February 1, 2017
The U.S. Economy Only Grew by 1.6% in 2016
Studies have just reported that the US economy only grew by 1.6% in 2016. This was the weakest performance in five years, and it decreased from 2.4% in 2014 and 2.6% in 2015. This was the worst year for the growth of the economy since 2011.
President Trump has a goal to double the amount of growth in the economy with a stimulus program. This program includes deregulation, tax cuts, and higher infrastructure spending.
There are different theories about what caused 2016 to be such a weak year in terms of economic growth. Others say that America has seen consistent growth over a longer period of seven years. It has just been at a slow pace.
It is also true that while the unemployment rate was 10% in 2009, it is now at 4.7%. Other measures of the job market have shown improvement as well.
Proponents of Trump’s reform ideas say that his economic reform will lift productivity and growth in America. The stock market is up, and consumer optimism also seems to be optimistic about Trump’s plan.
Opponents, however, say that they do not believe Trump will help to grow the econ0my. People have also criticized his business dealings and his bankruptcies in the past.
It will be interesting to see whether or not President Trump is actually able to help the U.S. economy grow more in 2017.