Trump fell short of 3 percent GDP goal in 2018, revised figures show

Trump fell short of 3 percent GDP goal in 2018, revised figures show
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President TrumpDonald John TrumpTrump reversed course on flavored e-cigarette ban over fear of job losses: report Trump to award National Medal of Arts to actor Jon Voight Sondland notified Trump officials of investigation push ahead of Ukraine call: report MORE failed to achieve his goal of 3 percent economic growth in 2018, according to Commerce Department data released Friday.

The Bureau of Economic Analysis issued a slew of revised gross domestic product (GDP) data, including a downward revision to last year's figure.

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Previous government data showed Trump had fulfilled his campaign pledge of 3 percent expansion — a key measure of growth that the president and his allies have used to tout the administration's economic accomplishments — but the year-over-year figure was lowered to 2.5 percent on Friday.

Trump pledged throughout his 2016 presidential campaign that he would usher in an era of continuous 3 percent growth with sweeping tax cuts and deregulation. Under former President Obama, the economy largely stayed within the bounds of 2 percent growth as it recovered from a recession that ended in the middle of 2009.

Trump was widely criticized by dozens of economists who argued that the U.S. no longer has the productive capacity to sustain annual growth above 3 percent. Economists also doubted the ability of Trump, or any president, to give the economy a significant boost just one year after taking office.

Initially, the president appeared to be vindicated after the GOP tax-cut law helped boost growth. But the significant reduction in the fourth quarter growth rate for 2018 strips Trump of a crucial selling point as he seeks to make the economy a key component of his reelection campaign.

GDP growth in the past three months also slowed notably, falling from a rate of 3.1 percent in the first quarter to 2.1 percent in April through June.