Hailing “a red-hot economy” that “continues to sizzle,” economist Steve Moore has set extremely high expectations – quarterly growth more than double the U.S. record – for this week’s GDP report.
“This coming week we get the blockbuster number on GDP growth, which we are estimating to be between 30% and 35%,” Moore told “The Cats Roundtable” on WABC 770 AM-N.Y.
“The previous record in the last 75 years was 1952 [when] we had a quarter or two of 15%. This growth rate for the third quarter, that’s July through the end of September, will be twice the previous record in terms of GDP.”
Setting those kind of expectations are noteworthy in the final week of a campaign, because setting those lofty goals and not reaching them would hit President Donald Trump’s economic narrative in the final week before the Nov. 3 election.
Moore also boasted to host John Catsimatidis, the Trump administration has “knocked 15 million people” off of unemployment, a group size that equates to about twice the New York metropolitan area.
“The economy is doing well,” Moore despite global coronavirus pandemic restrictions stifling the true potential of the Trump economy. “Real estate is doing well. Housing is doing well. Consumers are spending again. We’re seeing retail come back. The only part of the economy right now that worries me is that travel is still very weak, and recreation and leisure.
“Technology is just shooting the moon.”
Moore concluded now is a bad time to rip Trump out of the White House.
“We do not want to change pilots right now,” Moore said.
“I believe this is the best recovery we have ever seen from a recession in the history of the United States.”
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