During the course of the campaign, Donald Trump repeatedly made a bombastic promise that America could return to 4% GDP growth under his leadership. During his inaugural address, he even went so far as to say “do not allow anyone to tell you it cannot be done” — a clear sign this wasn’t just a talking point but a realistic and achievable goal.

Well, it’s not.

In fact, as we near the end of 2017’s first quarter — nearly all of which was under the stewardship of Trump and Republicans in Congress — we’re looking at half that measure.

I won’t relitigate the specifics offered up by many economists who were skeptical of Trump’s growth claims — among them the Committee for a Responsible Federal Budget, which said 4% growth “is nearly impossible to achieve over a sustained period.” The fact that politicians make almost naively optimistic commitments on the campaign trail is nothing new. And the fact that Trump lives in a warped reality all his own is pretty much the defining feature of American politics right now.

But honestly, many of us don’t care much for politics. We care about real jobs, real investment returns and real growth for the U.S. economy.

And all that is simply not materializing.

Here are the real facts about the American economy right now and how anemic GDP growth is shaping up in 2017:

2016 ended with a with a whimper: At the end of January, the Commerce Department pegged fourth-quarter GDP growth at 1.9%. This was down sharply from the 3.5% rate in the third quarter and a disturbing sign, since that report was the first in the last five quarterly GDP reports to top 2%. The deceleration seems to indicate that rate of 2% or less could persist in 2017, and the Q3 numbers were just an outlier.

Enthusiasm but not growth: Sure, the fourth quarter featured a lame-duck Congress and an outgoing administration. However, the big narrative in November and December wasn’t about patience and hope for possible changes months down the road… it was all about surging consumer confidence, surging business confidence and a surging stock market. But despite some powerful emotions in November and December, we didn’t see much in the way of real momentum for the U.S. economy. If this trend persists as expected, then investors should get used to plenty of talk about economic growth from Trump and his supporters but little concrete gains in 2017.

2017 is more of the same: Economic activity hasn’t picked up in the subsequent months, either. At the beginning of March, the Atlanta branch of the Federal Reserve cut its first-quarter growth estimate to a meager 1.8% — down significantly from 2.5% previously and even worse than those anemic fourth-quarter numbers. The Fed economists aren’t outliers; major investment banks are cutting predictions to similar or lower figures — including an abysmal 0.7% growth forecast from Morgan Stanley.

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Oil prices are soft: It’s also worth noting that a lot of growth headwinds we saw in 2015 and 2016 were related to the steep decline in oil prices US:CLJ7 from their 2014 highs of $100 a barrel to under $40 at its 2016 lows. Priced have rolled back under $50 once more and seem under pressure, both from a strong dollar and from a recent output increase from Saudi Arabia. Furthermore, one credit strategist recently said a “sustained fall below $50 will likely prove a catalyst for a meaningful re-pricing of energy credit,” and amid a backdrop of rising interest rates, this could risk making debt loads unsustainable for many energy firms, as it did in 2016. Even if we don’t get the cascading junk bond defaults some fear in the sector, it is quite realistic to expect anemic hiring and capital spending among energy companies as oil stays chronically weak in price.

Stella will make a bad thing worse: I find it a convenient excuse when retail CEOs blame wet weather, warm weather or cold weather for their performance. But after seeing pictures from my family in Syracuse, N.Y., of drifts three feet high, it’s hard to imagine that’s not going to keep people from working and shopping as usual for a day or two. One recent report quoted an Oxford Economics official as saying the weather could shave 0.2 percentage points off GDP — a huge loss in an already troubled time for growth.

Watch:Amtrak train completely blasts waiting passengers with Stella’s snow

Help isn’t coming from Washington: Even if you can look past the daily distractions of Trump’s wiretapping claims or the continued revelations about sleazy ties with Russia, you can’t ignore the fact that the current war over health care has sucked all the oxygen out of Washington. With House Republicans fighting with the White House about a possible placement for Obamacare, there is no will or time to roll out the vaunted tax reforms, economic stimulus or infrastructure spending Trump promised as economic boons. That goes not just for the near term, but likely for the next several months — or longer, if this health-care fight continues to fracture the GOP.

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Help isn’t coming from elsewhere: There is a very real chance that Donald Trump’s divisive rhetoric could sour trade relations with the rest of the world. But even if you want to believe he will somehow make our global economic connections stronger, the sad truth is that the U.S. doesn’t have a lot of good counterparties right now in the world economy. Europe is struggling, with U.K. GDP forecast to be just 1.0% in 2017 and the eurozone set to grow just 1.3%, according to Euromonitor Research. Japan is also at 1.0% growth. And while China is still running at a 6% rate, many worry that growth could slow significantly in the near future.

All this is not an indictment of optimism, or proof that America’s economy is set to crash. It’s simply an honest look at the facts at hand, and proof that there’s simply no good place to go for economic growth in 2017.

That may not inform the way Washington politics and postures, and it surely won’t stop Trump from making unrealistic promises. But as investors, it should inform our decisions and expectations, and imply that continued growth in our portfolio may be hard to come by.