For the third time in four months, the Federal Reserve (Fed) has cut the federal funds rate by one quarter of a percent. Fed chair Jerome Powell indicated that the current level of interest rates is probably right and that no further action is foreseen in the immediate future. This time, Powell got it right.
When President Trump was sworn into office, he made economic growth the top policy priority. This was very important, since the economy was experiencing the longest economic period of slow growth in history.
The economy hadn’t seen 3% annual growth since 2005. The economy hasn’t seen 4% annual growth since 2000. The primary reason is that the prior administration had set “curing perceived social injustices” as the top policy priority. Every time an action was taken to provide health care to more Americans or to stop banks from taking advantage of consumers, economic growth slowed.
In 2017, Trump canceled hundreds of growth-stifling regulations. That tended to increase economic growth. Also in 2017, Trump convinced Congress to cut taxes for all Americans and for corporations. That tended to increase economic growth. And Trump convinced Congress to repeal parts of the growth-stifling Dodd-Frank bill. That too tended to increase economic growth.
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