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Yes, he did. It's amazing how inheriting a thriving economy, and then lowering taxes, while increasing government spending, can result in a strong economy. Unfortunately the national debt is going up and up, too.
Second-quarter US GDP growth revised up to 4.2 percent on software, trade
11–20 of 71 posts
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#12I haven't seen US economy this versatile and powerful in a long time, maybe since the 80s. This economy is diversified - manufacturing jobs used to be 32% in the 60s, now it is around 9% currently, but it is growing fast this year. We now have new jobs in every sectors growing, from finance (NY), college (Boston), healthcare (east coast), government (Washington DC), entertainment (Los Angeles), oil and gas (Texas), i…
I’ve been trying to learn a little about economics. Do you have any favorite economists, etc that you follow? I’m trying to learn more about the interaction of QE, rising fed rates, growing deficits, etc. Basically, I’d like to move beyond the headlines and the spin. [Update] Here are some people I try to follow: Jan Hatzius - Goldman Economist Robert Schiller Stephen Roach - Yale Economist https://www.project-syndic…
Great question, thanks for asking!
I like Nikolai Kondratiev, Pettis, Alfred Marshall, Carmen Reinhart, and Bill Gates (read his recent stuff on software economics)
I don't like Krugman and Greenspan.
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#13[flagged]
And all it took is Republicans abandoning their perennial platform of cutting spending and free markets. I wonder what else they were complete wrong about?
I doubt that the current administrations policies have had much effect on the economy yet, not enough time has passed. And even if the economy was doing well due to their decisions, you can't use that data to determine that policies they chose not to implement were flawed.
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#14Earlier quoted context omitted.
Could you link something that supports your opinion? As for me: US consumer confidence surges in August to 18 year high. https://www.theguardian.com/business/2018/aug/29/us-economy-... . Consumers wouldn't be spending if they didn't have extra cash in their pocket, and they expect the economy to stagnate/decline
Wage data is well-tracked and is shown to be growing more slowly than inflation. It's possible the high growth in nominal wages are engendering some good feelings, but actual purchasing power is dropping. https://www.washingtonpost.com/amphtml/business/2018/07/12/i...
My theory is that people are moving up to better jobs, after years of job training, education, and depressed demands, after 2008. Which would explain the low unemployment rate. Thus even though the wages for some industries are stagnating/declining, people are moving to better job positions, and thus have more money to spend.
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#15[flagged]
Look at pretty much all economical stats. Since 2009 they all have been going up steadily. You will have trouble even seeing a change when Trump came in. Let's talk about Trump in 4 or 8 years and let's see what the effect of his policies will be then.
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#16I haven't seen US economy this versatile and powerful in a long time, maybe since the 80s. This economy is diversified - manufacturing jobs used to be 32% in the 60s, now it is around 9% currently, but it is growing fast this year. We now have new jobs in every sectors growing, from finance (NY), college (Boston), healthcare (east coast), government (Washington DC), entertainment (Los Angeles), oil and gas (Texas), i…
> I haven't seen US economy this versatile and powerful in a long time, maybe since the 80s.
The big 90s expansion was much better than now.
> 4% growth is huge for the largest economy in the world
Not really; one quarter at a 4.2% annualized rate is nothing to write home about; there was a better single quarter in 2011 and two consecutively in 2014, and neither were particularly gangbusters aside from those blips.
> Bay Area alone is nearly a trillion dollar economy, and has double the growth rate of any other county in US.
“Bay Area” isn't a county, and the Bay Area growth rate over the last year is about double the overall national growth rate, not double the best non-Bay county (it's about the same growth rate as Washington State—not the top county in the state, but the state overall.)
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#17I haven't seen US economy this versatile and powerful in a long time, maybe since the 80s. This economy is diversified - manufacturing jobs used to be 32% in the 60s, now it is around 9% currently, but it is growing fast this year. We now have new jobs in every sectors growing, from finance (NY), college (Boston), healthcare (east coast), government (Washington DC), entertainment (Los Angeles), oil and gas (Texas), i…
I’ve been trying to learn a little about economics. Do you have any favorite economists, etc that you follow? I’m trying to learn more about the interaction of QE, rising fed rates, growing deficits, etc. Basically, I’d like to move beyond the headlines and the spin. [Update] Here are some people I try to follow: Jan Hatzius - Goldman Economist Robert Schiller Stephen Roach - Yale Economist https://www.project-syndic…
Thomas Sowell http://www.tsowell.com/
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson (the authors of "Economics: Private and Public Choice")
I also have to second the "I don't like Krugman" opinion. Not that predicting the future is ever reliable of course, but his seriously incorrect predictions seem to be clearly motivated by politics. That won't help you understand economics.
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#18Earlier quoted context omitted.
Wage data is well-tracked and is shown to be growing more slowly than inflation. It's possible the high growth in nominal wages are engendering some good feelings, but actual purchasing power is dropping. https://www.washingtonpost.com/amphtml/business/2018/07/12/i...
My theory is that people are moving up to better jobs, after years of job training, education, and depressed demands, after 2008. Which would explain the low unemployment rate. Thus even though the wages for some industries are stagnating/declining, people are moving to better job positions, and thus have more money to spend.
Do you have data? That sounds like speculation.
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#19Mods, can we retitle this to point out that it's specifically the US economy that's grown?
At your service.
Re: Second-quarter US GDP growth revised up to 4.2 percent on software, trade
#20[flagged]
Please do not post partisan flamebait to HN.