U.S. economic growth slowed a bit more than previously estimated in 2019 as the sugar high from the Trump administration's $1.5 trillion in tax cuts faded over the final year of a record-long expansion that came to an abrupt end in February in the face of the global coronavirus pandemic.
FILE PHOTO: A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. REUTERS/Marcos Brindicci/File Photo
The Commerce Department said on Thursday gross domestic product increased 2.2% last year, revised down from the previously estimated 2.3% and also reflective of consumer spending that had begun to show signs of fatigue heading into 2020. The 2019 growth rate was the slowest expansion since 2016. President Donald Trump has repeatedly boasted about the economy, writing on Twitter in February, “BEST USA ECONOMY IN HISTORY!” On the campaign trail in 2016, Trump claimed he could boost annual GDP growth to 4%. Economists have always cautioned the economy did not have the capacity to grow 3% annually on a sustained basis because of low productivity among other factors.
Growth in consumer spending was marked down through the last six months of 2019, indicating a loss of underlying economic strength even before the COVID-19 pandemic hit the United States’ shores and tanked the economy in the first quarter of this year. The economy fell into recession in February.
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