“The best in American History”, says President Trump on GDP growth.
For the second quarter, the GDP growth has touched 4.2 percent.
On Monday, President Donald Trump has boasted about the growing gross domestic product data. He has tweeted “The GDP rate at 4.2 percent is higher than the Unemployment Rate which is at 3.9 percent. This is the first time in over 100 years!”
But, it seems to be a false tweet as the GDP rate has been more than that of the unemployment rate in actual reality. From the year 1948, It has been higher almost 20 percent of the time.
However, analysts feel that the “America First” policy by Mr. Trump may hurt the American economy soon. The trade war has been escalating and dampening the growth of various countries like Canada, Mexico, and the European Union. But with retaliatory measures, American growth will also be hit, they feel.
Fox News has contradicted Trump’s tweet. It has said that about 63 quarters have had a higher GDP growth rate than the unemployment rate on a quarterly average.
Kevin Hassett, the chairman of the Council of Economic Advisers of White House, has told reporters that GDO rate has been higher than the unemployment rate for about 10 years. Trump had been provided the mistaken data, by accidentally adding an extra zero which has made it as 100.
Hassett further says that it was a healthy economy that was inherited by Trump. The uphill inclination that began with Obama continues to be on the rise.
Justin Wolfers, Professor at the University of Michigan, has responded to President Trump’s tweet. He has listed all quarters which had an economic growth that was higher than its unemployment rate. Data has been presented through a chart in his tweet.
Data says that the United States has had economic growth for the past 10 years, not 100 years.