Heritage Foundation Chief Economist Steve Moore said the growth of President Trump’s economy is proving top economists wrong.
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“A lot of the economists like Larry Summers and Paul Krugman and others said that there’s no way that Donald Trump can get us to 3 to 4 percent growth,” he told FOX Business’ Stuart Varney on Monday. “Guess where we are right now?”
Gross domestic product increased 3.5 percent in the third quarter, according to a revised estimate from the Bureau of Economic Analysis, and Moore said that 2018 would end with growth of about 3.3 percent.
“I don’t see anything to slow it down,” he said.
Meanwhile, trade turmoil between the U.S. and China, the prospect of another Federal Reserve interest rate hike and uncertainty over Britain’s exit from the European Union contributed to a highly tumultuous week on Wall Street. On Friday, the Nasdaq Composite joined the Dow Jones Industrial Average and the S&P 500 in negative territory for the week.
But in Moore’s opinion, even though the “market is getting pessimistic,” the economy and stock market will be “better than ever” next year if Trump can pull off the China deal.