…In fact, The New York Times itself described Obama’s economy this way in August 2016: “For three quarters in a row, the growth rate of the economy has hovered around a mere 1%. In the last quarter of 2015 and the first quarter of 2016, the economy expanded at feeble annual rates of 0.9% and 0.8%, respectively. The initial reading for the second quarter of this year, released on Friday, was a disappointing 1.2%.”
GDP growth decelerated in each of the last three quarters of 2016.
And on January 27, 2017, after the government reported that GDP growth for all 2016 was a mere 1.6% — the weakest in five years — the Times announced that “President Trump’s target for economic growth just got a little more distant.”
That same month, the nonpartisan Congressional Budget Office forecast growth this year would be just 1.9%.
There were other signs of stagnation as well. Stocks had flatlined in 2016, with major indexes down slightly. Real median household income dropped that year, according to Sentier Research.
Growth had been so worrisomely slow throughout Obama’s two terms in office that journalists started warning about “secular stagnation.” They said the country was in a period of long, sustained, slow growth resulting from slow population and productivity growth.
In August 2016, the Times declared that “the underlying reality of low growth will haunt whoever wins the White House.”
Predictions of Slow Growth
The next month, CBS News reported that “with U.S. economic growth stuck in low gear for several years, it’s leading many economists to worry that the country has entered a prolonged period where any expansion will be weaker than it has been in the past.”
In short, there was no upward trajectory to the economy on anyone’s radar when Trump took office…..