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The US Economy Reverts To A Pre-Tax Cut Growth Rate
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| Contributor | RP |
| Last Edited | RP Aug 01, 2019 11:40am |
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| Category | Analysis |
| Author | Howard Gleckman and Aravind Boddupalli |
| News Date | Thursday, August 1, 2019 05:00:00 PM UTC0:0 |
| Description | The economic benefits of the Tax Cuts and Jobs Act (TCJA) seem to have petered out.
The US economy grew robustly in late 2017, perhaps partly due to expectations for a coming tax cut (which Congress passed in late December of that year). But the rate of growth peaked in the second quarter of 2018 and has been slowing ever since. Last Friday, the government estimated that, after adjusting for inflation, the economy grew at an annual rate of about 2.1 percent in the second quarter.
Indeed, the growth rate in the April to June 2019 period was below the 2.3 percent average annual rate over the past decade. |
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