Wall Street Economists Underestimated Trump’s Economic Surge by 94%, Data Reveals

On Tuesday, Kevin Hassett, director of the National Economic Council, stated that Wall Street economists have repeatedly underestimated President Donald Trump’s economic agenda. Citing a Bloomberg survey, Hassett revealed that nearly all forecasters missed the latest growth surge, with 61 out of 62 surveyed economists predicting significantly lower figures than actual.

“The data shows that 94% of the time, Wall Street economists have underestimated Donald Trump’s performance,” Hassett said. “This pattern is consistent across both his first term and this current administration.”

Hassett attributed the robust growth in the third quarter to Trump’s economic policies, particularly trade initiatives aimed at reducing reliance on China. He noted that imports from China have dropped from 22% of total U.S. imports in 2017 to approximately 9%, the lowest level since China joined the World Trade Organization.

Additionally, Hassett rejected claims that Trump’s trade policies would cause an inflation spike, pointing to core inflation at 1.6%. “They said it would cause an inflation spike, and it hasn’t,” he remarked.

The director also highlighted strong consumer spending as evidence of American economic optimism, citing a third-quarter consumption boom and the largest Black Friday on record.

“I think sooner or later people are going to have to stop underestimating him,” Hassett added. “The data keeps coming out like it did in his first term.”