After many years of unemployment and war, the U.S. economy has made a dramatic comeback. The credit can only be given to President Donald Trump’s promised rollback of the tax and regulatory schemes implemented from 1993 until he was elected.
Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:
- Employment: PBS News Hour confirmed that this is the best labor market since 1969 with low unemployment, more jobs and rising wages.
- GDP: Trump is the first president to have GDP consistently higher than 3%, President Barack Obama was only the president to fail to achieve one year of 3% GDP growth.
- Wages: The Washington Post even surrenders to the fact that Trump is the first president to improve wages in a generation where income is at an all-time high.
- Stock Market: CNN says the stock market has roared more than 40% since Trump’s election.
- Gas and Fuel Prices: Gas prices are low in most U.S. states that don’t over-tax fuel with local and state taxes. Many states have $2.15 per gallon gasoline right now. Gas prices may fall this summer according to the latest news.
- Ethnic Employment Success: The employment success for all ethnicities is at record high. Obama had difficulty creating jobs and many people gave up looking for work.
- Manufacturing Jobs: Manufacturing jobs are back in the U.S. for the first time in a generation. Trump created 284,000 manufacturing jobs in 2018. Forbes implied that millions of manufacturing jobs were lost during Obama’s first 2 years in office. Some 1 in 6 were lost between January 2008 and March 2010 and Obama never got those jobs back.
- Taxes and Regulatory: Corporate taxes were cut from 35% to 21%. America moved from worst tax system up to one of the most competitive in the world under Trump’s first 2 years in office. Lower tax rates allow U.S. companies to spend more money, buy more assets, pay more employee benefits, buy stock back to put money on Main Street and into state coffers, and even help pay better dividends to seniors who live paycheck to paycheck.
- Nasdaq: The Nasdaq stock market value finally exceeded the 1999 prices under Trump. This implies that companies were stagnant for 18 years until Trump took office.
- Level the Playing Field: With a mixed bag of tax-code improvements, removal of red tape, new trade agreements, and competitive tariffs, the U.S. economy is more insulated from failure. Even the Federal Reserve is willing to lower rates if other countries harm the U.S. trading environment.
With lower taxes, more jobs, no war, and a strong stock market, the U.S. may be poised to maintain the economic boom started by Trump. After a generation of war and unemployment problems, it is possible that the U.S. can have lasting prosperity if it continues to utilize common-sense economic strategies; however, the youth of our country must pay the $10 trillion of new debt created by Obama.
Because of technology and other efficient systems, inflation is remaining low. What is strange is that the Federal Reserve in this new era seems to unilaterally create artificial inflation rather than slow it down. Thus, we are in a new paradigm of the Trump Era and we are now competing with the other 180+ countries around the world to remain the most business friendly super power.
Can the economy blow up again? The answer is yes if there is a combination of forces of debt, lower productivity, higher taxes, higher interest rates, lower foreign investment, and less spending. The biggest problem is paying unfunded liabilities and the debt created by Obama. Thus, the only way out of this mess is to continue to create jobs, get people off of public assistance by allowing great jobs to be created, create more government revenue through lower taxes on a larger group of new producers, and lower the costs of running government.
George Mentz JD MBA CWM Chartered Wealth Manager ® is a licensed attorney and CEO of GAFM ® global education, which is an ISO 29990 Certified professional development company operating in over 50 nations. Mentz is an award winning author and advisory board member to several companies around the world in education, charities, and FinTech.