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Ep. 246 Fed Forecasts Propaganda Or Inco…mpetence

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Summary: Last quarter the Atlanta Fed's Q1 GDP forecast was 3.4% in February. The most recent number was actually .7%. After all the negative economic data that came out today suggesting that Q1 could be revised lower, the Atlanta Fed came out with their forecast for Q2 GDP at 4.3%. How is this possible, with no economic data to support this projection? Either they believe their policies are still valid in the face of data on a downward trajectory, or they are simply acting as salesmen, promoting economic health regardless of the actual data.

Today was Donald Trump's 100th day as President of the United States
The media is covering this event and looking back over the last 100 days
Trying to assess the effectiveness of Trump's presidency thus far
What has he accomplished, how much progress has he made;
I think the origin of assessing the first 100 days of a presidency goes back to Franklin Delano Roosevelt
Who of course became president during the Great Depression
I think the President accomplished a lot during his first 100 days
That's been the benchmark for which future presidents have been judged
It's not about which President did the most good for the country during the first 100 days
It's just, "Who did the most?"
Because, FDR did a lot, all of it harmed the economy
Not only did FDR's exacerbate and expand the depression,
His actions had repercussions for decades
We are suffering today from the mistakes that FDR made in his first 100 days
He accomplished a lot, but he accomplished a lot of mistakes
I would rather have a president do nothing for his first 100 days
If a President just played golf for 100 days and did nothing
Chances are he might be the best president we've ever had
Most Presidents do damage to the economy during their first 100 days
To the extent that they pass a law, chances are, the law just limited our freedom and reduced our standard of living
That's true for most politicians: doing nothing is better than doing something
Because doing something normally means doing harm
I wish politicians would take the Hippocratic Oath, "First do not harm"
If politicians took that oath, they could not do anything
To the extent that a President can undo the damage done by a previous President
Then, he would be doing a good thing
I recognize that some of the things that Trump is trying to do is to undo Obama's mistakes

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