The Trump Economy Keeps Roaring Ahead
A new poll released by CNN shows that more than 70 percent of Americans believe the economy is in “good shape,” the highest number to say so in over 18 years. That’s good news for businesses and workers who are enjoying a time of record economic growth and prosperity.
This strong confidence shouldn’t come as a surprise. Since coming into office, President Trump has been working overtime to deliver results for the average American. And thanks to his “America first” policy agenda, the U.S. economy is roaring ahead.
Too often, politicians and policy experts in the Acela corridor forget that the economy is not just some obscure entity. Jobs and unemployment numbers aren’t merely statistics; they represent real people. Wage increases aren’t just data points but real money in people’s pockets.
That’s why it is refreshing to have a savvy businessman such as Donald Trump in the Oval Office. As a job creator and successful billionaire entrepreneur, he understood that our economy was leaving people behind and promised to shake up the status quo.
As such, President Trump set out to create an ambitious policy agenda that would prioritize the needs of working and middle-class families over those of special interest groups and the well-connected. The results so far of his “America first” agenda have been nothing but astonishing.
Nowhere is this better illustrated than the historic unemployment rates for groups across the board. Women, African-Americans and Hispanics are all thriving, with record low unemployment levels. Don’t forget: a job is not only a paycheck but a ticket to a better opportunity and more fulfilling life.
President Trump also understands that a job is just one piece of a more complex puzzle. Many Americans were struggling to make ends meet because the government was taking too much from their paychecks. And American companies were being outclassed on the world stage because of our high corporate tax rate.
In response, President Trump introduced and led the passage of the Tax Cuts and Jobs Act, the largest overhaul of our tax system in a generation. “My plan is for the working people, and I think very, very strongly, there’s very little benefit [in it] for people of wealth,” the president stated during a briefing. He was certainly right.
The plan cut taxes across the board for everyday Americans, with nearly 80 percent receiving a tax cut. It nearly doubled the standard deduction and the exemption on the notorious “death tax.” Job creators also benefited from the tax cuts. Tax levels for businesses large and small have decreased from 35 percent to 21 percent, putting them on a more balanced playing field with foreign nations.
The tax bill also took the bold move of increasing the child tax credit. As a single mother, I understand the expense of raising a child in today’s world. Nothing is more important to me than my child, and no American should be put at a significant financial disadvantage because they have children.
In addition to tax cuts, President Trump has worked to reorient our trade policies to be more beneficial to Americans. Trade deals pursued by past administrations put the interests of big corporations and foreign countries first. Thankfully, the era of economic surrender has come to an end. Going forward, trade deals will have to be fair, free and reciprocal.
To be sure, the results from this new “tough on trade” mantra are starting to show. President Trump, alongside the leaders of Mexico and Canada, signed the historic United States-Mexico-Canada (USMCA) trade agreement in November 2018. The deal will help bring manufacturer and automotive jobs back to the United States and open up export markets for our farmers.
The Trump administration also successfully renegotiated the U.S.-Korea free trade agreement to allow for more automotive exports and pharmaceutical access. The president has also tasked U.S. Trade Representative Bob Lighthizer to begin negotiating new bilateral agreements with Japan and the European Union.
CNN and others in the Washington bubble may be baffled by the president’s impressive economic results, but they shouldn’t be. Donald Trump promised that he would deliver for the average American and that’s exactly what he’s done. And trust me, the president and his team are just getting started.
—Kimberly Guilfoyle, Vice Chairwoman of America First Policies