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Some Undeniable Facts About the Trump Economy

Updated on October 5, 2018
jackclee lm profile image

Jack is currently a volunteer at the Westchester County Archives. Jack has worked at IBM for over 28 years.

DOW index 2013-2018

Introduction

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...

Summary

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.

A Non Scientific Poll

Who do you attribute the current economic boom?

See results

© 2018 Jack Lee

Comments

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    • jackclee lm profile imageAUTHOR

      Jack Lee 

      4 weeks ago from Yorktown NY

      T, Trump is a businessman and he knows how to negotiate. What is needed right now is people on the GOP side supporting him especially with respect to the borders and reducing the debt. At a time when we are collecting record revenues, there is no reason we can’t cut spending to meet a balanced budget and in fact reduce the debt slowly...year by year. We did it before many years ago, before the government became so big...

    • tsadjatko profile image

      4 weeks ago from now on

      Jack, the people who don’t like Trump’s economy are the same people who subscribed to Obama’s economy.

      The Obama school of economists and commentators, embarrassed by anemic results, argued that economic growth was stuck, perhaps permanently, at 2 percent annually. That meant Obama was doing the best any president could do. Certainly far better than Trump, about whom they issued dire predictions:

      -We are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.” Paul Krugman, Nobel winner and New York Times columnist.

      - "Under Trump, I would expect a protracted recession to begin within 18 months. The damage would be felt far beyond the United States.” Larry Summers, former Harvard president and Treasury secretary.

      - "President Trump could destroy the world economy.” Washington Post editorial.

      - "Trump’s budget assumes 3% annual growth. . . . That’s extremely unlikely.”

      Jason Furman, chairman of Obama’s Council of Economic Advisers.

      - "If Trump thinks he can get more than 3% growth, he’s dreaming.” Michael Hiltzik, Pulitzer-winning economics writer for the Los Angeles Times.

      Wrong, wrong, and wrong. Trump’s economy is expected to grow by more than 3 percent this year.

    • jackclee lm profile imageAUTHOR

      Jack Lee 

      6 weeks ago from Yorktown NY

      John,

      So you do admit we are in a strong economic cycle. I agree with you we need to address the debt. We have spent above our means for a long time going back 10 years. Or more.

      There are two ways to reduce the debt. It is very simple. You can grow the economy and more people paying taxes...or you can tighten your belt and cut spending. Or, better yet, we can do both.

    • Rock_nj profile image

      John Coviello 

      6 weeks ago from New Jersey

      Jack - That's not what I said. What I said was the boom is happening at a time of trillion dollar deficit spending (which is certainly priming the pump and helping the economy). Strong economies are not the time for high deficit spending. They are times to pay down debt.

      I would say the late 1990s boom was much more impressive because it occurred during a time when deficit spending turned into a surplus. Ultimately, it is Congress that appropriates and spends money, so yes the Republican Congress can take credit for the good fiscal condition in the late 1990s.

      Obama actually grew the economy with the deficit going from record highs (the first trillion dollar deficit actually happening on George W's last budget submitted to Congress that he signed, as the economy tanked in the fall of 2008) to decreases to much more reasonable levels in his second term.

      At this rate, the budgets signed by Trump are so deep in the red that he is on track to surpass the budget deficits run up under Obama. My concern is that we're on a sugar high economy being boosted by reckless spending and a reduction in revenue during a good economic time. It is a legitimate concern being raised by mainstream economists.

    • jackclee lm profile imageAUTHOR

      Jack Lee 

      6 weeks ago from Yorktown NY

      Mike you are absolutely correct. Where were you when Obama ran up the debt from 10 trillion to 20 trillion?

      It is now 21.5 trillion.

    • peoplepower73 profile image

      Mike Russo 

      6 weeks ago from Placentia California

      Jack: You can't deny the 1.6 Trillion added to the national debt over 10 years just to cover the tax cuts. Sooner or later, it will catch up with us.

    • jackclee lm profile imageAUTHOR

      Jack Lee 

      6 weeks ago from Yorktown NY

      John,

      I thought that would be your response. That was why I wrote this article. Apparently, you think this boom is just a continuation of Obama’s long recover, going on 10 years if you count the last two...

      I totally disagree. The same people who believes this, are the same people who predicted a crash if Trump was elected... You can’t have it both ways.

    • Rock_nj profile image

      John Coviello 

      6 weeks ago from New Jersey

      While I welcome the strong economy the past year and a half under Trump, the fact that this is all happening as the federal deficit balloons to $1 trillion per year is troubling. Perhaps it’s giving an additional jolt to the economy, but at what cost? A sugar high? These are the sort of deficits that governments run during recessions, not good economic times. Some economists think the federal deficit will approach $2 trillion when we are in our next recession.

      For the record, the economy under Obama expanded more modestly under a federal deficit that was going down over time from the record highs at the beginning of his first term, as the economy slowly dug out from the major recession.

    • Readmikenow profile image

      Readmikenow 

      6 weeks ago

      These are facts of his success. Too bad the main stream media chooses to ignore them.

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