The American economy grew at a 3 percent rate in the third quarter of 2017, continuing to expand after posting an impressive 3.1 percent growth rate in the second quarter, according to the most recent data from the Bureau of Economic Analysis.
President Donald Trump and members of his cabinet have repeatedly pledged to get the economy growing at a 3 percent, or higher, during his tenure in the White House. Republican leadership in Congress is on board with this message, barreling ahead with tax reform to keep the economy revved up.
The U.S. stock market has skyrocketed since Trump defeated former Secretary of State Hillary Clinton, posting record highs on a near-weekly basis. The Dow Jones Industrial Average–the benchmark stock market index–is up 4,500 points since the 2016 November election, and the market has gained roughly $4 trillion in capitalization.
American businesses are investing in the U.S., to the tune of hundreds of millions, on the promise that Congress will deliver a comprehensive tax reform bill.
Americans themselves are already seeing the benefits of a growing economy. Americans’ disposable personal income in the past two financial quarters increased $198.7 billion and personal savings grew over $1.04 trillion.
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