President Trump’s Tax Cut, Deregulation Have ‘Accelerated Growth’
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Monday JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said Monday that President Donald Trump’s tax cuts, along with some of his other efforts, have helped out the U.S. economy.
“Presidents get a lot of credit [and] a lot of blame for things they didn’t do, but the President has done things which accelerated growth.
“We needed competitive taxes. The way the American public should be thinking of it is: For 20 years, we’ve been increasingly uncompetitive, driving capital and brains overseas,” he said.
The US economy grew at its fastest pace in nearly 4 years in Q-2 as consumers boosted spending and farmers rushed shipments of Soybeansto China to beat retaliatory trade tariffs before they took effect in early July.
GDP increased at a 4.1% annualized rate also as government spending picked up, the US Commerce Department said in its snapshot of Q-2 GDP. While that was the strongest performance since Q-3 of Y 2014.
Q-1 GDP growth was revised up to a 2.2% pace from the previously reported 2.0% rate to account for updated information and methodology improvements.
Mr. Dimon also said some of the regulatory rollbacks pushed by President Trump are helping small businesses. “We’ve had less small business formation in America than in any other recovery,” he said.
“This has accelerated the growth. It’s been 20 percent over 10 years; it should’ve been 40. The reason it wasn’t 40 is because of a lot of things that we did hurt ourselves.”
Monday, the US major stock market indexes came in at: DJIA -144.23 at 25306.83, NAS Comp -107.41 at 7630.01, S&P 500-16.22 at 2802.34
Volume: Trade on the NYSE came in at 731-M/shares exchanged
- NAS Comp +10.5% YTD
- Russell 2000 +7.7% YTD
- S&P 500 +4.8% YTD
- DJIA +2.4% YTD
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