Big Government, Economics, Politics, Shmuckonomics

US GDP Revised Downward; Nowhere Near 5%

Remember the GOP tax plan requires 5% growth year-over-year to only put a $1.3t hole in the budget.

The Commerce Department on Thursday lowered its estimate for US economic growth in the third quarter as consumer spending was a little weaker than previously reported.Gross domestic product, the total value of every good and service produced in the US, was found to have grown by 3.2%, down from 3.3% in the third estimate. Personal consumption, which makes the biggest contribution to the economy’s growth, was revised down to a 2.2% increase from 2.3%.GDP remained above the 3% pace that President Donald Trump had promised for the US economy while he was campaigning. A strong fourth quarter with growth near this level will be needed to achieve 3% GDP on an annual basis, something the US economy hasn’t achieved since 2005.

5% is suddenly looking lofty.

Source: US GDP revised lower in Q3 2017 third estimate – Business Insider

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