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Trump declares economic 'boom' underway as CBO sounds slowdown alarms

John T. Bennett, CQ-Roll Call on

Published in Political News

NEW YORK -- Despite warning signs of an economic slowdown, President Donald Trump on Tuesday told an audience of wealthy and influential New York players that the U.S. economy is booming -- almost exclusively because of his stewardship.

"Today, I am proud to stand before you as president to report that we have delivered on our promises -- and exceeded our expectations. We have ended the war on American workers, we have stopped the assault on American industry, and we have launched an economic boom the likes of which we have never seen before," Trump said at a lunch hour address before the Economic Club of New York, the word "boom" in all capital letters on the White House-released excerpts.

But despite the president's rosy assessment, some economic analysts point to a slowing economy.

Hours before Trump's speech, the Congressional Budget Office released a series of projections, including higher unemployment and stable federal deficits -- despite longstanding Republican opposition to Washington taking in more than it spends.

Still, Trump used part of his address Tuesday to again ding the Federal Reserve, saying its interest rates have hindered American competitiveness.

"Give me some of that, give me some of that money, I want some of that money," he said of negative interest rates. "Our Federal Reserve doesn't let us do that. ... We're paying a much higher rate of interest."

 

Of the 2020 Democratic presidential primary field, Trump said he intends to "let them keep talking" about their economic plans because he doubts voters will buy in, making his reelection "easier than I thought it would be."

And Trump once again touted the unemployment rate, which has declined under his watch.

"Under my administration, 2 million prime-age Americans have come off of the sidelines and rejoined the labor force," Trump said. "Over 1.1 million fewer Americans are now forced to rely on part-time work today than when I was elected. A record number of Americans are quitting the job they have to take a job they like even better."

The president also invited "dictators" to "come on in" and make deals with U.S. firms. "Whatever is good for our people," he said.

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