DRIVING A RECORD-SETTING ECONOMY: The booming economy and strong labor market allow Americans of all backgrounds to find work and succeed.
- The current labor market revival is not a continuation of past trends, but instead a direct result of President Trump’s pro-growth policies.
- Since President Trump was elected, more than 7 million jobs have been added to our economy – surpassing the Congressional Budget Office’s predictions by 5 million jobs.
- This year, the unemployment rate has fallen to 3.5%, its lowest level in 50 years.
- Unemployment for African Americans, Hispanic Americans, Asian Americans, veterans, individuals with disabilities, and those without a high school diploma have all reached record lows under President Trump.
- The President’s policies are bringing people off the sidelines and into the labor force.
- The prime age labor force has grown by 2.1 million under President Trump.
- The surge in labor demand has resulted in 7 million job openings, which outnumber job seekers by more than 1 million.
- Before President Trump took office, there had never been more recorded job openings than unemployed workers.
LOWERING INEQUALITY: President Trump’s policies are helping forgotten Americans across the country prosper, driving down income inequality.
- Annual nominal wages grew by 3 percent in 2019 for the first time in a decade.
- Nominal wage growth has now been at or above 3 percent for 16 straight months.
- Wage growth for many previously forgotten groups is now higher than wage growth for more advantaged groups.
- This is the case for lower-income workers compared to higher-income workers, workers compared to managers, and African Americans compared to white Americans.
- These income gains mark a fundamental change compared to before President Trump’s inauguration, contributing to reduced income inequality.
- When measured as the share of income earned by the top 20 percent, income inequality fell in 2018 by the largest amount in over a decade.
- The Gini coefficient, an overall measure of inequality in the population, also fell in 2018.
LIFTING UP AMERICANS: The booming economy is lifting millions of Americans out of poverty and providing all people with the opportunity for a brighter future.
- In 2018 alone, nearly 1.4 million Americans were lifted out of poverty.
- The poverty rates for African Americans and Hispanic Americans reached historic lows in 2018.
- Over 600,000 children being raised by single mothers were lifted out of poverty in 2018.
- The number of people claiming unemployment insurance as a share of the population is the lowest on record.
- Nearly 7 million fewer people are on food stamps than at the time of the 2016 election.
- 380,000 fewer people are on Social Security Disability insurance than before the 2016 election.
- Americans in economically-distressed communities are benefiting from increased investment thanks to the Opportunity Zones included in President Trump’s historic tax reform.