The Economy Under Trump

June 7, 2019

Donald Trump is known as a businessman, and likewise, a large part of his campaign was directed towards strengthening the economy. During his campaign Trump set many goals for himself like: “be the greatest jobs president that god ever created,” to bring back manufacturing jobs from China, Mexico, and Japan, and to make large manufacturers want to build factories in America by giving them tax cuts. While Trump might not have the qualifications to be leading the charge when it comes to foreign affairs or social issues, as a businessman he certainly has the credentials to help America with job growth, boosting the GDP and raising the average hourly wage. Even though the economy has steadily been improving across almost all sectors, GDP, unemployment, average hourly wage and the stock market this isn't a new thing. All of these things were going up during Obama's presidency as well, just at a slower rate. Trump has helped the economy by renegotiating trade deals, cutting regulations, and reforming the tax code. Hows does Trump's economy stack up with Obama's economy and what Trump has done to help it.The economy is something that affects everybody in America, whether it take shape in wages, job opportunity or inflation everybody in America benefits when our economy gets stronger. While the average hourly wage going up might not have a strong effect on somebody making hundreds of thousands of dollars a year, it certainly has a powerful effect on lower class workers that earn close to minimum wage. According to Ycharts, a web-based tool with an extremely deep reservoir of investment and economic data, since Trump has been in office, the average hourly wage has risen from 25.95 to 27.77 (a difference of 1.81). While this does not necessarily mean that people who were making minimum wage got a raise. It means that salaries across America are getting a raise, so when very wealthy people make more money it adds to the average. According to CNBC, unemployment has also fallen to a record low of 3.6%, that's the lowest it's been since 1969, due to the abundance of new jobs created under Trump. According to USA TODAY and The Wall Street Journal, in April alone, Trump's economy has created 190,000 and during his whole time in office 3.6 million new jobs have been created. Trump has even surprised analysts, the Federal Reserve Bank of San Francisco predicted that Trump will grow the economy 1.5-1.75%, which trumped soared overreaching a 2.9% average growth. Trump has not only helped workers but he also helped business as well. According to The American Action Forum, net deregulation (basically removing restrictions) this year under Trump will save businesses roughly $1.6 billion but Trump's economy is not all sunshine and rainbows. Despite strong headlines, there are underlying weaknesses in Trump's economy. While the unemployment rate has steadily declined, the number of people leaving the labor force and that are not in the Labor force has steadily increased as people have been discouraged with the job market. More than 96 million people, or almost a third of our population, is not in the labor force. Additionally, record government debt and high trade deficits weigh down our economy. And these economic challenges lead to larger social problems like homelessness and poverty. While Trump's economy might have surpassed analysts expectations in some fields, he certainly hasn't been perfect. While yes, he is bringing back manufacturing jobs and jobs for the blue collar worker he is also bringing in more debt. Trump has helped a lot of people live out the American dream but he has also made that same dream harder in the long run. While he has certainly had a positive effect, in general, there is always something to improve on. Overall he is doing a good job moving our economy into a better direction but only time will tell if he's economy is self-sufficient.

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