Would Economic Growth Have Been Closer to 4%?
Biblical Stewardship Authority Dan Celia Points to President’s Interview from Davos and Notes That Manufacturers Are Working to Fill Skill Gap
January 23, 2020
PHILADELPHIA—While his Senate impeachment trial was raging on at home, President Donald Trump yesterday sat down for an interview with CNBC at the 2020 World Economic Forum in Davos, Switzerland, to talk about the American economy.
Nationally syndicated host and biblical investing authority Dan Celia noted that the president pointed to Federal Reserve actions and “blips” that may have impacted growth.
“President Trump told CNBC on Wednesday that U.S. economic growth would have been closer to 4% if it weren’t for the lingering effects of the Federal Reserve rate hikes,” Celia said. “He said, ‘That was a big blip that should not have taken place. It should not have happened. … Now, with all of that, had we not done the big raise on interest, I think we would have been close to 4%.’
“President Trump indicated that U.S. GDP would have easily been up to somewhere around 4% had none of that happened,” Celia continued. “I have to say I do disagree with the president’s position on this because I don’t know of many other chairmen in the past who would have reversed that mistake as quickly as Jerome Powell did.”
Additionally, Celia said he is encouraged by news concerning the skill gap in manufacturing.
“In a historically tight labor market,” Celia said, “companies are spending big to upskill their current workforce to ensure a pipeline of talent. Manufacturers are set to spend $26.2 billion on internal and external training incentives for new and existing employees in 2020 to combat the shortage of available workers. That’s very, very good news. First of all, it’s good news that the manufacturing sector is doing that well. Secondly, it’s great news that they are willing to spend that kind of money. They must feel awfully good about future productivity and the future of the economy.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
To book Financial Issues Stewardship Ministries’ Dan Celia, contact Media@HamiltonStrategies.com or Patrick Benner, 610.584.1096, ext. 104, or Deborah Hamilton, ext. 102.