The Historic Results Of President Donald J. Trump’s Economic Agenda

whitehouse.gov ^ | February 20, 2020 | White House

[ransomnote]

"In just three short years, we have shattered the mentality of American decline, and we have rejected the downsizing of America’s destiny."

President Donald J. Trump

LEADING AN ECONOMIC RESURGENCE: President Trump has reversed the failed economic policies of old and ushered in a new era of economic prosperity for the United States.

• Real GDP growth under President Trump has beaten the Congressional Budget Office’s (CBO) projections every year and exceeded the rate of the Obama Administration’s expansion.
• 5 million more jobs have been added than the CBO projected prior to the 2016 election.
  • The economy added more jobs in 2019 alone than the CBO projected would be created during the President’s first three years in office.
• The unemployment rate is 1.4 percentage points lower than the CBO’s pre-election projection.

CREATING NEW OPPORTUNITY: Thanks to the President’s policies, millions of jobs have been added to our economy, creating new opportunity for every American.

• Nearly 7 million jobs have been created nationwide since President Trump’s election, including more than 500,000 manufacturing jobs.
• Last year, the unemployment rate reached its lowest level in half a century.
• Unemployment rates for African Americans, Hispanic Americans, Asian Americans, Americans without a high school degree, and disabled Americans have logged record lows.
• The Trump economy is bringing workers off the sidelines after they were left behind for years.
  • The prime-age labor force has expanded by 2.3 million under President Trump after shrinking by almost 1.6 million under the previous administration.

LIFTING UP ALL AMERICANS: President Trump’s pro-growth policies are reducing inequality and benefiting Americans who were previously left behind. 

• Nearly 2.5 million Americans have been lifted out of poverty, including nearly 1.4 million children.
• The poverty rates for African Americans and Hispanic Americans hit new lows in 2018.
• Wages are rising faster for the bottom 10 percent of earners than for the top 10 percent of earners, and wage growth for employees has surpassed wage growth for managers.
• Since President Trump’s historic tax reform, the lowest earners have enjoyed faster wage gains than every other income group.
• The net wealth held by the bottom half of households has grown by 47 percent—more than three times the rate of increase for the top 1 percent of households.

DELIVERING REAL GAINS FOR FAMILIES: American families are benefiting from President Trump’s pro-growth policies.

• Real household wealth has increased by nearly $12 trillion since the start of 2017.
• The President’s historic efforts to cut costly regulations are projected to increase household incomes by $3,100 a year.
• The domestic energy boom is resulting in real savings for families.
  • The shale energy revolution saves American families an average of $2,500 a year.
• The President is expanding affordable healthcare and child care options for families.
  • Eliminating the individual mandate penalty, expanding Association Health Plans, and expanding short-term plans are expected to generate $450 billion in economic benefits.
  • Doubling the Child Tax Credit has saved nearly 40 million families an average of $2,200.