|Trump’s Economic Record is Fantastic on Many Levels|
|keywords: US Economy GDP Growth Economic Factors economic growth|
No one can deny that President Trump’s decisions have been game-changing for the US economy unless you are a delusional Democrat.
As a result of modifying almost all the negative economic policies of Obama, now the country’s economy is booming like never before.
Trump Reversed the Destructive Obama Economics
In a recent briefing, Kevin Hassett, Chairman of White House Council of Economic Advisors, noted that all the significant economic indicators have showed that Obama administration’s policies were responsible for stalling the economic progress of the country.
He explained that before the November 2016 election, small businesses were on the verge of losing all hope of expanding.
In fact, business investments were also doing poorly. Then in 2017, everything took a turn. New businesses are booming and more new applications are turning in than they ever did during the entire second term of Obama.
Hassett also said that Trump has managed to do something most Americans have been praying for: to significantly increase the number of blue-collar jobs in America. There have never been so many jobs in the country for manual labor workers since the fantastic Reagan administration decades ago.
GDP Growth, Job Rate, and Other Crucial Economic Factors
In Obama’s second term, the rate of GDP growth was on a decline, dropping from 2.3% in the second quarter to 1.9% in the third quarter. It dropped even further to 1.8% in the fourth quarter of 2016. We were in a perpetual recession under that job killing buffoon.
On the other hand, under Trump administration, the GDP growth has been averaging 2.9%. A record 4.2% GDP growth was recorded in the previous quarter and more is expected to follow in the current one.
The stock market isn’t behind either. A 45% growth has been recorded by the Dow under Trump’s administration, while it was stagnant before the November 2016 election.
According to a report published by Sentier Research, real median family income was also stuck during the period of August 2015 and November 2016. After Trump became president, it has increased by over 4%. In addition, wages are also continuously rising.
The unemployment rate under Obama’s administration was also almost unaffected. In January 2016, it was 4.9% and 4.8% in January 2017, when Trump came into the office.
Now, the unemployment rate has dropped to 3.9% and the wages have increased by 2.9% for low-wage and blue-collar workers in America. According to the report, this has been the fastest rise in wages in the last decade.
At the same time, the unemployment rate in the African-American population has been the second-lowest in decades at 6.3%. Similarly, Hispanic and Asian jobless rates are currently at all-time lows.
The low-wage earners in these population segments who suffered significantly during the financial crisis are now experiencing the biggest economic boom in the last decade.
Sixty-eight academic, financial, and business economists were surveyed by The Wall Street Journal at the beginning of 2018, and all of them said that they truly believed president Trump’s economic policies would boost the country.
Almost 90% of these economists said that the tax cuts introduced by Trump would put the economic growth on a fast track.
Interestingly, the same group had said that previous president Obama’s policies would be harmful to the long-term growth of the American economy and it was. Obama’s economy was nothing but malaise and food stamps – kind of like what is happening now in NY and CA – two states ran by Democrats.
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