Economic Growth Tanked in Trump’s First Quarter

Written by SK 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.