Donald Trump and the US Economy
Trump has been delivering on his promises everyday since he took office, here is what to expect from the economy.
DONALD J. TRUMP’S VISION
Create a dynamic booming economy that will create 25 million new jobs over the next decade.
For each 1 percent in added GDP growth, the economy adds 1.2 million jobs. Increasing growth by 1.5 percent would result in 18 million jobs (1.5 million times 1.2 million, multiplied by 10 years) above the projected current law job figures of 7 million, producing a total of 25 million new jobs for the American economy.
Reform policies with a pro-growth tax plan, a new modern regulatory framework, an America-First trade policy, an unleashed American energy plan, and the “penny plan.”
Boost growth to 3.5 percent per year on average, with the potential to reach a 4 percent growth rate.
Read Donald J. Trump’s Plan to Create 25 Million Jobs, here.
Read Mr. Trump’s Remarks in Monessen, Pennsylvania, at the Detroit Economic Club, and at the New York Economic Club.
Over the last seven years, 14 million more people have left the labor force.
The lowest labor force participation rate since the 1970s.
1 in 5 American households do not have a single family member in the labor force.
23.7 million Americans in their prime-earning years [ages 25-54] are out of the labor force – an increase of 1.8 million over the last seven years.
Real GDP grew only 1.1% in the second quarter of this year. Over the last seven years, real GDP grew 2.1% the slowest seven-year period since at least the 1940s.
It’s the weakest so-called recovery since the Great Depression.
Hourly earnings and weakly earnings are lower today than they were in 1973.
The number of Americans on Food Stamps during Obama’s time in office has increased by more than 12 million.
2 million more Latinos are in poverty today than when President Obama took his oath of office less than eight years ago.
45% of African-American children under 6 are living in poverty.
1 in 6 American men between the ages of 18-34 are either in jail or out of work.
Student loan debt exceeds $1.3 trillion — nearly doubling under the Obama administration.
Since President Obama took office, the national debt has doubled.
U.S. trade deficit in goods reached nearly 800 billion dollars last year alone.
The U.S. homeownership rate fell to 62.9 percent in the second quarter – the lowest rate in 51 years.
CONTRAST WITH HILLARY CLINTON
Hillary Clinton says she’ll put her husband ‘in charge’ of the economy – which is half the job. [ABC News, May 15, 2016]
Hillary Clinton’s economic plans would send our economy into a tailspin:
Whereas Trump will cut taxes and reduce anti-growth regulations, she plans massive new tax-and-spend policies, endless regulations and tight government control.
Her corporatist trade and immigration deals would eviscerate the U.S. middle class.
Clinton’s policies are worse than current policies, which have already been evaluated as failures. The Federal Reserve has lowered its estimated growth rate to 1.8% per year through 2019 based on current policies. CBO expects only 2% growth per year for ten years.