Making America Great Again
Economy And Jobs
President Donald J. Trump Achievements
INCREASING JOBS FOR AMERICA’S WORKERS AND REVIVING THE ECONOMY:
President Trump put the American economy into high gear, which created jobs and increased wealth.
Under President Trump’s leadership, Congress passed historic tax cuts and relief for hard-working Americans. The Tax Cuts and Jobs Act:
- Is the first major tax reform signed in 30 years.
- Federal revenues are increasing as the economy grows. April 2018 had a record surplus of $214 billion.
- Over 500 companies (507) have announced bonuses, wage increases, and new investments.
- Businesses have invested $482 billion in new, American projects and employees.
- More than 4.8 million workers received increased wages or bonuses (3.7% of all private workers).
- Provided $1.5 trillion in tax cuts to individuals.
- American families received $3.2 trillion in gross tax cuts and saw the child tax credit double.
- A family of four making $73,000 will get a cut of over $2,000-cutting their taxes in half.
- Nearly doubled the standard deduction.
- Repealed Obamacare’s burdensome individual mandate.
- The bill provides a 20% deduction for small business income, which means $415 billion tax cut.
- The President lowered the corporate tax rate was lowered from the highest in the industrialized world (35%) to 21%.
The U.S. Gross Domestic Product (GDP) grew at or above 3 percent for two quarters in a row for the first time in three years.
- 2017 third quarter GDP grew 3.2 percent.
- 2017 second quarter GDP grew 3.1 percent.
2017 first quarter GDP grew 1.2 percent, and 2017 fourth quarter GDP grew 2.5 percent.
2018 first quarter GDP grew 2.3 percent. The best since 2015.
President Trump is unleashing economic growth and jobs. During his first year, nearly 3 million new jobs were created since January 2017 and the unemployment rate fell to 3.8 percent, the first time below 4% in 18 years.
- The manufacturing industry created over 300,000 jobs.
- 337,000 construction jobs have been created since President Trump took office, and construction employment stands at its highest level since June 2008.
- Fourteen states reached record low unemployment rates.
- The African American unemployment rate reached its lowest ever recorded.
- Job openings have reached 6.6 million, the highest level recorded. This competition should drive wage growth.
- Jobless claims reached the lowest level in 45 years (1973).
- The number of people dependent on food stamps has fallen by 2.6 million or 6.2% since January 2017.
- The number of people receiving unemployment benefits is running at the lowest level in 45 years.
- Average 3% growth the last three quarters- under President Obama, annual growth averaged 1.9%.
The Dow Jones Industrial Average hit record highs more than 80 times under President Trump, including closing higher than 26,000 points for the first time in its history.
- Since President Trump’s election, more than $5 trillion in wealth has been created for the U.S. economy.
Economic confidence rebounded to record highs under President Trump because his pro-growth policies have and continue to put American workers and businesses first.
- The Conference Board Consumer Confidence Index rose in November 2017 to a 17-year high of 129.5.
- The National Association of Manufacturers’ Outlook Index had the highest annual average in its history.
- Small business optimism has sustained record-high levels under President Trump according to the National Federation of Independent Business.
President Trump signed an Executive Order that expanded apprenticeships, recognizing the need for more quality alternatives to four-year college degrees.
- The Executive Order set in motion a new process that makes it easier for businesses to create and scale apprenticeship programs, providing many more Americans access to an affordable education that leads to a well-paying job.
President Trump signed a Presidential Memorandum directing the Secretary of Education to prioritize STEM education with a particular focus on computer science.
- Leading private sector technology companies and organizations pledged over $300 million to amplify the president’s computer science initiative.
The Trump Administration prioritized the economic empowerment of women as a key element of our commitment to economic growth and gender equality.
- This year, the Small Business Administration lent approximately $500 million more than last year in capital to women-owned businesses.
President Trump has rolled back unnecessary job-killing regulations beyond expectations.
- In 2017, President Trump far exceeded his promise to eliminate regulations at a two-to-one ration, issuing 22 deregulatory actions for every new regulatory action.
- The Administration rolled back rules and regulations harming farmers and energy producers, such as the Waters of the United States Rule and the Clean Power Plan.
- Regional and community banks and credit unions got relief after President Trump signed legislation reducing harmful requirements imposed by the Dodd-Frank Act.
Since taking office, President Trump has advanced free, fair and reciprocal trade deals that protect American workers, ending decades of destructive trade policies.
- Days after taking office, the President withdrew the United States from the Trans-Pacific Partnership negotiations and agreement.
- President Trump's Administration is working to defend American intellectual property from China's unfair practices through a range of actions.
- The President improved the KORUS trade agreement with the Republic of Korea, which will allow more U.S. automobile exports to South Korea with lower tariffs and increase U.S. pharmaceutical access to South Korea.
- American agriculture has gained access to new markets under President Trump.
The Longest Consecutive Positive Monthly Job Growth on Record - Total payroll employment grew by 213,000 in June 2018 (18,000 over forecasts) led by gains in professional and business services, education and health services, and, once again, manufacturing.
This is the longest consecutive, positive monthly job growth period on record (93 months).
New Good-Paying Manufacturing Jobs - Manufacturing jobs continue to outperform under this administration, with an average increase of 20,000 new jobs per month compared to 8,000 per month in the second term of the Obama administration.
- Since President Trump was elected, the American economy has added 3.7 million jobs. One in every 10 of those jobs has been in manufacturing.
- Jim Koch, owner of the largest American-owned brewery, Boston Beer Co., praised the GOP Tax Cuts saying they helped him remain competitive with foreign companies who make 85% of the beer in the U.S.