“The golden era is here,” Joe Lavorgna, counselor to Secretary Scott Bessent at the U.S. Department of Treasury, said during an appearance on Breitbart News Saturday, detailing the positive economic news and the execution of President Donald Trump’s economic vision.
Host Matthew Boyle pointed out that there is are “several major pieces of economic news that have come out in the last few days that show that President Trump’s vision for the U.S. economy is working.”
“First and foremost, we’ve seen the newly revised Quarter 2 GDP numbers. [They] show that the U.S. economy grew at 3.8 percent in the second quarter. That’s significantly higher than the first and second estimates, and there’s some signs that this growth is continuing into the third quarter,” Boyle said as Lavorgna put these figures into greater perspective.
“Every year of economic analysis go back. They get more complete data on spending and income, and then they allocate it across the economy. It’s a comprehensive revision. This one went back five years, and what it showed is the economy now, in the second quarter, grew 3.8 percent as you alluded to, but more importantly, it was the private sector,” Lavorgna pointed out.
“So you had a two and a half percent increase in consumption, you had a near 9 percent increase in capital expenditures, and that’s what powered growth. If we take out federal spending, which fell about 5 percent, GDP — excluding federal government spending — rose four and a half percent in inflation adjusted terms,” he said, describing this as a “Trumpian type of boom.”
This kind of strong growth, he continued, is something that Bessent told people we could get last year and that it would “happen in an environment when inflation would stay low, tariffs would have a de minimis effect.”
“We’re seeing that,” he explained, “and as we look to the third quarter, the widely followed Atlanta Fed GDP now — and they’re nonpartisan, I’d say they’re not biased, but I wish they got a little higher.”
He explained that “all the things President Trump has talked about,” including “restoring the economy’s growth to a much higher plateau [and] creating an economy that works for everyone — especially the middle and lower classes,” are happening.
“So if you get 4 percent growth, basically two quarters in a row, I mean, the golden era is here,” he added.
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