WHITE: With Stephen Moore, The Trump Economic Boom Is Here To Stay
President Trump is planning to nominate economist and conservative commentator Stephen Moore to the board of the Federal Reserve. Moore not only brings a wealth of economic experience but also a strong mandate to ensure the Fed pursues a pro-growth agenda.
Still, Moore’s nomination is just one of the many brilliant decisions that President Trump has made to strengthen our economy. Thanks to his ‘America first’ policies, our economy has hit liftoff and everyday Americans continue to see their situation improve. Rest assured that while this president is in office, the current economic boon is here to stay.
When talking about the economy it is important to remember that indicators and metrics aren’t just abstract digits but represent real people. Rising wages aren’t just a number but real dollars that a family can use to fix a broken car or take that deserved vacation. Creating jobs means new opportunities for Americans to better their livelihood.
But for too long, our system was bogged down by misguided policies that hindered the common man’s ability to pursue the American dream. Overregulation and a burdensome tax system hurt workers and job creators alike. Bad trade deals sent jobs well-paying jobs overseas and destroyed tight-knit communities.
To be sure, only by unleashing growth and opportunity would these Americans finally enjoy the fruits of their labor. As a business owner, I knew that no one was better up to the task of fixing our broken system than an outsider like Donald Trump. And the results of his ‘America first’ agenda so far have been nothing short of astounding.
To start, key groups across the spectrum have enjoyed record low unemployment boosted by a strong economy. Hispanic and African American unemployment rates reached record lows, hitting and 4.4 percent and 5.9 percent respectively. Female unemployment has also reached a 50-year low.
Better yet, a strong labor market hasn’t just allowed more Americans to find well-paying jobs but also has increased their wages too. Since job seekers have more options than before, employers like me are offering higher wages in order to lure top talent to our companies.
Don’t just take my word for it, look at the numbers. In October 2018, wages rose by an astonishing 3.1 percent from the year before, the largest jump since April 2009. Struggling Americans deserve a pay bump and that’s exactly what they’ve gotten under President Trump.
And yet, rising wages alone weren’t enough for the president and his team. They wanted workers to be able to take more home more of their hard-earned paychecks and for the government to take less. That’s why President Trump took the bold step of architecting and working to pass the Tax Cuts and Jobs Act, the biggest overhaul of our tax system in a generation.
Nearly 80 percent of Americans received a tax cut thanks to the president. It also nearly doubled the standard deduction and increased the child tax credit for working-class families. Job creators like myself benefited too.
The bill cut taxes for businesses large and small from 35 percent to 21 percent, putting companies on a more even playing on the international stage. Lowering the corporate tax rate has made businesses think twice before shipping jobs overseas.
President Trump has also welcomed in a new era for American trade. Previous administrations were willing to sign trade deals not in the interest of American workers and companies, but this era of surrender on trade has come to a swift end.
Last November the president successfully negotiated and signed the USMCA, a historic new trade agreement with Mexico and Canada. The deal will help bring automotive manufacturing jobs back to the Rust Belt. Our farmers came out ahead too, with access to new markets to export their goods.
China’s decades-long attack on our economy hasn’t been ignored either. In response to Beijing’s unfair trade practices, the president slapped tariffs to use as leverage for a new trade agreement with China. You can bet that this president won’t accept a deal that isn’t in the best interest of the American people.
To be sure, the establishment in Washington, D.C. may be dumbfounded by this president’s success but the American people aren’t. The only losers in the Trump economy are the left-wing economists and pundits who keep getting it wrong. America’s roaring economy is here to stay as long as Donald Trump is in the White House.
Bill White (@BillWhiteNY) is the CEO of Constellations Group and is widely recognized as one of the nation’s foremost advocates for military, veterans, first responders, and their families. White has raised over $1.5 billion for these heroes and is a respected businessman and philanthropist.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of The Daily Caller.