Trump’s economy is already proving the doomsayers completely wrong

So much for the prophecies of Trumponomics doom: Not only did the US economy grow at a 3% rate in the second quarter, the growth was all in the private sector as the government portion shrank.

Meanwhile, ADP reports that private-sector employment rose by 104,000 jobs in July, with annual wages jumping 4.4% — well above the rate of inflation, which also remains markedly lower than the conventional-wisdom crew predicted.

That is, growth was half again the consensus forecast for April-June, while July looks like a huge boon for American workers — all as many of President Donald Trump’s policies have only begun to kick in.

Trump’s tariffs have neither crashed the economy nor kicked off fresh inflation — though of course those predictions largely came from “experts” who never expected the bane of Bidenflation.

For all Federal Reserve chief Jerome Powell’s fussing, the Fed’s preferred gauge of inflation, the Personal Consumption Expenditures index, was up just 2.1% in Q2, down from 3.7% in Q1.

As for the (very real) issue of federal debt: It surely can’t hurt that Uncle Sam’s spending and “investment” fell at a 3.7% rate in the second quarter, after a 4.6% annualized drop in the first.

Bizarrely, that counts as harming GDP in the official stats, even though the nation’s plainly far better off with the wealth-creating private sector booming while the wealth-consuming public sector goes on a (modest) diet.

Meanwhile, Trump deregulation should offer a huge boost to the economy, with a single move — the repeal of the EPA’s Obama-era “climate endangerment” finding, expected to boost GDP by $150 billion to $440 billion a year.

The president’s push for more and cheaper energy will be another a huge, anti-inflationary spur to growth, and added reason for optimism among consumers and producers.

Trump’s first term was a huge win for working Americans up until COVID escaped from that Wuhan lab; now the second term is shaping up even better . . .  for everyone except the professional doomsayers, anyway.