

  • I’ve spent a little more on alcohol lately than I normally would

    Ain’t we all?

    • Victor the Crab

      [raises hand] PRESENT!!!

    • Draxiar

      I’m pouring myself another shot, can I get one for anyone else?

  • Aynwrong

    The “different kind of Republican” is giving us what every liberal saw coming a mile away. George W Bush’s 3rd term.

    • Christopher Foxx

      I’d vastly prefer a third term for GWB over what we have now.

    • Scopedog

      Actually, it’s George W. Bush’s third term if Bush was high on cocaine, LSD, weed, and was a raging alcoholic and an even bigger idiot than he was.

      Oh, and if Bush was a stone racist prick.

      • muselet

        Well, if you want to get technical about it …

        –alopecia