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White House economists predict that economic growth will not hit Donald Trump ’s much invoked target of 3 per cent.
The strength of the economy is likely to be a key plank in the president’s re-election campaign.
The only way in which the 3 per cent target might be reached is if Congress enacts major legislation such as an infrastructure package, immigration reform, new trade deals, or additional tax cuts.
With Democrats in control of the House of Representatives , that seems very unlikely in the run-up to November’s election, The Washington Post reports.
The annual Economic Report of the President , published on Thursday by Mr Trump’s Council of Economic Advisors predicts that the economy will grow by 2.4 per cent in 2020 and 2.3 per cent in 2021.
Donald Trump celebrity president: A decade in two halvesShow all 29 1 /29Donald Trump celebrity president: A decade in two halves Donald Trump celebrity president: A decade in two halves Trump styles his 'You're fired!' pose in his Trump Tower office in June 2012. At the time he was known as a reality TV star on The Apprentice
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Donald Trump celebrity president: A decade in two halves He was also well known as the patron of the Miss Universe competition
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Donald Trump celebrity president: A decade in two halves Early signs of Trump's ambition for the presidency can be found everywhere. Not least in his 2011 book 'Time to get tough: Making America #1 again'
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Donald Trump celebrity president: A decade in two halves Trump with Piers Morgan in November 2010. Piers Morgan has long held that he and Trump are good friends
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Donald Trump celebrity president: A decade in two halves Trump appeared on Fox & Friends, his favourite show, in August 2011
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Donald Trump celebrity president: A decade in two halves Trump considered running in the 2012 election, where he would have faced Barack Obama. He is speaking here at an event for a Republican women's group
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Donald Trump celebrity president: A decade in two halves Trump was subject to a Comedy Central roast in 2011. He is pictured here being roasted by rapper Snoop Dogg
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Donald Trump celebrity president: A decade in two halves Given that this Trump store is in the lobby of Trump Tower, it can be said that Trump sells merchandise of himself out of his own home
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Donald Trump celebrity president: A decade in two halves Trump held meetings with prominent Republicans when considering his 2012 bid. He is pictured here with Alaska governor Sarah Palin
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Donald Trump celebrity president: A decade in two halves He didn't end up running in 2012 afterall, instead endorsing Republican candidate Mitt Romney
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Donald Trump celebrity president: A decade in two halves Trump's golf course in Aberdeen proved controversial in 2012 when he began lobbying the Scottish government against wind power in order that they wouldn't install turbines off the shore by his new course
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Donald Trump celebrity president: A decade in two halves He even gave evidence to a Scottish parliamentary committee discouraging wind energy
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Donald Trump celebrity president: A decade in two halves He still found time for a round of course
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Donald Trump celebrity president: A decade in two halves On 16 June 2015, Trump announced that he would run for the presidency of the United States in the 2016 election as a Republican
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Donald Trump celebrity president: A decade in two halves His campaign was divisive, courting controversy wherever he went. Ultimately he was declared the Republican candidate in June 2016
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Donald Trump celebrity president: A decade in two halves Trump took part in the TV debate against opponent Hillary Clinton on 9 October
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Donald Trump celebrity president: A decade in two halves Trump and wife Melania vote in the presidential election on 8 November 2016
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Donald Trump celebrity president: A decade in two halves Hillary Clinton conceded defeat at 2:50am on 9 November and president-elect Trump swiftly delivered his victory speech to a crowd of supporters
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Donald Trump celebrity president: A decade in two halves News coverage around the world focused on the huge political upset that Trump's victory spelled
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Donald Trump celebrity president: A decade in two halves Trump met with president Obama to discusss transition planning on 10 November.
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Donald Trump celebrity president: A decade in two halves Donald Trump and Nigel Farage pose in the golden elevator at Trump Tower on 12 November 2016. Farage was the first British politician to meet with Trump after the election
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Donald Trump celebrity president: A decade in two halves The inauguration of Donald Trump took place on 20 January 2017. Trump's press secretary Sean Spicer boasted that the crowd was the 'largest ever' to witness an inauguration, a claim that was proved not to be true
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Donald Trump celebrity president: A decade in two halves In his first 100 days as leader, Trump signed 24 executve orders, the most of any president
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Donald Trump celebrity president: A decade in two halves One of Trump's most memorable election pledges was to build a wall between the US and Mexico. He is standing here in front of a prototype for a section of the wall
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Donald Trump celebrity president: A decade in two halves Trump's meetings with other world leaders have provided no short supply of photo opportunities
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Donald Trump celebrity president: A decade in two halves Trump was welcomed to the UK by the Queen and a state banquet was held at Buckingham Palace in his honour
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Donald Trump celebrity president: A decade in two halves Not everyone welcomed the president. Mass protests were held in London throughout his visits in both 2018 and 2019
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Donald Trump celebrity president: A decade in two halves One of the most significant meetings Trump has held with another leader was with North Korea's Kim Jong Un. In June 2019, Trump became the first sitting president to set foot in North Korea
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Donald Trump celebrity president: A decade in two halves 2020 will see president Trump fight for a second term in office, who knows what the next decade will bring?
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While growth at this level is well below what was promised by the president, it is similar to growth levels under President Obama , and is considered ideal for a healthy developed country.
The economy did come close to the president’s target in 2018 when it hit 2.9 per cent, but has since been impacted by his trade wars, which took the edge off the effects of the large tax cut and increase in federal spending.
Towards the end of his first year in office, Mr Trump told reporters he was holding out for economic growth of 6 per cent — a prediction described at the time as “wildly optimistic” based on historical data.
Despite the continuing conflict between reality and the president’s bravado, the vast majority of Americans say that this is the best economy since the late 1990s, which should help Mr Trump as he seeks re-election.
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