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Morici: Expect Poor Growth as 'Americans Don't Spend Money in the Winter'

(AP/Gerland Herbert)

By    |   Wednesday, 19 April 2017 03:49 PM

Peter Morici, economist at the University of Maryland, warned Newsmax TV not to expect robust first-quarter economic growth.

“Americans don't spend a lot of money in the winter anymore,” he told America Talks Live.

“Instead they have fun during the Christmas season, the holiday season to be politically correct, and then they pay off their credit card debts in January, February and March,” he told host Bill Tucker.

“No matter how you slice it, they're not spending a lot of money. We have to wait and see what spring is like as to whether the economy improves over last year,” said Morici, who is also a Newsmax Finance Insider.

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However, official overall first-quarter growth estimates are not good. The Atlanta Federal Reserve predicts that gross domestic product (GDP) expanded just 0.5 percent during the period.

Morici doesn't expect any notable improvement anytime soon.

“Don't hold your breath, Mr. Trump hasn't gotten much done and it's going to show in the numbers,” he said.

“They expect the second coming of Christ. And guess what Donald Trump is not it,” he said.

“You can't blame it all on the Democrats. Where is his tax plan? The answer is he doesn't have one,” Morici said of Trump.

“By this time, Reagan had a tax plan working its way through Congress. He had something to propose,” Morici explained.

“On taxes, infrastructure, immigration and so forth we've heard a lot of generalities about ‘what I'm going to do.’ But except for regulation orders his individual cabinet officials are making some progress, they are making progress in those areas, but he doesn't have anything on the table,” Morici said.

“The Treasury secretary and his aluminum siding salesman, the honorable Mr. Gary Cohn, don't have much in the way of bright ideas about how to cut taxes. They just keep talking in generalities. That’s the problem. They finally hired an economist but you know, Cohn has managed to marginalize every economist that comes near the White House,” Morici said.

As for Treasury Secretary Steven Mnuchin, "there isn't much prospect of him getting much done," Morici said.

(Newsmax wire services contributed to this report).

Peter Morici is an economist and business professor at the University of Maryland, and a national columnist. He tweets @pmorici1

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Peter Morici, economist at the University of Maryland, warned Newsmax TV not to expect robust first-quarter economic growth.
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Wednesday, 19 April 2017 03:49 PM
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