US economy slowed in first quarter after Trump's $1.5tn tax cuts

[applegrove]

Dominic Rushe at the Guardian

https://www.theguardian.com/business/2018/apr/27/us-economy-slowed-in-first-quarter-after-trumps-15tn-tax-cuts

"SNIP.......

US economic growth slowed moderately in the first quarter, the first preliminary assessment of the health of the economy since Donald Trump signed huge tax cuts into law last year.

Gross domestic product (GDP) – a broad measure of goods and services produced in the US – rose at an annual rate of 2.3% from January through March, the commerce department said on Friday.

The figure was lower than the fourth quarter, when GDP grew at a 2.9%, and the third quarter, which saw an increase of 3.2%.

Trump argued that his $1.5tn tax cuts would boost US GDP to above 3% – ending years of lackluster growth in the wake of the last recession. His goal was derailed in the first three months as consumers trimmed spending. Household outlays increased at 1.1% in the first quarter, down from 4% in the last quarter of 2017.

.......SNIP"

[elleng]

1. OR, U.S. economy grew faster than expected in first quarter, the first since Trump's tax cuts.

The U.S. economy grew at an annual rate of 2.3 percent in the first three months of 2018, the Commerce Department said Friday.

The results were slightly above Wall Street analysts’ forecasts of 2 percent annual growth rate and represented an expected slowing from the fourth quarter’s 2.9 percent growth rate.

WaPo

https://www.democraticunderground.com/10142046933

[NightWatcher]

2. And they need a growth rate more than 4% to pay for the tax cuts. 2.3% will balloon the deficit more