Posted on 11/30/2017 7:38:55 AM PST by grayhog
The fiscal 2018 budget, due to drop Tuesday, will likely reflect assumptions that economic growth of 3 percent or more will make President Trump's spending proposals work. Those are bad assumptions, according to a new research paper from the Committee for a Responsible Federal Budget....
But the number is unrealistic, said Marc Goldwein, senior policy director at the bipartisan CRFB, in a press briefing. A more credible number is just south of 2 percent, more than a percentage point below the 3.2 percent average annual rate the U.S. has enjoyed since 1950....
"The bottom line," said Goldwein, "is we should not be buying magic beans. Three percent growth is not completely impossible. But it would be a heroic feat to get there."
(Excerpt) Read more at inc.com ...
#winning
oops - it is Q2 GDP at 3.1% and Q3 at 3.3%
Our media is comprised of a bunch of morons who dead certain they’re experts on an array of issues, and because they are morons, they’re too stupid to learn from their innumerable mistakes.
3% USED TO BE considered a bare minimum for a healthy economy.
10 years of Pelosi/Obama got us used to 1 or 2% growth (or less)
The skills of these people are not adequate for the expertise they claim.
Disregard them entirely.
So, we are supposed to believe that a bunch of washed up former Inside the Evil Beltway Poobahs, who have no history of being right about the US economy, will get it right this time?
Sort of strains the “believe-o-meter,” doesn’t it.
For what it is worth, my money is on Team Trump!
FRom Wikipedia: https://en.wikipedia.org/wiki/Committee_for_a_Responsible_Federal_Budget
“The Committee’s current President is Maya MacGuineas, who also served as Director of the Fiscal Policy Program at the New America Foundation. CRFB’s board of directors was previously co-chaired by William Frenzel (R-MN), Timothy Penny (I-MN), and Charles Stenholm (D-TX), all former Congressional representatives.
“The organization’s activities are overseen by a 40-member board of directors made up of experts and prominent figures in federal budget, tax and fiscal policy.
“A large part of the board is made up of former directors of major budget-related government offices including the Congressional Budget Office (CBO), the Office of Management and Budget (OMB), the House and Senate Budget Committees, and the Federal Reserve Board of Governors. The group also includes numerous former Congressmen, former U.S. Comptrollers General, university and think tank experts on fiscal policy, and prominent members of the business and legal community. In July 2015, CRFB announced Mitch Daniels, Leon Panetta and Timothy Penny as the new co-chairs of its board.”
Always remember that the left is satanic in that they would rather rule in hell than serve in heaven.
Here we may reign secure, and in my choyce
To reign is worth ambition though in Hell:
Better to reign in Hell, then serve in Heav'n
-Milton Paradise Lost
JAMES 3:16
For where envying and strife is, there is confusion and every evil work.
I remember our young banker telling my brother and I, this at a business meeting, “interest rates will never drop below 10%” Then came the great President Reagan.
Funny - they are praying for low growth because it fits their meme....reality check will likely have them crying in their oatmeal...
Note that this absolute failure of a forecast was published May 19. Again, Pres. Trump confounds the “experts,” who should be apologizing and calling him “heroic.”
“Magic beans my a$$! Did you ever hear of the Gipper? His tax cuts brought about an 8% growth in GDP.
Lots of investments in oil, pipelines (steel), LNG and raw materials for the chemical industry (based on low energy costs and abundant supplies of gas)
Expect consistent GDP north of 4%
“And Damn it this is NOT Thursday!!”
Interesting that it was the media that accused W of trying to “talk down” the economy in 2000. Now it’s the media trying to talk it down.....
They claim to be non-partisan but they advocate for tax and spend liberalism, in this case a 5-7 year infrastructure “investment.”
Translation, a Federal give away to union bosses and union members.
Excellent Post. I learned yesterday from an official with Port Canaveral (2nd largest cruise ship port in the US) that Disney is building two or three new cruise ships that will be powered by LNG. A company on the Great Lakes is either building new or converting a ship to use LNG. And TOTE (of Faro fame) is building or converting part of its fleet to burn LNG.
an IYI...
Prior to 2000, it was fairly normal to hit 4.0 percent as a minimum, and have occasional dips.
1984, we hit around 7.3-percent. 1978, we hit 5.6-percent.
I would also counter that CD rates used to really matter in a healthy economy. I can remember rates easily hitting six percent. When was the last time that we even had a five-percent return on CD’s?
Not investment advice, but IMHO PDJT is going for 7.2% GDP, just like Ireland.
We are @ 3.3, add .5% when we start building roads without the paperwork, and add 1% when Obamacare is gone, and add 1% when Dodd-Frank is deballed. Some are saying this tax cut is worth 1%. So that is .5+1+1+1 for 3.5 on the 3.3 we are at now. That is a total of 6.8% and that doesn't included fixing or getting rid of NAFTA and unleashing the Fracking Revolution and a break through Drug if we get the FDA to fast track the 4000 drugs waiting to be certified. That isn't even factoring in a battery breakthrough that could lead to an electric car disruptive change that could be bigger than the Internet in the Clinton Years IMHO....
we could sure get a lot more economic growth if we could only eliminate the fed income tax Swamp.....its a giant anchor on jobs, growth, incomes, standard of living, and business opportunities.......(perhaps replace it with a simple fair tax) ... and if we could cut the wasteful and harmful federal bureaucrappy at least in half
for starters, a LOT more economic growth and opportunities for Americans.
but no, our political system insists on choking us with the income tax krap, instead
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.