Based on recent reports, the GDP grew by 4.1 percent in the second quarter of 2018. If you’re not familiar with the term GDP, it stands for the Gross Domestic Product. The GDP is a monetary measure of the market value of all the final goods and services produced in a period (quarterly or yearly) of time. GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.
According to Peter Morici of Fox News, “Blockbuster GDP growth delivers for Trump – and proves NY Times, Nobel economist Paul Krugman wrong again.”
(We’ll get to Mr. Krugman later.)
Fox Business News’, Stuart Varney, says the GDP growth is a ‘big Trump win.’
(Gee, really? Not if you watch or get your news someplace other than Fox News.)
Morici continues, “The economy has delivered for President Trump! Registering 4.1 percent growth in the second quarter, Friday’s gross domestic product (GDP) report validates Republicans’ confidence that Americans are much better at solving their own problems than the bureaucrats in Washington.”
(Amen! The truth shall set you free!)
“Taxes matter. You can’t run those up as President Obama did without leaving households strapped and businesses with little incentive to invest. Getting personal and corporate tax rates closer to where they should be, not to where socialist planners like Bernie Sanders would like, is powering strong growth.”
(And just a reminder, during President Obama’s economic reign, not only was the average annual growth rate of just 1.48% the weakest of any post-recession period since at least 1949, he also became the only President to have not had even one year of 3% GDP growth. Impressive. Is this the kind of performance that all of the liberals are looking back on and yearning for?)
“The American “mojo” is back!” Mr. Morici continues. “Consumer spending advanced at a 4 percent annual rate in the second quarter, and investment spending showed considerable signs of picking up steam. In particular, investments in structures, equipment and intellectual property notched a 5.4 percent advance, and much better advances are yet to come!”
(You better watch it with all of that “mojo” talk, Peter. You know, “mojo” is a slang term that originates from African culture. You may end up being accused of appropriating a term that doesn’t “belong” to you.)
“A lower cost of capital, facilitated by lower corporate tax rates and deregulation, takes more than six months to work through the system.”
(Please remember that the current tax cut bill only just took effect on January 1, 2018. So really, we are just into our seventh month since the bill was passed!)
“After the initial jolt to consumer spending passes, we should expect investment spending to power third and fourth quarter growth well above the 3 percent line, delivering on Treasury Secretary Steve Mnunchin’s goal of at least 3 percent for the entire year.”
“Remember hard-left New York Times columnist Paul Krugman predicting the apocalypse in the wake of Donald Trump’s election?”
(Yes I do Peter. He was the guy, who upon learning that Donald Trump was going to win the election, predicted that “the markets will never recover.” Of course they did manage to “recover,” and in fact they recorded earnings at a pace that has not been seen in a very long time, if ever!)
“The hard reality is that Trump’s policies are delivering for working Americans – with jobs growth luring those on the dole back into the labor force. And after all, a good job is the best social program.”
Now let’s get to this “famed and distinguished economist” for the New York Times, Paul Krugman.
Mr. Krugman has been predicting doom and gloom for our economy, under President Trump, at every turn. Who is this guy who is wrong more often than the weatherman? Ooops! I mean weather “person.” Sorry.
According to Wikipedia:
Paul Krugman is an American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times.
In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman’s work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. (That last part there sure sounds like a bunch of hogwash. What it really is, is one big convoluted a , kcnh
(Excuse me, but ever since Obama won The Nobel Peace Prize for what he said he was going to do, the Nobel Prize thing doesn’t carry as much weight with me as it used to.)
Krugman was previously a professor of economics at MIT, and later at Princeton University. (I guess it’s who you know.) He retired from Princeton in June 2015, and holds the title of professor emeritus there. He also holds the title of Centenary Professor at the London School of Economics.
Krugman was President of the Eastern Economic Association in 2010, and is among the most influential economists in the world.
(Could that be why the world’s overall economic situation is so screwed up?)
Krugman is known in academia for his work on international economics (including trade theory, economic geography, and international finance), liquidity traps, and currency crises.
Krugman is the author or editor of 27 books, including scholarly works, textbooks, and books for a more general audience, and has published over 200 scholarly articles in professional journals and edited volumes.
(Based on the success rate of his predictions over the last two years, I would be leery of using his textbooks or referring to any of his “scholarly” articles in anything I was writing.)
He has also written several hundred columns on economic and political issues for The New York Times, Fortune and Slate. A 2011 survey of economics professors named him their favorite living economist under the age of 60. (Isn’t this age discrimination?) As a commentator, Krugman has written on a wide range of economic issues including income distribution, taxation, macroeconomics, and international economics.
Krugman considers himself a modern liberal.
(OK…, NOW I UNDERSTAND. LIBERALS DON’T LET FACTS GET IN THE WAY OF IDEOLOGY!)
(SO, MR. KRUGMAN IS WILLING TO THROW AWAY ANY CREDIBILTY HE MAY HAVE HAD IN AN EFFORT TO TRY AND NEGATIVELY EFFECT OUR ECONOMY UNDER PRESIDENT TRUMP AND DOWNPLAY HIS ACCOMPLISHMENTS.)
Krugman’s other criticisms have included the president’s climate change proposals, the Republican tax plan and Trump’s foreign policy initiatives. He often uses his New York Times Op-Ed column to set out arguments against the President Trump’s policies.
There are only two possibilities here with Mr. Krugman, as is the case with most liberals. We either have a case of extreme ineptitude, or a case of intentional misinformation. In Mr. Krugman’s case, I’m going with a combination of the two.
Stay thirsty my friends, but remember, don’t drink the liberal Kool-Aide!
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