While numerous mainstream media outlets are still doing everything in their power to credit former president Barack Obama for the current positive state of America’s economy, the White House is pushing back.
As Vice-President Mike Pence noted at the recent Values Voter Summit, there are several reasons why the economy is doing far better now than it did in years past and many of these reasons are directly connected to President Trump’s policies.
Former president Obama made it a point to create new laws and regulations that often made it hard for small businesses to get off the ground and be successful. He also raised taxes and put pressure on America’s coal industry with his “Clean Energy” mandate and other rules. President Trump, on the other hand, has made it a priority to roll back legislation that makes it hard for businesses to thrive.
The Tax Cuts and Jobs Act, one particularly important piece of legislation that brings down the corporate tax rate to globally competitive levels, has resulted in a surge of optimism that has led businesses across the country to offer pay raises, bonuses and/or additional perks and amenities to their employees. The new law also abolishes the individual mandate forcing people to pay for health insurance.
American energy companies in particular are doing significantly better than they did when hampered by the former president’s efforts to put a premium on regulation to combat supposed “climate change,” and there is no doubt that the turnaround would not have happened if Hillary Clinton had become president.
Employment opportunities have also been surging since President Trump took office. In fact, a number of companies are now lowering employment standards since they are unable to find the workers they need to fill important positions. The national unemployment is less than 4%, significantly lower than it has been for a long time. Goods-producing employment has taken off since President Trump took office, and even mainstream media outlets are acknowledging that rural areas are doing better economically than they were in 2016.
It isn’t just rural areas who voted for Trump who are benefiting from his policies. Recent statistics show that unemployment for Hispanic workers, African American workers and high school dropouts are all at a record low. The jobless rate for women is also amazingly low. What is more, small business optimism is one the rise and is clearly connected to the results of the 2016 elections as small business owners began making decisions based on the President-elect’s promises to roll back regulations and create a business-friendly environment.
National GDP statistics clearly show that the economic turnaround clearly happened under President Trump’s tenure as president. For the last year of Obama’s presidency, the GDP reached no higher than an anemic 2.3%. The low GDP rate continued for the first half of Trump’s presidency; standing at 1.8% to 1.9% for the first half of 2017. However, from mid-2017 onwards, the turnaround is simply astounding. The GDP hit 3% growth in July 2017 and growth currently stands at an impressive 4.2%.
It is hard to deny that the economy is currently doing better than in years past. While Americans throughout the country are benefiting from the economic boom, low unemployment rate and steadily rising wages, liberal activists are naturally worried that the great state of the economy could impact their chances of winning back one or both houses of Congress in the upcoming elections.
While there are numerous factors that voters take into account when choosing who to vote for, polls and surveys have made it clear for years that the economy is usually one of the primary concerns on voters’ minds as the choose which political candidates to support. By highlighting the many good things that President Trump has done for the economy, the Vice President and economists working for the current administration hope to help voters remember that the flourishing economy didn’t happen by chance.
~ Liberty Planet