<p>Among many of Trump&rsquo;s campaign goals was to use tax cuts, deregulation, and new trade deals to increase America&#8217;s GDP to 4% or better.</p>
<p>But alongside the unveiling of Trump&rsquo;s tax plan comes reports that economic growth is slow &ndash; really slow. As reported by <em>Newsmax</em>, first quarter growth was &ldquo;the weakest performance in three years.&#8221; ;</p>
<p>In a report released on Friday, the Commerce Department puts first quarter growth at just 0.7 percent &#8211; compared to 2.1 percent during the fourth quarter. Consumer spending grew 0.3 percent during the first quarter, compared to 3.5 percent during the fourth quarter. </p>
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<p>This is the &ldquo;poorest showing in more than seven years,&rdquo; reports <em>Newsmax.</em></p>
<p>Many have been quick to blame the slowdown on Trump&rsquo;s election, but it seems to me that increased spending during the holiday season followed by a reduction in spending during the first months of a new year is commonplace. ;</p>
<p>The slowdown has also been blamed on reduced government spending and unseasonably warm weather, the latter of which led to a significant decrease in utility spending. ;</p>
<p>Weak first quarter growth is a trend that has partially been blamed on the ;government&rsquo;s inability to adjust its figures for seasonal changes. The Bureau of Economic Analysis is currently involved in a 3-year program to address this problem. ;</p>
<p>Let&#8217;s not forget that Trump inherited a poor economy. Last year&#8217;s GDP was just ;1.6 percent, the weakest we&rsquo;ve seen in 5 years. Economists expect this year&rsquo;s growth to be just above 2 percent, with growth during the April-June quarter to be about 3 percent. ;</p>
<p>&ldquo;There are a lot of tailwinds behind consumers going into the spring, including low unemployment, better wage growth, high consumer confidence, and record stock prices,&rdquo; says economist Mark Zandi. The unemployment rate is currently at about 4.5 percent, the lowest we&rsquo;ve seen in nearly a decade. ;</p>
<p>Sal Guatieri, senior economist at BMO Capital Markets, says he expects government and consumer spending to bounce back soon. &ldquo;Still, the report will mark a tough start to the administration&rsquo;s high hopes of achieving 3 percent or better growth, not the kind of news it was looking for to cap its first 100 days in office.&#8221;</p>
<p>If anything, first quarter stats show that we&rsquo;re in serious need of the type of policies Trump is proposing. ;</p>
<p>&ldquo;We need the president&rsquo;s tax plan regulatory relief, trade negotiations, and the unleashing of (the) American energy sector to overcome the dismal economy inherited by the Trump Administration,&rdquo; says ;Commerce Sec. Wilbur Ross.</p>
<p>Unfortunately, Congress is unlikely to approve some version of the president&rsquo;s tax plan until late this year, meaning the effects won&rsquo;t be felt until 2018.</p>