About a decade ago, then-candidate Donald Trump appeared eager to convince voters that he’d deliver extraordinary economic results. After several decades in which the United States averaged roughly 3% annual growth, the Republican routinely promised “4% annual economic growth.”
During his first year in the White House, the president went even further, declaring, “I see no reason why we don’t go to 4%, 5% and even 6%.”
This was unwise. GDP growth in the U.S. had only reached 6% once in the previous half-century, and that was because of a dramatic one-time drop in interest rates in 1984. Trump had set the bar unrealistically high, and to the surprise of no one, he failed to reach his own stated standard: Even before the Covid-19 pandemic, annual economic growth did not top 3% during his first term. In fact, in 2017 and 2019, when the president tried to tell the public the economy was the best it had ever been, GDP growth was 2.5% and 2.6%, respectively.
Having failed to meet these unrealistic goals previously, Trump and his team have learned their lesson.
No, I’m just kidding. They’ve learned nothing and are making the exact same mistakes.
On Thursday morning, Commerce Secretary Howard Lutnick predicted that annual GDP growth in Trump’s second term is likely to reach 6% — a line he’s pushed more than once in recent weeks.
As a rule, officials recognize the importance of under-promising and over-delivering, especially after having already failed. But Lutnick went there anyway.
A day earlier, at a White House event, his boss went considerably further.
Steve Benen is a producer for "The Rachel Maddow Show," the editor of MaddowBlog and an MS NOW political contributor. He's also the bestselling author of "Ministry of Truth: Democracy, Reality, and the Republicans' War on the Recent Past."
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