It is an undisputed fact the American economy is picking up and one of the big reasons why is because of President Donald Trump. It is no coincidence the stock market has hit a historic high after the passage of the tax bill. Unemployment is currently at a 17 year low; unemployment for African-Americans is also at a 17 year low. The same is true for Hispanics, as job growth for Hispanic-Americans has also improved. Economists have noted “total earnings” are up almost 5% from last year. Job cut announcements have also been the lowest since 1990. A host of big businesses, including Exxon Mobil, Delta, Hyundai, Toyota, and Bayer AG have announced plans to make vast investments and significantly increase hiring. Labor productivity almost doubled in the third quarter, while household wealth increased by $1.7 trillion. Quite nearly 1.4 million Americans fell off the food stamp rolls since Trump took office. Claims for unemployment have fallen to the lowest level in 44 years. The Dow Jones average has increased more than 32% since Trump’s election last year.
Broadcom Limited has announced it is returning its headquarters to the United States, bringing with it $20 billion in yearly revenue. Corning is investing $500 million and creating 1,000 new jobs; Foxconn Technology is investing $10 billion, building a factory in Wisconsin, which will create 3,000 new jobs and may benefit another 22,000 employees.
We’ve felt the effect here in Tennessee, too. Tennessee is one of 12 states that have reached record low unemployment rates.
Since Trump took the oath of office the number of people working is up by almost 1.9 million. President Trump’s insistence on tax cuts and deregulation has obviously been good for growing jobs for Americans. Every demographic – – – from those with no high school or college diploma to those with degrees – – – has seen a decline in unemployment.
The notion, espoused by some leftists, that Trump is the beneficiary of an economic pump primed by his predecessor, Barack Obama, is blatantly absurd. Under Trump there has been positive Gross Domestic Product growth, while just the opposite was true under Obama. In fact, Obama is the only president in the history of the United States not to reach 3% of the GDP in a single year. Even the New York Times published a headline: “The Trump Effect: Business Anticipating Less Regulation, Loosens Purse Strings.” The Times even ruefully acknowledged a “wave of optimism” in the country, which has resulted in an expansion of the economy. Still, the Washington Post is twisting itself into a mutant pretzel to attempt to give Obama the credit for the economic upswing.
Nor does anyone seem to recall both Bill Clinton and Barack Obama at one time supported reducing the corporate tax rate. It has been both amusing and disgusting to hear liberals wail about increasing the deficit, something they only seem to acknowledge when a president proposes to cut taxes. The national debt almost doubled during Barack Obama’s presidency and for the life of me, I cannot recall Democrats and liberals being the least bit concerned about it.
The National Association of Manufacturers surveyed its membership and found almost 95% of those responding had a positive outlook for the future of their businesses. The Bloomberg Consumer Comfort Index has just reached a 16-year high.
Companies like Comcast and AT&T and North Carolina’s BB&T have doled out bonuses for employees. Summit State Bank in Santa Rosa, California has issued $2,000 checks to its employees. More than 60 businesses have announced they are raising wages for their employees.
You may not hear much about these accomplishments from the mainstream media, but it doesn’t make it any less real.