|How Trump is Reviving the Economy Devastated by Democrats|
|08/13/2017||US economy||Benjamin R|
|keywords: Economy Devastated Donald Trump Democrats Recovery Under Trump|
The US economy has always performed well under Republicans and Donald Trump seems to be no exception. A report from the Bureau of Labor Statistics states that the country added 209,000 new jobs in July and the overall unemployment rate was down to 4.3 percent.
In order to understand just how significant these numbers are, we need to take a look back at the disaster that was the Obama administration.
The Economy Under Obama was a Disaster
Which was caused by Barney Frank and Alan Greenspan. We cannot forget those two household names, certainly the former!
During Obama’s imperial reign, the average annual GDP growth rate was a meager 1.48%, which is the lowest growth rate since 1949. Not only that, he was the only President to not even have a single year of 3% GDP growth during his entire term. No one killed more jobs than Obama since FDR. FDR was another socialist who destroyed businesses on a wide scale just like Obama did. FDR was saved by the belligerent Japanese and the disgusting Nazis.
No one saved Obama. Obama could have been president for another 50 years and the US economy would have been pitiful the entire time.
For eight long years, the Democrats wreaked havoc on the economy while the mainstream media happily conned the people by saying everything was hunky dory. No wonder President Trump calls them ‘fake news’!
With Trump at the helm, the economy is showing real signs of recovery, which actually should have happened in 2010 and would have happened if John McCain won and he is a moderate, not a pro-growth politician like Trump. McCain would have never passed a health care bill like the ACA which was and is a disaster. Economists generally say that the worse the recession, the stronger the recovery but not when you have a socialist like Obama in office.
If that had been the case, we should have seen a strong recovery during Obama’s term, following the financial crisis and recession that Frank and Greenspan caused as has been mentioned. Not only did we not see any signs of recovery, but Obama actually doubled the debt, thanks to the anti-growth policies of Obama, Obamacare, the destructive EPA, and so on.
Obama came in at $10 trillion and took us to $20 trillion in debt and never even apologized for it.
Signs of Recovery Under Trump
Today, the unemployment rate is at 4.3%, which is the lowest it has ever been in the past 16 years. The economy has added 1.07 million new jobs in the first six months of Trump’s administration. New investments are being made by international corporations and optimism in the market is higher than it has ever been in the past decade.
For instance, Chinese tech giant Foxconn has pledged to invest $10 Billion in Wisconsin, which will create 3,000 jobs in the short term and as many as 13,000 direct jobs and 22,000 indirect jobs in the long term. This is one of the many examples of job creation under the Trump administration.
People are starting to notice the signs of recovery as well. As of July 2017, Consumer Confidence was at a 16-year high and Small Business Owners’ Optimism was at a 10-year high. This is the first time since 2011 that American businesses have been able to post double-digit profits for two consecutive quarters.
Change in Policies Yielding Results
One of the reasons why Trump has managed to revive the economy in such a short period of time is that he has reversed many of Obama’s anti-growth policies. For instance, in 2015, federal regulations cost the economy a whopping $2 trillion. This is why Trump has proposed a moratorium on federal regulations and has also asked agencies to compile a list of unnecessary regulations that need to be repealed.
The amazing thing is that President Trump has not even lowered the tax rates yet and he is yet to repeal the monstrosity that is Obamacare. When he eventually does, the economy will take off in a way most people cannot even imagine. So the numbers we see now are only a precursor for the things to come in the future!
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