The White House
September 28, 2018

PRESIDENT DONALD J. TRUMP’S ECONOMY CHARGES AHEAD

The Trump economy is booming and shows no signs of slowing down.

CNBC: Salesforce CEO Marc Benioff: The Economy Is ‘Ripping’

“The economy is ripping. It is still ripping,’ Benioff told Jim Cramer on CNBC’s ‘Power Lunch’ on Tuesday. ‘You saw the numbers, these huge growth numbers…’ Salesforce’s own customers are benefiting from changes that have come about as a result of recently enacted U.S. tax reform, Benioff said ‘They’re benefiting from huge economies that are growing at rates they’ve never seen before,’ he said. Benioff said hundreds of CEOs have told him they are investing more because of confidence stemming from the tax breaks.”

INVESTORS BUSINESS DAILY EDITORIAL BOARD: The Trump Boom Is Real — Just Ask The Global Economy

“Now, suddenly, unexpectedly, and impossibly (according to the experts), the economy has a renewed energy. Incomes are at record highs, unemployment is down. Rather than underperforming, as the economy did throughout Obama’s eight years in office, growth is beating expectations.”

WASHINGTON EXAMINER: Chamber Cheers: It’s Trump’s Economy

“The economy is booming at twice the Obama-era levels because of the administration’s push to slash regulations, promote pro-growth policies and cut taxes, according to the U.S. Chamber of Commerce. ‘I really appreciate the major effort by government, and when I say government it was the White House, but yes the Congress and the Senate, doing some regulatory fixing,’ said Chamber President Thomas Donohue.”

BLOOMBERG: U.S. Consumer Confidence Unexpectedly Jumps To 18-Year High

“U.S. consumer confidence unexpectedly jumped to the highest in 18 years in September, according to a report Tuesday from the New York-based Conference Board, on brighter assessments of economic expectations and the present situation. Sentiment improved a third month, reaching one of the best levels in a half century of data, as a strong job market and tax cuts keep Americans optimistic about the state of the economy and their finances....”

MARKETWATCH: Richmond Fed Factory Index Hits Record High In September

“The Richmond Fed manufacturing index rose 5 points to 29, its highest level on record, the regional bank said Tuesday. Economists had forecast the index to come in at 20, according to a survey by Econoday.”

CNN: America Is Now The World’s Largest Oil Producer

“Move over Russia and Saudi Arabia. America has reclaimed its throne atop the oil world. For the first time since 1973, the United States is the world’s largest producer of crude oil, according to preliminary estimates published on Wednesday by the Energy Department. The feat demonstrates how the US shale oil boom has reshaped the global energy landscape. American oil output has more than doubled over the past decade.”

FOX BUSINESS: Americans’ Credit Scores Hit All-Time High

“The economic boom has boosted Americans’ personal finances, and now their credit scores are at an all-time high, too. The average FICO score hit 704 in April, according to a report from the Fair Isaac Corporation (FICO) – an increase of four points since the average FICO score hit 700 for the first time in April 2017. Americans’ credit scores have improved dramatically since they dipped to their lowest average of 686 in October 2009.”

THE WALL STREET JOURNAL: U.S. Household Net Worth Neared $107 Trillion In Second Quarter

“The total net worth of U.S. households rose farther into record territory in the second quarter, propelled by climbing home values and stock prices. Household net worth—the value of all assets such as stocks and real estate minus liabilities like mortgages and credit-card debt—rose by nearly $2.2 trillion in the second quarter to a record $106.929 trillion, according to a report by the Federal Reserve on Thursday. That marked a 2.1% increase from the first quarter and the eleventh straight quarter of rising U.S. wealth.”

FINANCIAL TIMES: U.S. Housing Starts Rise By More Than Forecast In August

 

The White House
September 10, 2018

AMERICA’S ECONOMY IS BOOMING THANKS TO PRESIDENT DONALD J. TRUMP

“We have accomplished an economic turnaround of historic proportions.” – President Donald J. Trump

AN ECONOMIC TURNAROUND: President Donald J. Trump has delivered an economic turnaround following the weak economic trends of the previous Administration.

·       President Trump has turned around many of the flat economic trends experienced under the Obama Administration.

·       Under President Trump, small business optimism has soared relative to previous trends.

o   In a recent National Federation of Independent Business (NFIB) survey, 32 percent of small businesses said now is a good time to expand, compared to only 11 percent in NFIB’s November 2016 survey.

·       Business investment was on a downward trend prior to President Trump taking office, and is now up by more than $300 billion over the 2016 trend.

·       Orders and shipments of capital goods used by businesses to make consumer products were on a downward trend before President Trump’s election and have jumped up sharply since.

·       Business applications were on a flat trend prior to President Trump taking office and have surged upwards since.

·       The number of prime-age workers re-entering the workforce has significantly increased compared to the November 2016 trend.  

HISTORIC ECONOMIC SUCCESS: President Trump’s pro-growth policies have led to an undeniable economic resurgence, benefitting American businesses and workers.

·       GDP growth rose to 4.2 percent in the second quarter of 2018, putting the economy on track to grow by more than 3 percent over the calendar year. 

·       More than 3.5 million jobs have been created since President Trump took office, and total job openings have surpassed the number of job seekers for the first time on record.

·       The unemployment rate remained at 3.9 percent in August 2018, bringing the rate below 4 percent for the fourth time this year and only the ninth time since 1970 that has occurred.  

·       Manufacturer optimism has reached its highest level on record, according to a recent survey.

DENYING CREDIT WHERE CREDIT IS DUE: President Trump has achieved clear success in jump starting the economy, defying repeated attempts to credit the Obama Administration.

·       Media, commentators, economists, and Democratic officials have all sought to credit the Obama Administration for President Trump’s economic success.   

·       In August 2018, Larry Summers claimed “The President has taken credit for far more economic success than he deserves.”

·       Jared Bernstein, former Chief Economist to Vice President Joe Biden, said “there’s not a shred of evidence” President Trump has contributed to strong economic trends.

·       The Washington Post’s Nicole Lewis, “One year into the presidency, we are probably still feeling the effects of policies laid out by the previous administration.”

·       The Washington Post’s Philip Bump claimed “economic trends largely continued” following President Trump taking office.

·       The New York Times reporters wrote that “most if not all of the positive indicators continue trends that began during the Obama Administration.”

·       According to Christopher Rugaber from the Associated Press, “the economy remains essentially the same sturdy one [President Trump] inherited from Barack Obama.”