Trump's 100 days brings weakest economic growth in 3 years
In the first quarter of 2017, the American economy grew at the slowest rate in three years, rising at just 0.7%, thanks to weak consumer spending, Bloomberg reported Friday.
The news comes on the 99th day of Donald Trump's presidency, which he promised would bring an economic boom and increased job production. However the economy grew at a slower pace than economists projected.
The news comes after a disappointing March jobs report that did not meet expectations. While economists say the slow economic growth in the first three months of 2017 isn't necessarily an indictment of Trump's presidency, it kneecaps his argument that his tax reform plan could be paid for by economic growth.
Trump claimed the tax cuts he proposed on Wednesday — which would lower the tax burden for wealthy Americans like himself — would grow the economy at a rate of 3%, which he said will pay for the lost tax revenue.
However economists predict the economy will grow at just 2.2% to 2.3% through 2019, according to Bloomberg, far short of Trump's promise.