Great news about the economy. Transcript:
THE PRESIDENT: Good morning. Moments ago, the numbers for America’s economic growth — or GDP — were just released. And I am thrilled to announce that, in the second quarter of this year, the United States economy grew at the amazing rate of 4.1 percent. We’re on track to hit the highest annual average growth rate in over 13 years. And I will say this right now, and I’ll say it strongly: As the trade deals come in one by one, we’re going to go a lot higher than these numbers. And these are great numbers.
During each of the two previous administrations, we averaged just over 1.8 percent GDP growth. By contrast, we are now on track to hit an average GDP annual growth of over 3 percent, and it could be substantially over 3 percent. Each point, by the way, means approximately $3 trillion and 10 million jobs. Think of that. Each point — you go up one point — that doesn’t sound like much; it’s a lot. It’s $3 trillion and it’s 10 million jobs.
If economic growth continues at this pace, the United States economy will double in size more than 10 years faster than it would have under either President Bush or President Obama.
Perhaps one of the biggest wins in the report, and it is indeed a big one, is that the trade deficit — very dear to my heart, because we’ve been ripped off by the world — has dropped by more than $50 billion. $52 billion, to be exact. It’s dropped by more than fifty. Think of that. The trade deficit has dropped by more than $50 billion. And that’s added — and adding — one point to GDP. That’s a tremendous drop. We haven’t had a drop like that in long time. You’ll have to go back a long time before you find it.
By increasing growth to 3 percent over the next 10 years, that would mean 12 million new American jobs and $10 trillion of new American wealth, at least. And that’s not including the fact that, since I was elected, we’ve created approximately $7 trillion of new wealth.
Much more at the site. Here is the video of his speech:
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