By Erik Sass, TES Editor-in-Chief
The United States is enjoying the longest period of economic growth in its history, now 127 months into the current economic expansion, with unemployment hovering around 3.5% and a GDP growth rate of 2.3% of 2019. The White House highlighted these gains – and the benefits to ordinary Americans – in the 2020 Economic Report of the President, along with the Annual Report of the Council of Economic Advisors, prepared by the group of experts who help the White House steer economic policy.
In the note introducing the economic report, President Trump noted some of the economic milestones reached during his presidency, including:
- “… for the first time on record, job openings exceeded people looking for work, with 1 million more open jobs than job seekers at the end of 2019.”
- “… more than 500,000 manufacturing jobs have been created…”
- “In 2018 alone, 1.4 million Americans were lifted out of poverty, and the poverty rate fell to its lowest level since 2001.”
- “Since I took office, food insecurity has fallen and nearly 7 million people have been lifted off food stamps.”
- “… the United States is now on track to be a net exporter of crude oil and natural gas for all of 2020, a major milestone not achieved in at least 70 years.”
Much of the credit goes to the historic 2017 tax cuts, Trump boasted:
- “Since the Tax Cuts and Jobs Act—the biggest package of tax cuts and tax reforms in our country’s history—took effect, more than 4 million jobs have been created and economic growth has beaten previous projections. America’s outdated tax code drove away businesses and investment, but tax reform has brought rates down and made the United States globally competitive again.”
President Trump also touted his administration’s wins in trade policy:
- “Renegotiated or new trade deals with Canada and Mexico, China, South Korea, and Japan will modernize international trade and create freer, fairer, and more reciprocal trade between the United States and our largest trading partners, allowing the manufacturing renaissance to continue.”
- “Through combating intellectual property theft and unfair trade deals, along with leading the way on 5G development and deployment, my Administration is standing up to countries around the world to give American job creators the freedom to innovate and make life better for their fellow citizens.”
Read the full report here.