We were told the economy would tank with President Donald Trump in office; instead, there’s been a noticeable economic boom thanks in large part to Trump-era deregulation and Republican-passed tax cuts. In fact, under the Trump economy, 14 states have hit record low unemployment levels.
As reported by The Hill, eight states hit new lows in unemployment levels in March: Hawaii at 2.1%, Idaho at 2.9%, Kentucky at 4.0%, Maine at 2.7%, Mississippi at 4.5%, Oregon at 4.1%, Wisconsin at 2.9%, and California at 4.1%. Moreover, Colorado has a low rate of 2.6%, North Dakota set a new low last year, and Texas hit a low of 3.9% in November. Tennessee also set a state record at 3.3% in January.
According to a new U.S. Bureau of Labor Statistics report, “The largest job gains occurred in California (+321,000), Texas (+294,100), and Florida (+173,100). The largest percentage gains occurred in Idaho and Utah (+3.3 percent each), followed by Nevada (+2.9 percent), according to the agency,” notes Newmax.
Average hourly earnings of non-farm employees rose to $26.82 in March, added The Hill.
Moreover, under President Trump, corporations and taxpayers are saving and yet tax revenues are increasing. “In the first quarter after the Republican-passed, Donald Trump-signed reform bill — which will save taxpayers and corporations $1.5 trillion in taxes over ten years — tax revenues actually increased by $18 billion (5.2%) over the previous year, resulting in the government running a $51-billion surplus,” The Daily Wire reported in February.
According to a report from Forbes in March, the unemployment rate is expected to continue to decline due to an aging Boomer population and a more educated populace. The report notes that an increase in the labor force participation rate (a good thing, of course) could offset an otherwise further declining unemployment rate.
The so-called “Trump effect” on the economy is undeniable, even if you happen to loathe Trump. As noted by Investors.com, the economic boom belongs to Trump, not former President Barack Obama, as he alluded to in December.
The recession ended six months after Obama took office, but the recovery he presided over for the following 7 1/2 years was the worst since World War II. Yearly GDP growth never once reached 3%, job growth was anemic, wages stagnated, and unemployment dropped mainly because so many people left the workforce.
Then Trump unexpectedly won the election, promising to undo most of Obama’s economic policies — deregulating, cutting taxes, etc. Almost immediately, business optimism shot up and the stock market roared.
And now with the tax cuts on the books, dozens of major companies have handed out bonuses to hundreds of thousands of workers and announced pay hikes — with Wal-Mart (the country’s largest employer) boosting its starting wage to $11. … Fiat Chrysler announced that it will spend more than $1 billion to revamp a Michigan assembly plant and move production of its Ram truck there from Mexico, creating thousands of jobs in the Great Lakes State. It’s also giving $2,000 bonuses to 60,000 U.S. workers.
Additionally, according to a survey of economists and financial experts, recent economic gains were sparked by Trump, not Obama. “The Wall Street Journal asked 68 business, financial and academic economists who was responsible for the strengthening of the economy, and most ‘suggested Mr. Trump’s election deserves at least some credit’ for the upturn,” reports The Hill. “A majority said the president had been ‘somewhat’ or ‘strongly’ positive for job creation, gross domestic product growth and the rising stock market.”
Even The New York Times offered credit to Mr. Trump, noting the “wave of optimism” sweeping over American business leaders that is translating into more growth-minded and job-creating investment.