The media has, for the most part, underplayed an important news issue: the dramatic recovery of the U.S. economy in the first year of the Trump Administration. Wall Street may fluctuate, but in contrast to the Obama years, Main Street is doing better
While individual statistical reports have grudgingly disclosed the welcome numbers, the overall impact of policies that promised (and recently delivered) lower taxes, decreased regulation, and the rejection of anti-energy production policies have been largely un-discussed.
From 2010—2016, the average GDP under Obama was about 2.12, including a dismal 1.9 in 2016. The fact is, the fiscal environment was getting worse, not better, as the impact of President Obama’s regulatory excesses, and his anti-energy policies became more deeply embedded. GDP never exceeded 3% annually, for the first time in the past seventy years. In sharp contrast since Trump’s election, according to the Bureau of Economic Analysis “Real gross domestic product increased at an annual rate of 3.3 percent in the third quarter of 2017. In the second quarter, real GDP increased 3.1 percent.”
Even Americans outside of the job market suffered. While Obama dramatically increased spending on food stamp programs and assistance to illegal aliens, social security recipients during his administration received the lowest levels of cost of living increases since the Social Security cost of living system began.
In President Trump’s first year, MSN noted in January, “the economy has done something it has been unable to do since 2005: maintain 3 percent growth for three quarters in a row.” Forbes adds that “Over the past year, the stock market has boomed, GDP growth has improved and unemployment is at an almost 17-year low.” Black unemployment has reached historic lows since President Trump took office. In the latest statistics released by the Bureau of Labor Statistics, 6.9% of black adults were unemployed in February. ZeroHedge’s Tyler Durden emphasized that total U.S. employee compensation rose in the fourth quarter to match the biggest 12-month gain since 2008, as private-sector pay picked up. Total compensation, which includes wages and benefits, rose 2.7% over the past 12 months, the highest since 2008.
DC Statesman noted that “U.S. employers added 200,000 jobs in January. Wages soared at the best pace in over 8 years. And it’s all thanks to President Trump’s tax plan. Employers are competing for a smaller pool of candidates because the unemployment rate is so low. This is causing businesses to increase wages in order to compete with the dwindling employee market. 18 different states have seen minimum wage increases and raises are aplenty thanks to businesses keeping more of their earnings thanks to the tax plan. Speaking of the unemployment rate, it sits at 4.1% for the 4th straight month. It is at its lowest level since 2000.”
Executives and customer care officials are available for the student support 24/7 and this makes their queries very easy wholesale viagra 100mg and inexpensive. cialis 10 mg To help men improve their sexual health and to live life at the fullest level. It was also stated viagra cost regencygrandenursing.com that some saddle designs were more damaging than the others. This is so because the energy level then tends to decrease so one has to take help of levitra tab 20mg certain emotion. The actual nature of the job creation story has been the most underplayed. The latest release from the Bureau of Labor Statistics (BLS) discloses that “Nonfarm payroll employment increased by 313,000 in February, and the unemployment rate was unchanged at 4.1 percent. Job gains occurred in construction, retail trade, professional and business services, manufacturing, financial activities, and mining. Incorporating revisions for December and January, which increased nonfarm payroll employment by 54,000, monthly job gains have averaged 242,000 over the past 3 months.”
While all of those increases are welcome, the manufacturing and mining hikes are the most notable. As noted by the BLS, “Manufacturing employment grew by 31,000 in February. The industry has added 224,000 jobs over the past 12 months. In February, mining employment rose by 9,000, with most of the job gain occurring in support activities for mining (+7,000). Since a recent low point in October 2016, mining has added 69,000 jobs.”
Job creation under Obama was largely confined to low-income jobs with no benefits. Job creation under Trump, in contrast, has been in better paying, middle-class positions.
In a critique of the Obama Administration’s post-recession policies, Peter Ferrara, writing for The Hill, noted: “Historically, the worse the recession is, the stronger the recovery typically is. The economy grows faster than normal for a while to catch up to its long-term economic growth trendline… Based on that metric, the economy should have come out of the recession booming. But [during the Obama Administration that never] happened.
Despite that, notes The Heritage Foundation “Still Donald Trump gets no respect. Even though nearly every poll for the past six years tells us that Americans care most about jobs and the economy (with terrorism occasionally taking over first place), the media naturally won’t cover the undeniable economic speed up since the election of Donald J. Trump… If the economy and jobs had done this well under President Obama he and the media would have been doing cartwheels down Pennsylvania Avenue. Even worse, when the media does cover the jobs and growth story, every reporter asks me: does Mr. Trump deserve credit for these numbers? Well if he doesn’t, who does? Liberals argue that this is a continuation of the Obama recovery, but there’s a big problem with that analysis: the economy was decelerating under Mr. Obama, not speeding up. In Mr. Obama’s last year in office, 2016, the economy was barely limping to keep ahead of another recession.”
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