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The Economic Miracle of President Trump

James A. Watkins is an entrepreneur, musician, and a writer with four non-fiction books and hundreds of magazine articles read by millions.

the-economic-miracle-of-president-trump

They Said It Couldn't Be Done

Jamie Dimon, CEO of Chase Bank, one of the smartest men in the world when it comes to business and a Democratic supporter of Obama and Hillary, said recently, “The U.S. economy today is the most prosperous economy the world has ever seen.”

The day President Trump was elected, our economy was in sad shape. Obama had depressed the economy with his anti-business policies and attitude. His eight years in office produced the lowest economic growth of any president in history. [1] He said happy days were never coming back, that low growth and high unemployment were the “new normal.” He said that Donald Trump could not bring back manufacturing jobs unless he had “a magic wand.”

His first quarter in office, President Trump produced 3% growth, something his predecessor never accomplished. [2] In Trump’s first year in office, thousands of companies announced enormous new capital investments, employee raises and bonuses, and plans to hire more people. [3] Unemployment went down to its lowest level in fifty years. [4] Real wages for working people went up for the first time in decades.[5]

Democrats had predicted that President Trump’s economic policies would fail miserably, even bringing about another Great Depression. Once his policies produced the most excellent economy in history, the Democrats tried to credit Obama for it! As Steve Forbes said, that would be like a sports team hiring a new coach, shocking the world by going from last place to winning a world championship, and saying the fired coach deserves the credit for the turnaround.

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Jobs, Jobs, Jobs

Under Obama, the United States had fallen out of the top ten countries in economic freedom for the first time in history, down to 16th. Under President Trump, we have quickly climbed back up to 5th in the world. [6] The most economically free countries are the most prosperous, with healthier, happier citizens.

The day Trump took office unemployment was 5.8%. It has dropped to 3.5% for the first time since 1969. [7] Not only that, the Dallas Federal Reserve recently stated the "average individual wage growth" is currently at an astonishing 5%. The average family has gotten a $5,000 a year raise because of President Trump. [8]

No single major industry in the nation has lost jobs since Trump took office. Businesses are advertising a record number of job openings. Among the strongest of all booming sectors in 2018: Health care employment increased by 323,000. Manufacturing gained 296,000 jobs. Construction employment rose by 330,000. Transportation and warehousing gained 184,000 jobs. Professional and business services added 516,000 jobs. [9]

Trump changed the mindset of federal agencies when it comes to imposing new regulations, which produce friction in the gears of business. His executive order, issued soon after he took office, commanded no creation of a new regulation without two repealed first. The result has been incredible: For every new business regulation created, 22 have been eliminated! [10] In his first three years in office, bureaucracies created the fewest new regulations since the 1960s. [11]

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Trump Tax Cut and Jobs Act

When the Trump Tax Bill was signed into law, every Democrat in Congress had voted against it. They called it “the worst piece of legislation ever,” "Armageddon," the "end of the world," and a "massive attack on the middle class.” “There is no way any good could come for working families from this bill,” was the claim. Almost immediately, hundreds of major employers announced bonuses and pay increases in reaction to the Trump Tax Bill.

As a direct result of the Tax Cuts and Jobs Act, the companies that pronounced higher wages, bonuses, expanded employee benefits, and more capital investment included Walmart, Lowe’s, Chrysler, Starbucks, JP Morgan Chase, Disney, UPS, Cigna, Chipotle, FedEx, Home Depot, MetLife, AT&T, Comcast, and a multitude of other firms. Every single one of the companies above credited President Trump for their actions. Not one said it was because of Obama.

U.S. manufacturers invested in new factories and equipment, hired more workers, raised wages and benefits for employees, and gave away at least $500 million to charity in response to the Republican tax bill, according to the National Association of Manufacturers.

Obama had lost 16,000 Manufacturing Jobs in 2016; Trump Gained 171,000 in 2017. “Virtually every manufacturer has a help-wanted sign outside their window,” admitted the far left-wing NPR.

The Republican tax bill President Donald Trump signed into law is expected to bring nearly $2 trillion in capital held overseas back to the United States, according to the United Nations.

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President Trump Puts America First

For the first time in American history, we have had 20 consecutive months with more employment openings than unemployed people. [12] There are millions of unfilled jobs. Even more astonishingly, this boom is pretty much confined to America. The global economy is still cooling. Europe is stagnant, and China reports its slowest growth since 1992. [13]

President Trump is putting American workers first by enforcing our nation’s immigration laws. Every year, tens of billions of dollars in wages earned by illegal aliens is transferred out of the U.S., permanently lost to the U.S. economy. Immigration law enforcement liberates jobs, freeing up existing jobs for American workers. Millions of illegal aliens have taken jobs that should be done by Americans. There are no jobs Americans won’t do, provided that they are paid fair wages. A recent study shows that when working illegals are deported, 75% of their jobs go to African Americans. [14]

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Winning Bigly

Democrats predicted that the policies of President Trump would only help the rich. In fact, every working American has received a tax cut except millionaires. [15] Trump may not have helped millionaires with their taxes, but he has certainly made more of them. His economy created 848,000 new millionaires in one year. [16]

The pay of the lowest 10% of hourly workers has increased twice as much as those who make more. [17] The median income for women, Hispanics, and Asian Americans have reached new record highs. Middle-class income is the highest ever. [18]

The inflation rate has dropped 20% since Trump took office, according to the Federal Reserve. The Trump administration’s trade policies are not raising prices of goods for U.S. consumers. Costs of materials and components for consumer goods have fallen dramatically, and business margins have improved, according to the Producer Price Index data. Prices for Durable Goods—products purchased by consumers and businesses that are expected to last three years or more—are down a whopping 5% from last year. And new homes sales are the best since 2007. [19]

In the state of Iowa alone, residents received $147 Million in energy savings thanks to the Trump Tax Cut. [20] Iowans are not the only utility consumers slated to benefit “bigly” from the tax bill. Power companies in California, Delaware, Idaho, Illinois, Maryland, Oregon, Utah, Wyoming, Massachusetts, Illinois, Oregon, and other states, as well as Washington, D.C., plan to pass their savings onto their customers.

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Stock Values Explode Under President Trump While Poverty Plummets

The stock market has hit new records over 100 times since Trump’s election, with the Dow up over 50% all told. [21] Democrats claim that this only helps the wealthy, but 2/3 of working Americans own stock, and they are benefiting from fatter retirement and college-savings accounts. The total value of our stock market under Trump has grown by more than $10 trillion to $34 trillion.

The poverty rate fell last year to the lowest since 2001, with an all-time low among Blacks and Hispanics. [22] President Trump has lifted millions of people out of poverty, including one million American children. In contrast, the number of Americans in poverty increased by 800,000 under Obama. [23] More than six million people have been able to get off food stamps since Trump was elected. [24]