Econ 3.0. An improving economic story:
Bottom Line: The United States is 241 years old. We've had 45 Presidents, two world wars, a civil war, a Great Depression, Great Recession and through it all have averaged economic growth of 3.1%. What's changed is that the last year we've had an average year of economic growth was 2005. 11 full years since we've even had an average economy. It's easy to explain why. The economy started to slow down prior to the Great Recession, then we had the Great Recession and followed with a bunch of heavy handed government regulation and socialistic economic policies...none the least of which was the socializing of 1/6th of the US economy - healthcare. The result was highly predictable.
Average economic growth of the previous eight years under the Obama administration's policies...1.5%. Less than half of the average growth rate. Even when you only look at the growth rate of the post-Great Recession recovery, the growth rate was still a paltry 1.8%. So as left leaning economists and their friends in the media became used to the economy becoming more regulated and rooted in government controls and progressively less on the free market based principals (that led to the US becoming the worlds leading superpower within 150 years) - they said 3% growth couldn't be done anymore.
The President was mocked and derided by many for asserting it was still possible. "Experts" suggested that his budget blueprint couldn't be taken seriously because they included 3% growth estimates. Well, in just the 2nd quarter under the Trump administration, after 30+ pieces of legislation repealing Obama-era regulations were quickly passed, in addition to a number of executive orders repealing Obama-era orders...We have 3% growth. That didn't take long.
While many in the media are now eating crow or attempting to ignore the good news at all costs - it's important to note what the real opportunity is here. Just simply loosening the handcuffs on some industries has brought us quickly to 3% growth. If we were to obtain real follow-through with tax reform, and ultimately healthcare reform, we not only would have the potential to maintain 3% growth - we could have considerable upside from 3%.