The U.S. Department of Commerce announced Friday that the U.S. gross domestic product grew at a solid 4.1 percent pace in the second quarter.
So much for “secular stagnation,” said The Wall Street Journal, the notion “made fashionable by economist Larry Summers and picked up by the press corps to explain why the U.S. economy couldn’t rise above the 2.2 percent doldrums of the Obama years,” which Mr. Obama famously called the “new normal.”
The nation’s economy has now averaged 3.1 percent growth for the last six months and 2.8 percent for the last year. “The lesson is that policies matter and so does the tone set by political leaders,” said the Journal.
“For eight years Barack Obama told Americans that inequality was a bigger problem than slow economic growth, that stagnant wages were the fault of the rich, and that government through regulation and politically directed credit could create prosperity,” it continued.
“The result was slow growth, and secular stagnation was the intellectual attempt to explain that policy failure. The policy mix changed with Donald Trump’s election and a Republican Congress to turn it into law. Deregulation and tax reform were the first year priorities that have liberated risk taking and investment, spurring a revival in business confidence and growth to give the long expansion a second wind,” said the Journal.
But suffering Trump Derangement Syndrome because they refuse to accept the truth that Mr. Trump is president and is making good on his campaign promises that he would improve the economy, a Gallup Poll says Democrats believe the economy is getting worse.
Almost 20 percent of Democrats told Gallup the economy was doing “poorly” and another 45 percent said it was performing “only fair.” Among Democrats, 60 percent said the economy was “getting worse.”
“It’s worth recalling,” added the Journal, “that not a single Democrat in Congress voted for tax reform and nearly all of them opposed every vote to repeal the Obama administration’s onerous rules. Had they prevailed, we’d still be experiencing secular stagnation instead of arguing if 4.1 percent growth is too much of a good thing.”
We dismiss the feeling that we should feel sorry for Democrats who simply can’t accept reality — really good economic news — because they won’t admit that the guy they didn’t vote for is getting something right.
Their unhinged hatred of President Trump places them in outer space. They trumpet Rep. Maxine Water’s call for violence against Mr. Trump’s Cabinet and congressional nominee Alexandria Ocasio-Cortez’s call for Venezuelan socialism.
A poll by NBC News and The Wall Street Journal declares, the Democrat Party is “out of step” with America. They are!