The Fed Raises Its Full-Year GDP Forecast to 3.1%
by Rod D. Martin
September 27, 2018
In the words of today's Wall Street Journal, "The Fed raised its median forecast for growth in 2018 to 3.1%, which may seem like a gimme putt given that there are only three more months left in the year. But in June the Fed’s median growth estimate was 2.8%, in March it was 2.7% and last September it was only 2.1%. The Fed has now made upward revisions for growth in each of its last four quarterly projection periods."
In the Obama years, it went the other way. And Obama's last year, he hit 1.6%, not the post-WWII average of over 3%.
Which means Trump really has made a difference, and a big one. At 3% growth, the economy completely doubles in 25 years; at 1.6%, it takes 50 years to do the same thing. That means massive lost opportunity for every American, and especially the poorest.
So all of this matters, a lot. And it's happening in record time.
-- The Fed Gets Optimistic originally appeared as a Facebook post by Rod D. Martin.