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World Bank Releases Bleak Outlook for U.S. Growth this Year through 2022

Courtesy of Pam Martens

U.S. Activity Indicators (Source: Haver Analytics; World Bank)

U.S. Activity Indicators (Source: Haver Analytics; World Bank)

By Pam Martens and Russ Martens

Yesterday the World Bank released a report forecasting a decidedly bleak outlook for GDP growth in advanced economies. The U.S. is expected to grow at just 1.8 percent this year and a further drop to 1.7 percent in 2021 and 2022. That forecast throws extremely cold water on what Donald Trump promised just two years ago.

On December 6, 2017 President Donald Trump stated at a news conference that his giant corporate tax cut (which Congress ended up passing later that same month) could boost GDP growth to “4, 5 and even 6 percent.” (See video clip below.) In 2018, U.S. GDP registered 2.9 percent and GDP growth for 2019 is expected to drop to approximately 2.2 percent, according to the Federal Reserve’s latest forecast.

Thus, a tax cut that has spiraled the United States’ national debt to over $23 trillion, and growing rapidly, has failed to make a material improvement in the substandard growth rate of U.S. GDP since the epic financial collapse of 2007 to 2010.

From 2009, the year after the worst of the financial collapse on Wall Street, through 2018, U.S. GDP has grown at an average rate of 1.8 percent. That substandard rate has persisted despite three rounds of Quantitative Easing (QE) by the Federal Reserve which, as a result, now has a balance sheet of over $4 trillion; $29 trillion in secret revolving loans by the Federal Reserve to bail out Wall Street trading houses and their foreign derivative counterparties; vast amounts of federal government fiscal spending to stimulate the economy; and the massive tax cut of the Trump administration.


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