Commerce Secretary Downplays Expected Economic Growth
Secretary of Commerce Wilbur Ross recently discussed America’s disappointing first quarter economic output and the likelihood of achieving three percent growth during President Trump’s first year in office. Secretary Ross put much of the blame for the slow growth report on Congress and their delays in confirming Trump appointed officials in key economic posts.
Originally, Trump promised gross domestic product (GDP) growth of 4% in 2017, higher than the 3.1% average GDP growth America has experienced since World War II and 2% growth rate during the Obama Administration.
Secretary Ross talked about different strategies President Trump has touted to improve the American economy, like reducing trade deficits, raising tariffs on foreign goods, and currency valuations. First quarter growth in 2017 was only 0.7%, the lowest increase in three years. Despite the slow growth overall, the finance and insurance sector grew over six percent in the fourth quarter of 2016, the highest of any industry studied by the Bureau of Economic Analysis.