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Capitol Report: White House sees U.S. growth 50% faster than the Fed does

Reuters
New copies of President Donald Trump’s Budget for the U.S. Government for the Fiscal Year 2019 lay on a display table at the U.S. Government Publishing Office.

The Trump administration likes to take a rosy view on the economy, and the budget blueprint released Monday is no different.

The latest projections show that the gap between what the Office of Management and Budget and the Federal Reserve projects for gross-domestic-product growth is as wide as 50%.

GDP growth 2017 2018 2019 2020
White House 2.5% 3.1% 3.2% 3.1%
Fed 2.5% 2.5% 2.1% 2%

A growth rate north of 3% for an entire year isn’t impossible, but economists say it’s difficult given current population and productivity trends.

The OMB forecast assumes all this growth — last seen in the run-up to the housing bubble — will occur with inflation actually remaining below the Fed’s 2% target through 2021.

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