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Trump leaves long list of economic success

As President Trump prepares to leave office, historians, economists and others are pointing to what some say could be the most successful presidency in recent memory in terms of accomplishments.  Many of those successes revolved around economic policy and trade.

The White House has released a list of the accomplishments of the Trump administration and it is a very long.

From the White House:

Trump Administration Accomplishments

Economic improvement lifted all races and nationalities

  • African American homeownership increased from 41.7 percent to 46.4 percent.
  • The bottom 50 percent of American households saw a 40 percent increase in net worth.
  • Wages rose fastest for low-income and blue collar workers – a 16 percent pay increase.
  • Unemployment rates for African Americans, Hispanic Americans, Asian Americans, Native Americans, veterans, individuals with disabilities, and those without a high school diploma all reached record lows.
  • Unemployment for women hit its lowest rate in nearly 70 years.
  • Lifted nearly 7 million people off of food stamps.
  • Poverty rates for African Americans and Hispanic Americans reached record lows.
  • Income inequality fell for two straight years, and by the largest amount in over a decade.
task force economy

President Trump announces a historic task force that will brainstorm on restarting the economy.

Historic Economic Boom

  • Household net worth rose $7.4 trillion in Q2 2020 to $112 trillion, an all-time high.
  • Home prices hit an all-time record high.
  • America gained 7 million new jobs – more than three times government experts’ projections.
  • Middle-Class family income increased nearly $6,000 – more than five times the gains during the entire previous administration.
  • The unemployment rate reached 3.5 percent, the lowest in a half-century.
  • Achieved 40 months in a row with more job openings than job-hirings.
  • More Americans reported being employed than ever before – nearly 160 million.
  • Jobless claims hit a nearly 50-year low.
  • The number of people claiming unemployment insurance as a share of the population hit its lowest on record.
  • Incomes rose in every single metro area in the United States for the first time in nearly 3 decades.

Rebuilt Amerian Manufacturing

  • Small business optimism broke a 35-year old record in 2018.
  • Created more than 1.2 million manufacturing and construction jobs.
  • Put in place policies to bring back supply chains from overseas.

Reduced Government Regulation

  • Instead of 2-for-1, we eliminated 8 old regulations for every 1 new regulation adopted.
  • Provided the average American household an extra $3,100 every year.

Worked for Fair Trade

  • Ended the North American Free Trade Agreement (NAFTA), and replaced it with the brand new United States-Mexico-Canada Agreement (USMCA).
  • The USMCA contains powerful new protections for American manufacturers, auto-makers, farmers, dairy producers, and workers.
  • The USMCA is expected to generate over $68 billion in economic activity and potentially create over 550,000 new jobs over ten years.

Worked on Behalf of Farmers

  • Successfully negotiated more than 50 agreements with countries around the world to increase foreign market access and boost exports of American agriculture products, supporting more than 1 million American jobs.
  • Authorized $28 billion in aid for farmers who have been subjected to unfair trade practices – fully funded by the tariffs paid by China.

American Energy Independence

  • For the first time in nearly 70 years, the United States has become a net energy exporter.
  • The United States is now the number one producer of oil and natural gas in the world.
  • Natural gas production reached a record-high of 34.9 quads in 2019, following record high production in 2018 and in 2017.
  • The United States has been a net natural gas exporter for three consecutive years and has an export capacity of nearly 10 billion cubic feet per day.

This is just a small portion of the list.

Read the entire list here.

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