All previously good numbers were revised upward. The increased wealth was seen in all strata of wage earners.
Trump is kicking ass. This op ed from the WSJ nicely captures the story, but feel free to look up the BEA numbers yourself (if Google doesn’t push these results to the end of it’s search list).
Link: https://www.wsj.com/articles/the-99-get-a-bigger-raise-11564529382
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Things are fine. Don't try to oversell it.
In Obama's first year of 2008, the Fed cut interest rates 8 times down to the lowest legal interest rate possible (o.5% - essentially zero).
For the rest of his presidency, IT COULD NOT BE LOWERED ANY FURTHER. In addition, there was no recovery worthy of an increase to "make back" the interest rates for the next rainy day, other than one modest rate increase within the last year of his presidency. AFTER the Trump Bump in 2016 market, the Fed felt emboldened to raise rates a second time. Predictably, Obamites wish to take credit for this now, but we all know and saw that it was the market's reaction to an incoming Trump (and more importantly an outgoing Obama) that led to the improvement that allowed the increase.
Trump comes in and BOOM!, the economy kick starts - first with hope, and then with a tax cut delivered. Under Trump, the robust economy allowed the fed to raise rates again 8 times.
Let me say that again.....8 times. Despite a trade war with China, the EU at one point before they capitulated to more fair trade terms, and Mexico and Canada before they capitulated to more fair trade terms.
When aligned with the events that influence the Fed, there is no question about what a success Trump has been as well as what an economic failure Obama was (I don't blame him for the resession, but i do for the lack of recovery over 8 years. And I remember the turnaround that began on the day after trump was elected. The timing is far to clear to be coincidental.
Link: https://www.thebalance.com/fed-funds-rate-history-highs-lows-3306135
Things are fine. Don't oversell it.
GDP growth of 2.2, 2.9 and so far this year 2.6. It's nice. Not fantastic. More or less in the range Obama had, even though 2016 itself was weaker.
Employment is doing fantastic, just as it was when Trump got elected. No turnaround there on election day. You've seen the charts 1000 times. You know this.
The budget deficit is a little out of control, which isn't great. Definitely turned around, for the worse.
The stock market is doing well, just as it was during the Obama years. Again 2016 wasn't a great year under Obama, but neither was 2018 under Trump. Mostly it's just more of what we've had since 2009.
And of course, the economy cannot overall be going gangbusters if they were forced to cut rates for the first time in 10 years, and cut it from a very low spot to begin with.
Things are fine. Don't oversell it. That's not spin.
...I happen to agree.
Trump is wrong to bitch when the Fed hikes or cuts. He needs to stay out. The Fed is in this for the long game. I thought this rate hike was silly. But I do think there will be a pull back soon with lots of juicy opportunities.
Ironically, I think things are fine and they should not have lowered rates. They should have kept this powder dry in the event of a real economic downturn.
As for the previous rate hikes, I guess I always felt that we needed to get ourselves back to normal (4% or so). However, maybe 2% is the new normal.
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