I carry on listening to individuals like Home Speaker Mike Johnson saying how progress underneath Trump was the quickest. Effectively, simply evaluating in opposition to the final three and a half years, I’m wondering how this may be true. Utilizing the most recent out there BEA information:
Determine 1: GDP relative to 2021Q1 (blue), relative to 2017Q1 (tan), GDPNow as of 10/18 (gentle blue sq.), quarters into respective administrations, all in Ch.2017$. Supply: BEA 2024Q2 third launch/annual replace, Atlanta Fed, and writer’s calculations.
Somebody will ask about per capita phrases. If one thinks about how inhabitants progress modified through the Trump administration (compelled separations of migrant households and all that stuff), you may assume you realize the reply, however I’ll present you the per capita collection:
Determine 2: GDP per capita relative to 2021Q1 (blue), relative to 2017Q1 (tan), per capita GDPNow as of 10/18 (gentle blue sq.), quarters into respective administrations, all in Ch.2017$ per particular person. Be aware: Assumed progress fee of inhabitants in Q3 identical as progress fee in Q2. Supply: BEA 2024Q2 third launch/annual replace, Atlanta Fed, and writer’s calculations.
The race was tighter earlier than the annual replace. In fact, there have been two consecutive quarters of unfavorable progress in 2022. That’s now not true (contra Heritage Basis’s EJ Antoni).
