I come bearing good news! The economy is growing!
OK, it’s actually been growing for eight straight years. But as President Donald Trump keeps pointing out, it’s grown at a solid 3 percent annual rate for the past two quarters, “a number nobody thought they’d see for a long period of time.”
OK, OK, the economy actually did hit 3 percent quarterly growth eight times during President Barack Obama’s time in office. Nevertheless, it’s a good rate. And here are some more good figures: Unemployment, which dropped from 7.8 percent to 4.8 percent under Obama, has kept dropping to a 17-year low of 4.1 percent under Trump.
The Dow, which nearly tripled to nearly 20,000 under Obama, has kept rising to record highs of more than 24,000 under Trump. Inflation and interest rates are still low. Consumer confidence is still high.
In other words, America’s steady upward economic trajectory has continued under an unconventional new president, confounding the liberal pundits who predicted insta-doom. “If the question is when markets will recover,” Paul Krugman wrote the day after Trump’s victory, “a first-pass answer is never.” He was wrong, just like the conservative pundits who kept predicting Zimbabwe-style hyperinflation, Greece-style debt crises, and other economic horrors on Obama’s watch.