During an interview with CBS's "60 Minutes," Sunday, Federal Reserve Chairman Jerome Powell admitted that the economy has slowed a little under President Donald Trump's leadership.
Trump, who brags about economic success nearly as much as he attacks people, claims the economy has never been better and all of the achievements are his doing. If that is the case, the examples of slowing must be his as well.
"Generally speaking, the U.S. economy is coming off a very strong year last year," he told CBS's Scott Pelley. "We had growth, just a touch higher than 3 percent. We have high levels of employment, low levels of unemployment, wages are moving up. Consumer confidence is high; business confidence is high. We've seen a bit of a slowing, but I would say the principal risks to our economy now seem to be coming from slower growth in China and Europe, and also risk events, such as Brexit."
"I think growth this year will be slower than last year," he continued. "Last year was the highest growth that we've experienced since the financial crisis, really in more than ten years. This year, I expect that growth will continue to be positive and continue to be at a healthy rate."
The Trump Trade War has caused added problems, perpetuated by the president's lack of knowledge about the actual impact on the economy. For example, Trump has promised to bail out farmers suffering under the trade war. The funding for it, according to the White House, will come from the economic benefit of the tariffs. He's claimed China will pay for it. The Washington Post editorial board explained how that is a lie.
Watch what Powell says below:
