The Historic Results Of President Donald J. Trump’s Economic Agenda
In just three short years, we have shattered the mentality of American decline, and we have rejected the downsizing of America’s destiny.
President Donald J. Trump
LEADING AN ECONOMIC RESURGENCE: President Trump has reversed the failed economic policies of old and ushered in a new era of economic prosperity for the United States.
- Real GDP growth under President Trump has beaten the Congressional Budget Office’s (CBO) projections every year and exceeded the rate of the Obama Administration’s expansion.
- 5 million more jobs have been added than the CBO projected prior to the 2016 election.
- The economy added more jobs in 2019 alone than the CBO projected would be created during the President’s first three years in office.
- The unemployment rate is 1.4 percentage points lower than the CBO’s pre-election projection.
CREATING NEW OPPORTUNITY: Thanks to the President’s policies, millions of jobs have been added to our economy, creating new opportunity for every American.
- Nearly 7 million jobs have been created nationwide since President Trump’s election, including more than 500,000 manufacturing jobs.
- Last year, the unemployment rate reached its lowest level in half a century.
- Unemployment rates for African Americans, Hispanic Americans, Asian Americans, Americans without a high school degree, and disabled Americans have logged record lows.
- The Trump economy is bringing workers off the sidelines after they were left behind for years.
- The prime-age labor force has expanded by 2.3 million under President Trump after shrinking by almost 1.6 million under the previous administration.
LIFTING UP ALL AMERICANS: President Trump’s pro-growth policies are reducing inequality and benefiting Americans who were previously left behind.
- Nearly 2.5 million Americans have been lifted out of poverty, including nearly 1.4 million children.
- The poverty rates for African Americans and Hispanic Americans hit new lows in 2018.
- Wages are rising faster for the bottom 10 percent of earners than for the top 10 percent of earners, and wage growth for employees has surpassed wage growth for managers.
- Since President Trump’s historic tax reform, the lowest earners have enjoyed faster wage gains than every other income group.
- The net wealth held by the bottom half of households has grown by 47 percent—more than three times the rate of increase for the top 1 percent of households.
DELIVERING REAL GAINS FOR FAMILIES: American families are benefiting from President Trump’s pro-growth policies.
- Real household wealth has increased by nearly $12 trillion since the start of 2017.
- The President’s historic efforts to cut costly regulations are projected to increase household incomes by $3,100 a year.
- The domestic energy boom is resulting in real savings for families.
- The shale energy revolution saves American families an average of $2,500 a year.
- The President is expanding affordable healthcare and child care options for families.
- Eliminating the individual mandate penalty, expanding Association Health Plans, and expanding short-term plans are expected to generate $450 billion in economic benefits.
- Doubling the Child Tax Credit has saved nearly 40 million families an average of $2,200.