AN ECONOMIC TURNAROUND: President Donald J. Trump has delivered an economic turnaround following the weak economic trends of the previous Administration.
- President Trump has turned around many of the flat economic trends experienced under the Obama Administration.
- Under President Trump, small business optimism has soared relative to previous trends.
- In a recent National Federation of Independent Business (NFIB) survey, 32 percent of small businesses said now is a good time to expand, compared to only 11 percent in NFIB’s November 2016 survey.
- Business investment was on a downward trend prior to President Trump taking office, and is now up by more than $300 billion over the 2016 trend.
- Orders and shipments of capital goods used by businesses to make consumer products were on a downward trend before President Trump’s election and have jumped up sharply since.
- Business applications were on a flat trend prior to President Trump taking office and have surged upwards since.
- The number of prime-age workers re-entering the workforce has significantly increased compared to the November 2016 trend.
HISTORIC ECONOMIC SUCCESS: President Trump’s pro-growth policies have led to an undeniable economic resurgence, benefitting American businesses and workers.
- GDP growth rose to 4.2 percent in the second quarter of 2018, putting the economy on track to grow by more than 3 percent over the calendar year.
- More than 3.5 million jobs have been created since President Trump took office, and total job openings have surpassed the number of job seekers for the first time on record.
- The unemployment rate remained at 3.9 percent in August 2018, bringing the rate below 4 percent for the fourth time this year and only the ninth time since 1970 that has occurred.
- Manufacturer optimism has reached its highest level on record, according to a recent survey.
DENYING CREDIT WHERE CREDIT IS DUE: President Trump has achieved clear success in jump starting the economy, defying repeated attempts to credit the Obama Administration.
- Media, commentators, economists, and Democratic officials have all sought to credit the Obama Administration for President Trump’s economic success.
- In August 2018, Larry Summers claimed “The President has taken credit for far more economic success than he deserves.”
- Jared Bernstein, former Chief Economist to Vice President Joe Biden, said “there’s not a shred of evidence” President Trump has contributed to strong economic trends.
- The Washington Post’s Nicole Lewis, “One year into the presidency, we are probably still feeling the effects of policies laid out by the previous administration.”
- The Washington Post’s Philip Bump claimed “economic trends largely continued” following President Trump taking office.
- The New York Times reporters wrote that “most if not all of the positive indicators continue trends that began during the Obama Administration.”
- According to Christopher Rugaber from the Associated Press, “the economy remains essentially the same sturdy one [President Trump] inherited from Barack Obama.”