Some Undeniable Facts About the Trump Economy
DOW index 2013-2018
The Trump economy is on full swing. After nearly two years of the Trump administration, some hard data is exhibiting great results. Here are a few undeniable facts that even economist and wall street and main street are experiencing.
- Oct. 2018
Leading Economic Indicators...
- the stock market is at all-time high reaching 26,800 and climbing.
- unemployment is at 3.7%
- Federal fund interest rate target rose to 2-2.25 percent
- consumer price index at 2.7%
- the GDP rose to 4.2% in 2nd quarter
- average hourly wages rose to $22.73
- manufacturing index PMI rose to 55.6
- housing prices steady and declining slightly
- consumer confidence level at a high of 100.93
- food stamp participation nationwide dropped to 42 million from a high of 48 million
- 16,000 government jobs cut since election of Trump
US Hourly Wages Rising...
Food Stamp SNAP Program Participation
My Personal Testamony...
I am going to share my own experience. I ask others to do the same and share your story in the comment section below. Whether they are positive or not, I want to hear about it and I will append it to this section. I don’t want any personal information or account balances. I am looking for general impressions and net worth gains or losses.
I am retired, 67 years old and married. My wife still works at age 65.
We are middle class all our adult life. We worked for corporations and both have pensions and savings in IRA / 401K. We also own a house that is paid off. We live in the suburb of NY in Westchester County. We have one of the highest property tax in the country.
My networth has improved by 30 percent since the election of Trump. Prior to Trump, my networth has risen steadily from 2007 approx, 5-7% per year.
My total taxes has been consistent at a total of 35% of my taxable income. That is combined of Federal, State, local property and school tax and sales taxes.
Currently, I have medicare and my wife has health insurance through her employer. We are both healthy and have no medical or prescription drug issues. I have a high deductible plan F as addendum to medicare. We also have a health savings account that we set aside for out of pocket medical expenses.
I am told that my Fed. income tax will be reduced by approx. $1200 this year as a result of the Trump tax reform legislation. This is a welcome relief from our high tax burden.
We contribute 2% of our income to charities, mostly through our church.
I also volunteer my time at our local County Archives and the League of Women’s Voters. I am on the board of the CCNY Asian Alumni Group.
The Good News...
For most Americans, these are all welcomed news. It means they are paying less taxes. They are getting more jobs and higher paying jobs. They are needing less from the federal government. New college graduates are getting job offers. Businesses are investing back in the homland and building manufacturing plants. Farmers are able to sell overseas. Coal workers are getting back to work. People are seeing their 401K balances jump higher. 50 percent of all workers are invested in the market one way or another. They are reaping the benefits...not only big businesses.
Economy works on cycles. The signs point to a recovery that will mean more business hiring...which leads to more people employed and paying taxes...and less people on welfare and collecting unemployment...and more people going out and spend and eating out and travel...which lead to better consumer and leisure spending. These are positive feedback which will work to reduce our deficits over time.
No good news last foreever. There will come a time down the road when the economy gets too heated, and inflation starts to take hold and interest rates will rise to a level that will act to slow down the economy and put a brake on the boom. That is to be expected. A typical cycle last 7 or 8 years. Historically, we are on the cusps of a boom.
President Trump Approval Rating Poll...
There is no other explanation but the Trump economy is succeeding beyond all expectations.
This is a result of tax reform, reduced regulations, expectation of better trade policies and companies bringing their profits and investment back to the homeland.
Some claim this was just a continuation of the Obama administration policies. It is not. The policies has been changed under Trump and reversed in many aspects such as in energy production.
Others claim we are heading for another great recession. Maybe so, that is a typical economic cycle. What is true and undeniable is that elections have real consequences. The people we vote for to govern our country has real impact on our lives. From tax policies to regulations to monitary policies to social welfare...as in the appointment of Supreme Court justices...
Trump is succeeding by putting America first and putting the power of the federal government behind the America worker. This is what elections should be about.
Some Related Info
- Federal Government Cut 1,000 Jobs in September; -16,000 Under Trump
(Screen Capture) (CNSNews.com) - The number of people employed by the federal government declined by 1,000 in September, according to data released today by the Bureau of Labor Statistics.
- Unemployment at 3.7% lowest since 1969
The unemployment rate fell two-tenths of a percentage point to 3.7 percent, the lowest since December 1969 and one-tenth of a percentage point below expectations.
- U.S. adds 230,000 private-sector jobs in September: ADP - MarketWatch
Private-sector employers expanded their workforce by a seasonally adjusted 230,000 jobs last month, ADP reported Wednesday.
A Non Scientific Poll
Who do you attribute the current economic boom?
© 2018 Jack Lee