I&I Editorial Board November 14, 2019
The day before the Schiff & Pelosi Impeachment Circus opened for its fall run in the House of Representatives, President Donald Trump gave a speech at the Economic Club of New York in which he laid out his argument for a second term. And he made it clear why Democrats are desperate to avoid talking about the economy.
Trump began by resetting the clock back to 2016 when, as we’ve pointed out in this space many times, the economic forecast was grim.
“The so-called experts said Americans had no choice but to accept stagnation, decay, and a shrinking middle class as the new normal,” Trump said. “In short, the American people were told to sit back and accept a slow, inevitable decline.”
The Congressional Budget Office, he said, projected that the number of jobs would increase by just 2 million from January 2017 through the end of this year. The unemployment rate wasn’t supposed to get below 4.4% and was slated to start rising again in 2019.
The CBO said quarterly GDP growth over Trump’s first three years would never top 2.6% and would average 2%.
As Trump rightly explains, this wasn’t inevitable. It was the result of an economy being suffocated by taxes and regulations. “If we lifted these burdens from our economy, and unleashed our people to pursue their ambitions and realize their limitless potential, then economic prosperity would come thundering back.”
Sorry Trump haters everywhere, but he was right.
The economy has added three times as many jobs as the CBO had forecast. The unemployment rate is far lower. Quarterly GDP growth topped 3% in four quarters and has averaged nearly 2.6%.
Trump also has a long list of economic gains to brag about, which, not surprisingly, he did in his speech.
• The overall unemployment is the lowest it’s been since the 1960s.
• For women, it’s the lowest it’s been since the 1940s.
• For minorities, it’s lower than any time since the government started keeping such records.
• Real wages up more than 3%.
• Nearly 7 million are off food stamps.
• 10,000 new factories have opened since he took office (after a net loss of nearly 60,000 over the prior 16 years).
• Major stock indexes are up between 45% and 60%.
• The U.S. is now a net exporter of oil and natural gas.
Trump went on to show that median family incomes have climbed $5,000 so far under his administration, or almost five times the increase in the 7½ years Barack Obama presided over the economic “recovery.”
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