2017 GDP Growth Looks like Obama 2.0 – Ep. 315

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.7 • 5.8K Ratings

🗓️ 9 January 2018

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

January 8, 2017
Atlanta Fed's Q4 2017 GDP Estimate at Record Low
The Atlanta Fed did downwardly revise its estimate of Q4 GDP as a result of the numbers that were released on Friday. The downward revision took their estimate from 3.2% down to 2.7%. 2.7% is the lowest the estimate has been since they began estimating 2017 Q4. In fact, earlier on, in October or November the Atlanta Fed was up to 4.5% for their 2017 GDP. So as the U.S. stock market was rising to an all-time record high the Atlanta Fed was downwardly revising its forecast for Q4 of 2017 to its record low.
Déja Vu All Over Again
Let's assume that the Atlanta Fed is accurate at 2.7%, maybe they're still being too optimistic, but let's say they hit the nail on the head and we get 2.6%. Then the entire year of 2017 would see about 2.5% GDP growth. Now, how does that compare to Obama?
Half of Obama's Second Term Beats Trump's Economic Numbers
Everybody is talking as if the economy is rip-roaring now; it's so much better not under Trump than it was under Obama's second term. I'd rather look at the second term because a) it's closer in time to where we are right now, and b) his first term includes the Great Recession that he inherited. So if you look at Obama's second term, GDP growth averaged 2.2% for the entire 4 years. If that's the case, 2.5% is a little bit better, but if you take 2 of those years, 2014 and 2015, GDP grew by more than 2.5%. I think we were at 2.56 and 2.9%. In other words, half of Obama's years as President beat the first year of Trump as far as GDP.
Economic Growth Hasn't Happened
So to me, 2017 just looks like another year of Obama's presidency. Nothing's really different. 2.5% fits in nicely with Obama's economic numbers. Everybody is talking about all this great economic growth that's taking place - it hasn't happened!
Market Soaring in Spite of Lukewarm GDP
Granted, there are people saying, we haven't really had the tax cuts yet; the tax cuts don't take effect until next year. That hasn't stopped the stock market from soaring - obviously they are looking forward. Maybe the economy has looked forward. Maybe there has been an increase in investment in anticipation of these cuts. Maybe we've gotten a lot of the benefit and despite that we're still only at 2.5%. Privacy & Opt-Out: https://redcircle.com/privacy

Transcript

Click on a timestamp to play from that location

0:00.0	Hymns helps guys like you with all your health and wellness needs.
0:03.4	So if you're having a hard time getting your peers stiff, you're not alone.
0:07.2	But Hymns has you covered. Hymns has lots of personalized options at treat ED,
0:12.1	like biagoras, sealas, and hardmints. Wintergreen tubal tablets,
0:16.3	compounded with doctor tested ingredients, new, discrete, and only available through Hymns.
0:21.2	At forehymns.com slash care, you can access licensed medical providers and trusted treatment for ED
0:27.8	100% online. If prescribed, Hymns will ship to you for free in discrete packaging. It's that simple.
0:34.8	If you're having a hard time getting hard, look no further for a doctor-trust and solution.
0:39.5	Just go to forehymns.com slash care. No copay, no awkward in-person appointments, no video visits,
0:46.8	and no insurance required. ED is personal and now so is its treatment. Go to forehymns.com slash care
0:52.8	to get started today. That's forehymns.com slash C-A-R-E. Tell them Peter Stiff sent you.
0:59.1	Only available if prescribed. Subscription required. See website for full details and important
1:04.2	safety information. Restrictions apply. Hardmints is a chewable compounded drug.
1:08.9	BFDA does not approve compounded drugs, nor does it verify their safety or effectiveness.
1:23.4	In the video blog podcast that I recorded on Friday of last week, I went over a bit about the
1:30.7	jobs numbers and the trade deficit that came out and discussed some of the implications there.
1:37.3	But one thing I didn't notice or I didn't remember to talk about was the fact that the Atlanta
1:43.0	Fed did downerly revise its estimate of fourth quarter GDP as a result of the numbers that were
1:52.9	released on Friday. The downward revision took their estimate from 3.2 down to 2.7.
2:01.6	2.7 is the lowest the estimate has been since they began estimating a Q4. In fact, earlier on,
2:10.4	in I think October, November of last year, the Atlanta Fed was up at 4.5% for their estimate of
2:18.4	fourth quarter GDP, which is now down to 2.7%. So as the US stock market was rising to an all-time
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Peter Schiff, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Peter Schiff and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.