The U.S. economy expanded more than 3% during the second and third quarter of 2017, with the Federal Reserve Bank of Atlanta's GDPNow model predicting 3.4% growth in the fourth quarter. On top of that, stocks continue their record rally with the Dow passing the 26K milestone Tuesday.
However despite concerns that a potential drop is coming, former NBC Universal CEO Bob Wright said he agrees with the Trump administration predictions for even further economic growth boosted by the recent tax reform legislation.
“And I’ll say one thing, [Dow] 26,000, I don’t think we really haven’t gone anywhere near where we’re going to go,” Wright told FOX Business’ Stuart Varney on “Varney & Co.”
According to Wright, the tax reform plan could potentially impact the economy into next year and beyond.
“I’ve predicted 2018 will be the most outstanding year since probably 1996 or 1997 in terms of productivity, in terms of probably getting close to 4% on GDP and then the following years are going to have tremendous opportunity to that. “
Do you notice the Fake News Mainstream Media never likes covering the great and record setting economic news, but rather talks about anything negative or that can be turned into the negative. The Russian Collusion Hoax is dead, except as it pertains to the Dems. Public gets it!— Donald J. Trump (@realDonaldTrump) January 16, 2018
Wright also predicted the tax reform package could lead to as many as 10 million jobs being created over the next decade, said the booming economy would benefit a wide range of businesses in America.
“The economy is going to be so strong this year that you’re going to see all kinds of things, real estate is going to happen, small businesses, large businesses, bringing back that cash or a lot of that cash is going right into the economy.”