CRITICS DOUBT AMERICA’S ECONOMIC POTENTIAL: The Democrats and the Congressional Budget Office’s (CBO) somber predictions about the United States economy are not holding up under President Donald J. Trump.
- Democratic officials and the CBO have effectively claimed the United States should expect slow growth moving forward.
- In April 2018, the CBO predicted that the average growth in GDP from 2018-2028 will be 1.9 percent.
- President Obama’s National Economic Council Director, Larry Summers, claimed President Trump’s budget forecast of 3 percent growth was “fair enough if you believe in tooth-fairies.”
- During a 2017 hearing on President Trump’s budget, Rep. Pramila Jayapal (D-WA) claimed the Administration’s economic projections, which included 3 percent growth, were “absurd.”
- An analysis published by President Barack Obama’s Office of Management and Budget for FY 2013 states: “In the 21st century, real GDP growth in the United States is likely to be permanently slower than it was in earlier eras.”
- In 2016, Paul Krugman claimed a Trump Presidency would bring a “global recession.”
DEFYING CRITICS: Under President Trump, the economy has come roaring back to life, with strong gross domestic product (GDP) growth, rising wages, and increasing investment.
- Real GDP growth has averaged 2.5 percent under President Trump and was more than three percent in the second and third quarters of 2017.
- Most current quarter tracking estimates 2018 second quarter growth at or around 4.0 percent.
- Business fixed investment grew by 9.2 percent during the first quarter of 2018 and 6.8 percent in the fourth quarter of 2017, after only growing by 0.8 percent in the three quarters before the election.
- This means new factories are being built, providing jobs and better wages to American workers.
- The first quarter of 2018 saw hourly compensation for private sector American workers grow at a 4 percent annual rate, the fastest pace in at least twelve years.
GOOD JOBS ARE BACK: In President Trump’s economy, good paying jobs are back and opportunities are plentiful.
- Since President Trump took office, the economy has created nearly 3 million jobs.
- 304,000 manufacturing jobs have been created since President Trump took office, and manufacturing employment is at its highest level since December 2008.
- 337,000 construction jobs have been created since President Trump took office, and construction employment is at its highest level since June 2008.
- The unemployment rate has fallen to 3.8 percent, matching the lowest level in nearly 50 years.
- African-American and Hispanic unemployment rates have hit record lows.
- The unemployment rate for women has fallen to its lowest level since 1953.
- Two-thirds of Americans believe now is a good time to find a quality job, according to Gallup.
- Job openings are at a record high and now outnumber the total unemployed for the first time on record.