Kevin Hassett: ‘It’s Really One of the Best GDP Announcements or Releases that You Could Imagine’

HASSETT: “Yeah, it’s really one of the best GDP announcements or releases that you could imagine, because there’s blockbuster growth way above expectation and there’s also a real, real almost collapse in inflation. It went down by about a 0.5%, all the way down to 2.1%, which is the Fed’s target. And so to have high growth with low inflation — and also high income growth, personal income growth was 3%. That’s just, like, about a sweet spot for a GDP release. And I will add that all of this happened while $127 billion in tariffs was raised, which is clearly arming the American consumer, and we’ve been downsizing government in order to be more fiscally responsible. 70,000 federal jobs have been reduced at 5% — there was a 5% reduction in federal government spending while all this was going on.”