OPINION_ American prosperity of Trump era marks real turning point in history

THE HILL

American prosperity of Trump era marks real turning point in history

By Arthur Laffer, opinion contributor — 07/28/18 10:00 AM EDT

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The views expressed by contributors are their own and not the view of The Hill




Gross domestic product, or GDP, is the measure of choice when assessing the health of any economy, especially in the United States. GDP, which is measured at annual rates, includes the value of production of all goods and services produced in a country. In the one year since President Trump took office, the first quarter of 2017 through the first quarter of 2018, real GDP grew at a 2.55 percent annual rate. This is higher than the growth for six of the eight years former President Obama was in office, or even five of the eight years when former President George W. Bush was in office.

Moreover, the economic growth rate in the first year of Trump in office is higher than the average annual growth rate for the entire presidencies of both Obama at 2.05 percent and Bush at 1.71 percent. For the full 65 years from the first quarter of 1953 through the first quarter of 2018, annual real GDP growth in the United States averaged 2.95 percent, which is still substantially higher than the first year under Trump.

The growth rate for the second quarter of 2018 is 4.1 percent. This is a nice sign of American prosperity and is the strongest quarter of economic growth since the third quarter of 2014. Net exports contributed about 1 percent, while the change in private inventories subtracted 1 percent. Lots of changes like this happen on a quarter by quarter basis and should not be taken too seriously.

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READ MORE: http://thehill.com/opinion/white-house/399324-american-prosperity-of-trump-era-marks-real-turning-point-in-history

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The latest GDP figure is a great number that aids our recovery from the awful 16 years under Bush and Obama. It will also reduce deficits in the long term if such robust economic growth continues. But the challenge is far from over. We have a lot of work to do to fan the flames of prosperity and to hold at bay the prosperity killers. But one step forward is still one step forward, and it is a heck of a lot better than one step backward.

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