Democrats sure do enjoy raining on the parade that is the Trump economy. Joe Biden, who somehow remains the Democratic frontrunner, recently accused President Trump of “squandering” the Obama economy in recent years.
Squandering what, exactly? Under the Obama administration, America’s unemployment rate peaked at 10 percent—the highest figure since the early 1980s. Employers struggled to create jobs, while employees and job-seekers saw fewer opportunities in the private sector.
President Trump, to his credit, has described today’s U.S. economy as one of the strongest ever. In his words: “Wages are rising, incomes are soaring, and 2.5 million Americans have been lifted out of poverty in less than three years.”
So who’s right? Well, the numbers are in, and they tell the same story: The Trump economy is indeed soaring.
According to the Bureau of Labor Statistics’s latest jobs report, the U.S. economy added 128,000 jobs in October—exceeding initial estimates of 75,000. America’s unemployment rate (3.6 percent) remains one of the lowest in the last 50 years, while the total employment level reached a new high of 158.5 million people.
And this applies to all kinds of Americans. In October, the unemployment rate for African-Americans dropped to a record low of 5.4 percent. At the same time, Latino business owners are ramping up investment and taking their businesses to unprecedented heights, supporting employees and job-seekers in the process. Between 2017 and 2018, the revenues of Latino-owned companies jumped nearly 25 percent, while the average revenue of such businesses has improved by more than 46 percent this year alone.
Job creators can thank President Trump, and his pro-growth economic agenda. For years now, the Trump administration has focused on rolling back the size of government to help entrepreneurs do what they do best: Create, invest, and grow. During the Obama years, taxes steadily rose, while rules and regulations seemingly crept into every aspect of American life.
Not so with President Trump. He believes in the American Dream, not a government-run economy. He believes that American ingenuity, when left alone, is more than enough to drive economic growth for decades to come. That ingenuity—the power of the American Dream—is enough to take our economy to new heights.
Tax reform is a prime example. While Democrats only look for new ways to increase taxes and fund trillion-dollar government programs like the “Green New Deal,” President Trump figured out that the best deal is for individual Americans to keep and use that money themselves.
Since President Trump signed the Tax Cuts and Jobs Act (TCJA) into law, more than 800 U.S. employers—large and small—have announced new hires, pay raises, benefit increases, bonus distributions, facility expansions, and utility rate reductions because of the lower tax burden. From Apple and Walmart to local bookstores and mom-and-pop diners, America’s job creators now have more resources to invest in business expansion and job creation—and they are investing those resources.
By 2027, the TCJA is estimated to create more than 1.2 million full-time-equivalent jobs. This year alone, tax reform led to the creation of nearly 250,000 career opportunities for Americans across the country.
The verdict is in: When it comes to the U.S. economy, nothing is being “squandered.” In fact, we are experiencing one of the strongest economic resurgences in American history. Our economy is resurgent because of the millions of Americans who now feel empowered to create, invest, and grow under the Trump administration.
Democrats may lie to you, but the numbers don’t. America is winning because of President Trump, and all Democrats have to offer is a trumped-up impeachment.